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Mixed Chinese Economic Figures Makes Indices Range Bound

By Research Team Tuesday, Nov 15, 2022
WTI OIL

    • 11.32amW1
    • High85.8
    • Low85.07000
    • Close85.39

WTI Oil is trading at $85.40, 0.08% down since previous day close. The Oil prices retreated on Tuesday ahead of the result of American Petroleum Institute (API) report which is to be issued today. The recent U.S Baker Hughes report showed a rise in Oil rig counts by 9 leading to 622 from 613 in the previous week. Globally, the U.S issued better than expected CPI data which turned out to be negative for USD & positive for Oil. Last week, the EIA report showed a rise in Oil inventory level by 3.9 mbpd against the expectation of 0.3 mbpd. As seen in the chart, the Oil is still trading near MA (10) & MA (20) which indicates the chances of either side breakout. Sideways trading may be expected for the day in WTI Oil.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 96.14000
R2 91.44000
R1 88.35000
Turnaround 86.74000
S1 83.65000
S2 82.04000
S3 77.34000
By Research Team Tuesday, Nov 15, 2022
US30

    • 11.05amW1
    • High33698
    • Low33595
    • Close33681

US30 is trading at 33677.3, 0.12% up since previous close. The flat to higher side trading can be seen in U.S markets as traders waits for the result of U.S Empire State Manufacturing Index & PPI data today. On Monday, the FOMC member Waller warned investors against carried away over change in inflation rate by one percent; resulting into chances of less aggressive stance in next meeting. Earlier, the U.S Non-farm Payroll data showed a rise in number of employed people by 261K against expected figure of 197K. This boosted up the market sentiments. As seen in the chart, the index reversed up from MA (200) & may cross over the MA (100) as well. Strong breakout can be expected if breached further for the day & hence, buying on dips may be suggested.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 34580.00000
R2 34147.00000
R1 33880.00000
Turnaround 33714.00000
S1 33447.00000
S2 33281.00000
S3 32848.00000
By Research Team Tuesday, Nov 15, 2022
GBP/USD

    • 10.45amW1
    • High1.17739
    • Low1.1741
    • Close1.17563

GBP/USD is trading at 1.17661, 0.07% up since previous day close. The slight buying bias can be noticed in Pound ahead of the result of Claimant Count Change & Average Earnings Index data which are to be issued today. Last week, an easing down of inflation rate in U.S which may reduce the aggressive rate hike stance in the next FOMC meet made other basket of currencies to trade on higher levels. The U.K’s GDP rate fell by 0.6% against expected fall of 0.4% whereas the Manufacturing Production data showed improved figures. As seen in the chart, the pair GBP/USD crossed over Fibo level 23.6 & is on the verge of crossing MA (10) & MA (20). This indicates further buying bias on dips.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.20007
R2 1.18820
R1 1.18167
Turnaround 1.17633
S1 1.16980
S2 1.16446
S3 1.15259
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