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Market Analytics
12th | January | 2021
Your Gateway to Watertight Investment
www.enrichers.com.pk
Market Overview
Asian stocks had a choppy start on Tuesday, as Wall Street edged lower compounded by political
turmoil in Washington and mounting coronavirus cases worldwide ahead of the start of the quarterly
earnings season.
Several big tech giants, including Twitter Inc (NYSE:TWTR), Amazon.com Inc (NASDAQ:AMZN),
Alphabet (NASDAQ:GOOGL) Inc, Facebook Inc (NASDAQ:FB) and Apple Inc (NASDAQ:AAPL), have taken
actions against Trump and his mob, as concerns mounted over the risk of continued violence. Twitter's
stock jittered 6.4% on Monday after the micro-blogging site permanently suspended Trump's account
last Friday.
Japan’s Nikkei slipped 0.48%, South Korea's KOSPI plunged 0.91% and Hong Kong's Hang Seng
Index futures lost 0.54%. Confronting the broader sell-off, Australia's S&P/ASX 200 rose 0.24%.
Wall Street hovered in reds, the DJIA fell 0.29%, the S&P 500 tumbled 0.66% and the Nasdaq
Composite dived 1.25%.
In the meantime, longer-term Treasury yields notched new records and eked higher since March
before new long-dated supply coming this week and on speculation of more U.S. fiscal stimulus.
Benchmark 10-year notes last knocked down 11/32 in price to yield 1.1443%, from 1.107% late on
Friday.
The clamber in yields helped dollar staving off the adverse effect which rose to its highest in over two
weeks against a basket of currencies. The U.S. index soared 0.256%, with the euro down 0.54% to
$1.2152. The Japanese yen weakened 0.24% versus the greenback at 104.20 per dollar, while Sterling
was last trading at $1.3516, down 0.35% .
Safe-haven spot gold dropped 0.2% to $1,844.27 an ounce. Silver shrank 1.70% to $24.94.
Crude oil prices failed to keep the buoyant momentum and fell, oozing out by renewed concerns about
global fuel demand amid harsh coronavirus lockdowns across the globe, as well as the stronger dollar.
U.S. crude lately fell 0.1% to $52.19 per barrel and Brent was at $55.61, down 0.68% on the day.
11th January 2020 Price Range
Instruments Open High Low Close Range Change %Change
Crude Oil 52.3 52.4 51.5 52.12 0.9 -0.18 -0.34%
Gold 1844.6 1855.35 1817.35 1847.3 38 2.7 0.14%
Silver 25.125 25.383 24.4 25.133 0.983 0.008 0.03%
EUR/USD 1.2217 1.2227 1.2132 1.2149 0.0095 -0.0068 -0.55%
GBP/USD 1.3567 1.3568 1.3451 1.3514 0.0117 -0.0053 -0.39%
USD/JPY 103.89 104.4 103.83 104.24 0.57 0.35 0.33%
NSDQ100 13081.88 13095.75 12873.25 12923.25 222.5 -158.63 -1.21%
Dow 30 30919 30985.5 30638 30930 347.5 11 0.03%
S&P 500 3809.38 3813.62 3776.38 3797 37.24 -12.38 -0.32%
KSE 100 46086.85 46109.36 45529.48 45605.42 579.88 -481.43 -1.04%
DXY 90.07 90.73 90.03 90.46 0.7 0.39 0.43%
Table 1: Price Ranges in Market 11th January, 2020 - Monday
Commodities
Crude Oil
Oil closed little tainted with a sturdy U.S. dollar and broader
market selloff depleting momentum from a recent rally.
Many producers will be able to boost production and U.S.
shale will be needed to fill the gap in the oil balance in the
short term. Crude has paused after rallying to the highest
level since February; U.S. Crude futures were down 0.3% at
$52.07 a barrel, while Brent crude, the international
benchmark, was down 0.8% at $55.56 a barrel.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
Crude Oil 50.21 51.11 51.61 52.01 52.51 52.91 53.81
GOLD
Gold prices tiptoed higher on Monday, recovering a quarter of
what was lost in last week’s frenzied selling. Both futures and
spot prices of gold, which reflect real-time trades in bullion,
settled up 0.8% in a partial regain of the 4% they lost Friday.
