Daily reviews

Commodities market

Oil prices rose today yet stayed below the $100 mark as both tight supply and recession risks influence the market. Brent crude climbed 0.7%, and WTI crude 0.6% up.

Key tickers:

Brent: 98.81 — strong sell.

WTI: 95.36 — strong sell.

NG: 6.672 — strong buy.

Foreign exchange …

Gold continues its lower movement after breaching the 1730.00 level and is heading steadily towards the next target for the price movement at the level of 1700.00, and the bearish movement is likely to extend to the main support 1680.00.

Technical indicators support the bearish scenario, as the moving averages …

The pound against the dollar rebounded upwards and approached the resistance 1.1930 at the 20 moving average, also below the 50 average and the upper line of the descending channel shown in the chart.

In general, we will continue to suggest the bearish path as long as the price continues …

The EUR/USD pair achieved the equation of 1 dollar = 1 euro, which is the first time in the history of the common European currency since its inception. The pair breached the 1.0000 level yesterday, to bounce back and settle slightly near the 1.0040 level.

The price is likely to …

#NESN

The general trend is descendant. The share is traded between 365 and 135 EMA. The ascendant five-wave structure has finished breaching the inclined channel. Awesome Oscillator indicates bearish divergence, and Stochastic Oscillator signals overbought conditions.

Trading idea:

Sell when the descendant wave structure forms.

Stop-loss is over the 115.58 …

The descendant wave structures are truncated. Awesome Oscillator indicates bullish divergence, and Stochastic Oscillator signals oversold conditions.

Trading idea:

Buy when the ascendant wave structure forms, where the wave (A) breaches through the inclined channel of the descendant truncated structure.

Stop-loss is under the local minimum of the descendant structure. …

Commodities market

Oil edged up today, but the inflation data put a lid on crude growth, as it can weaken the market. Brent crude futures were up 0.5%, and WTI crude gained 0.5% too.

Key tickers:

Brent: 100.51 — neutral.

WTI: 96.83 — neutral.

NG: 6.321 — strong buy.

Foreign …

Gold settled in the movement below the level of 1746.80 and then resumed the lower movement and the target will be the level of 1700.00 in the medium term.

We continue to suggest the downside path as long as the price is stable in the movement below 1750.00 and the …

The pound against the dollar continues its bearish movement after it previously achieved the bullish corrective bounce and approached the 1.2000 resistance, then returned to complete the descending path and approached its first target at the 1.1800 level.

In general, we continue to suggest the bearish path as long as …

The EURUSD pair approached the main target at the value of 1.0000, continuing the descending path extended for nearly a month. Therefore, the price is likely to be able to break this level and the target will be 0.9950.

Therefore, the bearish scenario continues to exist and is effective during …