Daily Market Report: May 16, 2022

Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.

US stocks climb; Oil down

US Stock Market

Last: 12,387

Pivot: 12,560

Review:

US equities were higher at the close on Friday, as gains in the technology, oil and gas and consumer services sectors propelled shares higher. At the close in the NYSE, the Dow Jones Industrial Average gained 1.47%, while the S&P 500 index added 2.39%, and the NASDAQ Composite index gained 3.82%.

Technical comment:

The RSI is bearish and calls for further decline.

Preference scenario:

For short positions below 12560.00, look for new targets at 11700.00 and 11000.00 in extension.

Alternative scenario:

In the event of a price rise above 12560.00, look for a further upside with 13560.00 and 14275.00 as targets.

Resistance 12,560 13,560 14,275
Support 11,700 11,000 11,000
US stocks climb; Oil down
USD/CAD

Last: 1.2945

Pivot: 1.2895

Review:

The USD/CAD broke under 1.2990 and quickly tumbled to 1.2923, a two-day low. It is hovering around 1.2945/50, still up for the week but significantly off highs.

Technical comment:

The RSI calls for a new upleg.

Preference scenario:

If the rate climbs above 1.2895, look for targets at 1.2975 and 1.3010 in extension.

Alternative scenario:

Should the price fall below 1.2895, look for a further downside with 1.2870 and 1.2845 as targets.

Resistance 1.2975 1.301 1.304
Support 1.2895 1.287 1.2845
US stocks climb; Oil down
Gold

Last: 1,815.3

Pivot: 1,819

Review:

Gold (XAU/USD) picks up bids to refresh its intraday high around $1,815, extending Friday’s U-turn from a three-month low.

Technical comment:

As long as 1819.00 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

Should the price drop below 1819.00, check out targets at 1799.00 and 1790.00 in extension.

Alternative scenario:

In the case of a price rise above 1819.00, look for a further upside with 1828.00 and 1837.00 as targets.

Resistance 1,819 1,828 1,837
Support 1,799 1,790 1,780
US stocks climb; Oil down
Oil

Last: 110.31

Pivot: 108.5

Review:

Crude oil dropped 60 cents, or 0.5%, to the rate of $109.89 a barrel.

Technical comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Preference scenario:

If the price moves above 108.50, discover fresh targets at 113.00 and 114.60 in extension.

Alternative scenario:

If the rate falls below 108.50, look for a further downside with 106.50 and 105.00 as targets.

Resistance 113 114.6 116
Support 108.5 106.5 105
US stocks climb; Oil down
EUR/USD

Last: 1.0403

Pivot: 1.0385

Review:

EUR/USD fails to extend the previous day’s corrective pullback from the lowest levels since 2017, taking rounds to 1.0400 during a quiet Asian session on Monday.

Technical comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Preference scenario:

For long positions above 1.0385, look for targets at 1.0425 and 1.0440 in extension

Alternative scenario:

Should the rate dip below 1.0385, look for a further downside with 1.0370 and 1.0350 as targets.

Resistance 1.0425 1.044 1.0460
Support 1.0385 1.0370 1.035
US stocks climb; Oil down
GBP/USD

Last: 1.2265

Pivot: 1.2235

Review:

GBP/USD looks to scale above 1.2250 amid positive market sentiment.

Technical comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Preference scenario:

If the price increases above 1.2235, look for targets at 1.2280 and 1.2300 in extension.

Alternative scenario:

If the price dips below 1.2235, look for a further downside with 1.2215 and 1.2195 as targets.

Resistance 1.228 1.2300 1.232
Support 1.2235 1.2215 1.2195
US stocks climb; Oil down

Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. 1Market provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. 1Market cannot be held liable for any information provided by Trading Central. 1Market 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 1Market, a third party or otherwise.

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