Daily Market Review & Financial Analysis

Oil Falls as Trump Fires Foreign Policy Hawk Bolton

September 11, 2019

U.S. Stock Market

Pivot : 2,890.00 Last : 2,979.39

Review:

U.S. stocks were mixed on Tuesday, with gains in the Telecom, Basic Materials and Oil & Gas sectors and losses for many Consumer Goods, Consumer Services and Financials companies. The Dow Jones rose by 0.28%, the S&P 500 was up 0.03% while the NASDAQ lost 0.04% of its value.

Technical comment:

(Researched by Trading Central): the S&P RSI shows upside momentum with the index breaking above its 50-day moving average that had been acting as a resistance since Aug 13th.

Preference scenario:

Long positions above 2,890.00 with targets at 3,029.00 and 3,140.00 in extension.

Alternative scenario:

Below 2,890.00, look for further downside with 2,820.00 and 2,720.00 as targets.

Resistance 3,029.00 3,140.00 3,175.00
Support 2,890.00 2,820.00 2,720.00

Apple (AAPL)

Pivot : 212.3 Last : 215.1

Review:

Apple stock gained 1.18% after CEO Tim Cook presented three new iPhones on Tuesday during the company’s annual product rollout.

Technical comment:

(Researched by Trading Central): the RSI is above its neutrality area at 50, while the MACD is positive and above its signal line. Meanwhile, the configuration is positive and Apple is trading above both its 20- and 50-period Moving Averages (at 214.11 and 213.8 respectively).

Preference scenario:

The upside prevails as long as 212.29 is the support.

Alternative scenario:

A downside breakout of 212.29 would call for 209.41 and 207.71.

Resistance 220.4 222.1 223.8
Support 207.7 209.4 212.3

Gold

Pivot : 1,598.0 Last : 1,486.6

Review:

Gold continued its slump on Tuesday, hitting near one-month lows under $1,500.

Technical comment:

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

Preference scenario:

Short positions below 1,498.00 with targets at 1,475.00 and 1,468.00 in extension.

Alternative scenario:

Above 1,498.00, look for further upside with 1,505.00 and 1,509.00 as targets.

Resistance 1,498.0 1,505.0 1,509.0
Support 1,475.0 1,468.0 1,460.0

Crude Oil

Pivot : 58.20 Last : 57.43

Review:

Oil prices turned negative on Tuesday after news of U.S. National Security Advisor John Bolton’s firing.

Technical comment:

(Researched by Trading Central): the RSI is bearish and calls for further downside.

Preference scenario:

Short positions below 58.20 with targets at 56.70 and 56.20 in extension.

Alternative scenario:

Above 58.20, look for further upside with 58.75 and 59.25 as targets.

Resistance 58.20 58.75 59.25
Support 56.70 56.20 55.60

Euro (EUR)

Pivot : 1.1035 Last : 1.1049

Review:

The euro traded steady against the U.S. Dollar as data showed Italian industrial output eased in July.

Technical comment:

(Researched by Trading Central): a support base at 1.1035 has formed and has allowed for a temporary stabilization.

Preference scenario:

Long positions above 1.1035 with targets at 1.1060 and 1.1070 in extension.

Alternative scenario:

Below 1.1035, look for further downside with 1.1025 and 1.1015 as targets.

Resistance 1.1060 1.1070 1.1085
Support 1.1035 1.1025 1.1015

British Pound (GBP)

Pivot : 1.2335 Last : 1.2356

Review:

The pound traded higher on Tuesday as UK employment data beat expectations.

Technical comment:

(Researched by Trading Central): the RSI has just landed in its neutrality area at 50% and is turning up.

Preference scenario:

Long positions above 1.2335 with targets at 1.2380 and 1.2400 in extension.

Alternative scenario:

Below 1.2335, look for further downside with 1.2305 and 1.2270 as targets.

Resistance 1.2380 1.2400 1.2415
Support 1.2335 1.2305 1.2270

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.