Weekly Market Report: May 20, 2022

The knowledge you need to trade in the upcoming week. Keep up the pace with the market’s twists and turns!

US stocks lower; OIl up

US Stock Market

Last: 31.00

Pivot: 31.00

Review:

US stocks were lower after the close on Thursday, as losses in the consumer goods, technology and financials sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average lost 0.75% to hit a new 52-week low, while the S&P 500 index declined 0.58%, and the NASDAQ Composite index lost 0.26%.

Technical comment:

The RSI is below its neutrality area at 50%.

Preference scenario:

For short positions below 31570, look for targets at 31000 and 30820 in extension.

Alternative scenario:

If the price moves above 31570, look for a further upside with 31730 and 31930 as targets.

Resistance 31.00 31.00 31.00
Support 31.00 30.00 30.00
US stocks lower; OIl up
USD/JPY

Last: 127.74

Pivot: 128.2

Review:

USD/JPY rose 0.3% to 128.57, with the safe-haven yen sliding during Thursday’s session

Technical comment:

The RSI has just struck against its neutrality area at 50% and is reversing down.

Preference scenario:

Should the rate slide below 128.20, check out new targets at 127.35 and 127.00 in extension.

Alternative scenario:

In the event of a price rise above 128.20, look for a further upside with 128.55 and 128.90 as targets.

Resistance 128.2 128.55 128.9
Support 127.35 127 126.75
US stocks lower; OIl up
Gold

Last: 1.00

Pivot: 1.00

Review:

US gold futures settled up 1.4% at $1,841.20 an ounce, as a weaker dollar and Treasury yields burnished bullion's safe-haven appeal.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

For long positions above 1833.00, check out targets at 1849.00 and 1858.00 in extension.

Alternative scenario:

Should the rate drop below 1833.00, look for a further downside with 1825.00 and 1818.00 as targets.

Resistance 1,849 1,858 1,870
Support 1,833 1,825 1,818
US stocks lower; OIl up
Oil

Last: 111.44

Pivot: 109.6

Review:

US crude futures rose $2.62 to settle at the rate of $112.21 a barrel.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

If the price climbs above 109.60, look for targets at 113.50 and 115.40 in extension.

Alternative scenario:

In the case of a price dip below 109.60, look for a further downside with 108.00 and 106.70 as targets.

Resistance 113.5 115.4 117.9
Support 109.6 108 106.7
US stocks lower; OIl up
EUR/USD

Last: 1.0583

Pivot: 1.055

Review:

EUR/USD rose 1% to the price of $1.0585.

Technical comment:

The RSI calls for a new upleg.

Preference scenario:

Should there be a price rise above 1.0550, discover new targets at 1.0610 and 1.0630 in extension.

Alternative scenario:

If the rate slides below 1.0550, look for a further downside with 1.0530 and 1.0510 as targets.

Resistance 1.061 1.063 1.065
Support 1.055 1.053 1.051
US stocks lower; OIl up
GBP/USD

Last: 1.2467

Pivot: 1.241

Review:

GBP/USD marches towards 1.24. However, economists at ING expect the pair to break under 1.2330 in a move back to the 1.22 lows.

Technical comment:

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

Preference scenario:

For long positions above 1.2410, check out targets at 1.2510 and 1.2540 in extension.

Alternative scenario:

Should the rate fall below 1.2410, look for a further downside with 1.2370 and 1.2340 as targets.

Resistance 1.251 1.254 1.257
Support 1.241 1.237 1.234
US stocks lower; OIl up

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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