In today’s Tip TV Finance Show Open, we discuss the key trending news stories, major equity market indices, single stocks, and the FOMC Minutes, with Nick Batsford, CEO at Tip TV, Zak Mir, Technical Analyst at Zak’s Traders Café, and Bill Hubard, Chief Economist at Bullion Capital.
Single stocks
EasyJet: Chart suggests support is coming in. Technically, favouring a range-trade
Rolls Royce: Saw 4 profit warnings. Technically, charts show a gap to the downside, might see a dead cat bounce
SSE: Technically, remains in the buying zone
Royal Mail: Gap through 200DMA, Back to 5GBP and higher while above this
Lloyds: Support at 72p, Current levels serve as an easy entry point for investors
OMI: Bear trap below 50 DMA, could get back towards 10p
WSG: V shaped bull flag, Upside target at 20p
The major indices: S&P 500, DAX, FTSE, Nikkei, Shanghai Composite
Batsford highlights Colin Twiggs who infer the following:
S&P 500: Posted two strong bullish candles suggesting that the correction is now over, expect resistance at around 2130
DAX: Testing the psychological resistance at 11K, breaking above this will be bullish for 12,400
FTSE 100: Lot weaker, support at 6100
Shanghai Composite: Testing new support at 3500, breach would open up 3000
Nikkei: Respected 19k support, confirming another test of resistance at 21k
FOMC Minutes: Dollar bulls disappointed
Batsford highlights FXStreet, who view that the non-event FOMC minutes disappointed the USD bulls but kept the December rate hike bets unchanged.
On the EUR/USD, they note that the cross requires a move above the 50DMA to go bullish, and could even see a corrective rally towards 1.0824as we head into the ECB meeting.
Hubard notes that the probability of a December hike stood at 75% before the FOMC minutes, and has climbed to 80%. With a Press conference schedule after the December meeting, Hubard believes that the Fed has boxed itself in.
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