Oil Price rises towards $80 After Saudi’s Deny Report of OPEC+ Supply Mount

Asian Pacific stock markets tumbled further on Tuesday. The Shanghai Composite is down 0.13% at 3,041.37. Overall, the Singapore MSCI is down 0.87% at 278.70. Over in Hong Kong, the Hang Seng Index is down 0.43% at 17,821.00. In Japan, the Nikkei 225 is down 0.82% at 26,250.00, while the TOPIX index is down 0.89% at 1846.00. South Korea’s Kospi is down 3.02% at 2,220.94. Australia S&P/ASX 200 is down 1.60% at 6469.40.

Top News of the Day:

 Apple Stock fell 2.2% after Bank of America downgraded its stance on the iPhone maker to ‘neutral’ from ‘buy’, saying falling discretionary spending will result in underperformance.

The selloff in global bonds resumed and the dollar rose again after a sharp short-covering rally in risk assets on Wednesday.

Market Summary as of 21/11/2022:

European equities Monday closing. The DAX futures contract in Germany traded down 1.97% at 12,284.19, CAC 40 futures down 2.28% at 5783.42, and the UK 100 futures contract in the U.K. down 1.97% at 7,018.61.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed 1.88% at 29683.42. The S&P 500 is up 1.72% at 3693.22 and the Nasdaq 100 is down 1.66% at 11311.24, NYSE closes 2.26% at 13796.99.

Top Market News Today:

In the Forex market, GBPUSD is down 0.25% at 1.0859. The USDJPY is up 0.39% at 144.764. The USDCHF is up 0.67% at 0.9827. EURUSD is down 0.53% at 0.9635, and EUR/GBP is up 1.73% at 0.9077. The USD/CNY is down 0.92% at 7.1340 at the time of writing.

In the Commodity market, U.S. Gold futures are down 0.71% at $1,658.30. Elsewhere, Silver futures are down 1.46% at $18.620 per ounce, Platinum down 0.06% at $853.50 per ounce, and Palladium down 0.12% at $2064.50.

Crude Oil was down on Wednesday; Brent Crude Oil was down 2.34% at $84.67 per barrel while U.S. West Texas Intermediate (CLc1) was down 2.33% at $77.31.

In the Cryptocurrency Markets, Bitcoin is at 18695.00 down 0.27%, Ethereum is down 0.27% at 1286.00, and Litecoin is at 52.41 up 0.08%, at the time of writing.

Top Market Segment to Watch Out for Today:

CRUDE OIL: Oil prices were Down on Thursday, erasing earlier losses, on a sign that OPEC+ might cut output, a strong dollar and weak economic outlook kept on gains.  

Economic News:

U.S. President Joe Biden approved federal disaster funds for nine Florida counties in the wake of Hurricane Ian, the White House said on Thursday, adding that more areas could be approved later as officials evaluate the damage following the storm.

Damage assessments are continuing in other areas, and additional areas may be designated for assistance after the assessments are fully completed,” the White House said in a statement ahead of Biden’s visit to FEMA headquarters later Thursday for an updated briefing on the storm.

The move allows access to federal grants to help affected residents and business owners secure temporary housing, repair homes, get low-cost loans for uninsured property losses, and otherwise recover, it said.

It also allows local governments and other groups to share the costs of debris removal, according to the White House.

The funds were designated for the counties of Charlotte, Collier, DeSoto, Hardee, Hillsborough, Lee, Manatee, Pinellas, and Sarasota.

Top Economic Releases Today:

1. German CPI (YoY) (Sep) today at 8:00 previously which was 7.9%.
2. 2:00, previously which was 8.15%.
3. ECB Elder’s son Speaks today at 4:15.

4. JAPAN Corporate Services Price Index (CSPI) (YoY) today at 19:50 this time estimated 2.40%, previously which was 2.10%.

5. Business and Consumer Survey (Sep) today at 05:00 this time estimated 93.70, previously which was 97.3.

TECHNICAL SUMMARY

GBPUSD TECHNICAL ANALYSIS

TRADE SUGGESTION – BUY AT 1.18850, TAKE PROFIT AT 1.20387, SL AT 1.18711

EURUSD TECHNICAL ANALYSIS

TRADE SUGGESTION – BUY AT 1.03218, TAKE PROFIT AT 1.04309, SL AT 1.02853

AUDUSD TECHNICAL ANALYSIS

TRADE SUGGESTION– BUY AT 0.66700, TAKE PROFIT AT 0.67407, SL AT 0.66226

USDJPY TECHNICAL ANALYSIS

TRADE SUGGESTION- SELL AT 139.644, TAKE PROFIT AT 138.005, SL AT 141.934

DAX 40 INDEX TECHNICAL ANALYSIS

TRADE SUGGESTION – BUY AT 14430.4, TAKE PROFIT AT 14603.3, SL AT 14298.7

BRENT CRUDE OIL TECHNICAL ANALYSIS

TRADE SUGGESTION– SELL AT 88.00, TAKE PROFIT AT 85.24, SL AT 88.94

SILVER TECHNICAL ANALYSIS

TRADE SUGGESTION– BUY 21.239, TAKE PROFIT AT 21.401, SL AT 20.610

BITCOIN TECHNICAL ANALYSIS

TRADE SUGGESTION– SELL AT 16379.19, TAKE PROFIT AT 15838.04, SL AT 16906.11