Daily Market Review & Financial Analysis

Saudi Output Set to Recover Rapidly

September 18, 2019

U.S. Stock Market

Pivot : 2,950.0 Last : 2,998.7

Review:

U.S. indices closed higher on Tuesday, thanks to gains in the Utilities, Consumer Services and Technology sectors. The Dow Jones Industrial Average rose 0.13%, while the S&P 500 index gained 0.26%, and the NASDAQ Composite index added 0.40%.

Technical comment:

(Researched by Trading Central): the S&P RSI is mixed with a bullish bias.

Preference scenario:

Long positions above 2,950.00 with targets at 3,028.00 and 3,140.00 in extension.

Alternative scenario:

Below 2,950.00, look for further downside with 2,890.00 and 2,820.00 as targets.

Resistance 3,028.0 3,140.0 3,175.0
Support 2,950.0 2,890.0 2,820.0

Apple (AAPL)

Pivot : 222.07 Last : 220.23

Review:

Apple stock gained 1.36% to close at 220.70.

Technical comment:

(Researched by Trading Central): the RSI is mixed to bullish.

Preference scenario:

Long positions above 211.50 with targets at 226.00 and 232.00 in extension.

Alternative scenario:

Below 211.50, look for further downside with 205.50 and 200.00 as targets.

Resistance 226.00 232.00 245.00
Support 211.50 205.50 200.00

Gold

Pivot : 1,525.00 Last : 1,504.36

Review:

Gold prices made modest gains on Tuesday as Oil prices fell after Saudi Arabia said its crude output would hit 11 million barrels by the end of the month. Gold settled up $1.90, or 0.13%, at $1,530.40 an ounce in New York. It had rallied by about $12 an ounce on Monday in reaction to Saturday's drone attacks on Saudi Oil facilities.

Technical comment:

(Researched by Trading Central): the RSI is mixed to bearish.

Preference scenario:

Short positions below 1,525.00 with targets at 1,450.00 and 1,410.00 in extension.

Alternative scenario:

Above 1,525.00, look for further upside with 1,550.00 and 1,575.00 as targets.

Resistance 1,525.00 1,550.00 1,575.00
Support 1,450.00 1,410.00 1,380.00

Crude Oil

Pivot : 58.00 Last : 61.74

Review:

Crude prices tumbled on Tuesday after top exporter Saudi Arabia said it will have more output capacity by end of this month than before the attacks at the weekend that briefly knocked out half of its production, cutting global Oil supply by 5%.

Technical comment:

(Researched by Trading Central): the RSI calls for a new upleg.

Preference scenario:

Long positions above 58.00 with targets at 63.70 and 66.60 in extension.

Alternative scenario:

Below 58.00, look for further downside with 53.20 and 50.60 as targets.

Resistance 58.20 58.75 59.25
Support 56.72 56.20 55.60

Euro (EUR)

Pivot : 1.1145 Last : 1.1078

Review:

The EUR/USD was higher on Tuesday, gaining 0.4% to reach 1.1044.

Technical comment:

(Researched by Trading Central): the pair currently faces a challenging resistance area around 1.1145.

Preference scenario:

Short positions below 1.1145 with targets at 1.0925 and 1.0870 in extension.

Alternative scenario:

Above 1.1145, look for further upside with 1.1230 and 1.1280 as targets.

Resistance 1.1145 1.1230 1.1280
Support 1.0925 1.0870 1.0705

British Pound (GBP)

Pivot : 1.2185 Last : 1.2487

Review:

The pound rose on Tuesday, with the GBP/USD up 0.4% to 1.2473 after the Irish foreign minister said that his country won’t sign up for permanent border checks and told the UK to come up with a solution to the so-called Irish Backstop issue.

Technical comment:

(Researched by Trading Central): the RSI is bullish and calls for further advance.

Preference scenario:

Long positions above 1.2185 with targets at 1.2750 and 1.2980 in extension.

Alternative scenario:

Below 1.2185, look for further downside with 1.2015 and 1.1860 as targets.

Resistance 1.2750 1.2980 1.3170
Support 1.2185 1.2015 1.1860

Disclaimer: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading advice. UFX provides Trading Central chart analysis to support clients in their trades, which should be independently evaluated. Past performance is not a reliable indicator of future results. UFX cannot be held liable for any information provided by Trading Central. UFX makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of UFX, a third party or otherwise.