But gold’s ricocheting on Monday came regardless of the dollar
index regained strength above 90, proving the metal’s safe-
haven pull investors after last week's selloff. Gold for February
delivery on New York’s Comex settled up $15.40, or 0.8%, at
$1,850 an ounce.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
Gold 1764.00 1802.00 1824.65 1840.00 1862.65 1878.00 1916.00
SILVER
Silver kick start the week on higher notes but tumbled on fears
of dollar strength and rising yields. Silver declined below the
support at $25.00 and is trying to settle below the next support
level at $24.70. Stronger dollar is bearish for silver; likewise
rising Treasury yields are putting significant pressure on the
white metal. Having said that, market is going to witness a lot
of volatility, but we recognize that Silver at the $24 level
beneath should offer a decent plaster.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
Silver 23.01 23.99 24.56 24.97 25.54 25.96 26.94
Currencies
EUR/USD
The EUR/USD pair nosed down on Monday to 1.2144, its
lowest in three weeks, accompanied by constant dollar’s
demand. The market extended Friday’s trading, as there were
no fresh catalysts to drive investors. Fiscal Stimulus clouded
the outlook of the market to lift government debt yields and
the greenback advancing alongside. The Bears may push the
pair to the support level of $1.21 provided they maintain their
pressure and in case the level does not hold; the price may be
exposed to the support levels of $1.19 and $1.18.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
EUR/USD 1.1979 1.2074 1.2112 1.2169 1.2207 1.2264 1.2359
GBP/USD
GBP/USD was hit on Monday, with the pair concluding the
session with losses of around 0.3% or 45 pips. The cable pair
dropped to the fresh low since late-December after breaking
21-day SMA the previous day. However, the following
retracement keeps the quote above the 1.3500 round-figure.
As of writing the report, the pair is trading close to the 1.3521
level. Sellers remain confident below 21-day SMA while eyeing
the upward sloping trend line from early November, at 1.3340
now.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
GBP/USD 1.3277 1.3394 1.3454 1.3511 1.3571 1.3628 1.3745
USD/JPY
USD/JPY picks up the bids near 104.20 during the initial hour
of Tokyo open on Tuesday. The yen pair rises for the fifth
consecutive day as the US dollar regained health and recent
modest gains of S&P 500 Futures favor the bulls.
Nevertheless, be noted that the muted performance of Nikkei
225 probes the upside momentum. Other than the risk
catalysts, mixed data at home also baffle USD/JPY traders.
Japan’s Current Account for November grew past- ¥1551
B forecast to ¥1878.4 B.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
USD/JPY 103.02 103.59 103.91 104.16 104.48 104.73 105.30
US Stock Market
NASDAQ 100
The Nasdaq Composite dropped 165.54 points, or 1.25%, to
13,036.43. Shares of Twitter Inc (NYSE:TWTR) tumbled 6.4%
and weighed on the communications sector after the micro-
blogging site permanently suspended Trump's account. Other
Big Tech firms Facebook Inc (NASDAQ:FB), Alphabet
(NASDAQ:GOOGL) Inc-owned Google and Apple Inc
(NASDAQ:AAPL) were also weak on Monday. Tesla
(NASDAQ:TSLA) fell 8%.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
NASDAQ 100 12519.08 12741.58 12832.42 12964.08 13054.92 13186.58 13409.08
DOW JONES 30
The Dow Jones Industrial Average fell 89.28 points, or
0.29%, to 31,008.69. The Dow closed lower Monday, on
rising political turmoil. Among the Dow Jones
leaders, Apple (AAPL) sold off 2.3%,
while Microsoft (MSFT) lost 1%. Amazon stock plunged
2.15%. On the other hand, chip giants Advanced Micro
Devices (AMD) and Nvidia (NVDA) advanced 2.8% and
2.6%, respectively.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
DOWJONES 30 30156.17 30503.67 30716.83 30851.17 31064.33 31198.67 31546.17
S&P 500
The S&P 500 lost 25.07 points, or 0.66%, to 3,799.61 43.
Among the S&P's 11 major industry indexes, consumer
discretionary and communications services were the biggest
percentage decliners. Boeing (NYSE:BA) Co shares fell 1.5%
on Monday after a 737-500 jet-crashed on Saturday.
However, shares in Eli Lilly (NYSE:LLY) and Co rose 11.7%,
making it the biggest single enhance for the S&P 500 after a
small trial of its experimental Alzheimer's drug.
Today's Technical Level
Instrument S3 S2 S1 Pivots R1 R2 R3
S&P 500 3721.19 3758.43 3777.71 3795.67 3814.95 3832.91 3870.15
Financial Glossary Clamber – Rise/climb Plunged – dipped Buoyant – rise/afloat Oozing out – release in drops Sturdy – strong Ricochet- Rebound/return Cable pair - Cable is a foreign exchange term used for the GBP/USD currency pair rate. The term cable is a slang term used by forex traders to refer to the exchange rate between the pound and dollar and is also used to simply refer to the British pound itself. Baffle – confuse
DISCLAIMER
Information and opinions contained herein is compiled by sources Enrichers
Research Team believes to be reliable, but we do not accept any responsibility of
its accuracy or completeness. In particular, the report takes no account of the
investment objectives. Any opinions, research, news, analysis, prices or other
information contained do not constitute an offer or solicitation to make any
investment which carries risk.
For moreinformation
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