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Stocks Resumes Upward Momentum, Soft U.S Jobless Data & Oil Prices Inches Up

By Research Team Friday, Nov 19, 2021
WTI OIL

    • 10.00am ISTD1
    • High79.31
    • Low78.06
    • Close78.98

WTI Oil is trading at $78.94, 0.07% up since previous day close. The Oil prices inches up after sliding down to three-month lows of $77 earlier in a week. The market will remain cautious towards U.S Baker Hughes estimates release today. Majorly, U.S, Japan & China are planning to release Oil from Strategic Petroleum Reserve (SPR) in order to ease down mounting Oil prices which further dragged down the prices. The recent Energy Information Administration (EIA) report showed a drop-down in Oil inventory level by 2.1 mbpd against the expected rise of 1.0 mbpd. As seen in the chart, the Oil prices retraced down till Fibo level 38.2 & seem to be reversing up.  Wait & watch strategy may be adopted for the day.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 82.50000
R2 80.20000
R1 79.25000
Turnaround 77.84000
S1 76.89000
S2 75.48000
S3 73.12000
By Research Team Friday, Nov 19, 2021
GER30

    • 9.42am ISTD1
    • High16280
    • Low16236
    • Close16275

GER30 is trading at 16277, 0.16% up since previous day close. The European indices turned bullish amid strong global cues. Earlier, the index slightly weakened on account of falling Oil prices, slowdown in Chinese growth rate & rising inflation concern. Uncertain Fed’s & ECB’s interest rate decision will remain significant for indices in future course of time. The traders will be looking forward to the result of German PPI data which will be released today. Also, upcoming speech of ECB Chief Lagarde will be closely monitored. As seen in the chart, the GER30 is strongly trading above the short term Moving Averages of period 10 & 20 & also, the RSI line is heading towards resistance level 70. This indicates buying bias on daily basis.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 16430.00000
R2 16332.00000
R1 16282.00000
Turnaround 16234.00000
S1 16184.00000
S2 16136.00000
S3 16038.00000
By Research Team Friday, Nov 19, 2021
GBP/JPY

    • 9.25am ISTD1
    • High154.344
    • Low154.11
    • Close154.212

GBP/JPY is trading at 154.230, 0.21% up since previous day close. The mixed bias in Sterling Pound & YEN makes the air GBP/JPY stronger & enters into new territory range of 154 levels. Uncertain Fed’s interest rate decision, slowing recovery & rising inflation concern made the USD slightly softer & GBP/JPY stronger. The Japan’s National Core CPI remained steady at 0.1% while traders will be eyeing the result of U.K’s Retail Sales & Public Sector Net Borrowing data today. As seen in the chart, the pair formed double bottom & successfully reversed up after defending the same. Moreover, the pair is trading above the MA (10) & MA (20) which strongly indicates the chances of buying on intraday basis.

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Daily Outlook

GBP/JPY

Intra Day
Near Day

Technical Levels

R3 155.17400
R2 154.60700
R1 154.37100
Turnaround 154.04000
S1 153.80400
S2 153.47000
S3 152.96000
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