Morning Insights 15th July

Simon Alagbe

Analyst


Instrument: US30

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 26794 with take profit at key level 26994

Alternative scenario: Sell position is envisaged if price trades below 26424 with take profit at 26174

Fundamentals:

No fundamental with direct impact on the index

Comment: US30 jumped on Wednesday as optimism about a coronavirus vaccine bolstered risk appetite. Moderna said its coronavirus vaccine produced antibodies in all patients in an early trial, raising hope for a faster economic recovery, and this caused the bullish move which is expected to continue if price breaks the hourly resistance.


Instrument: Gold

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1810.29 with take profit at key level 1815.15

Alternative scenario: Sell if price trades below 1806.07 with take profit at 1801.21

Fundamentals:

No fundamental with direct impact on the commodity

Comment: Gold was marginally down on Wednesday in Asia, reversing its earlier gains. But the yellow metal’s losses were capped by mounting COVID-19 fears on top of worsening U.S.-China relations.

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