Daily Market Report: February 12, 2021

Review:

U.S. stocks were mixed at the close on Thursday, as gains in the Technology, Basic Materials and Healthcare sectors offset minor losses in the Oil & Gas, Utilities and Consumer Services sectors. At the close of the NYSE, the Dow Jones Industrial Average declined 0.12%, the S&P 500 index added 0.06% to hit another all-time high, and the NASDAQ Composite index added 0.23%.

Technical comment:

The NASDAQ 100 RSI is bearish and calls for further decline.

Preference scenario:

Short positions below 13,770.00, with targets at 13,530.00 & 13,400.00 in extension.

Alternative scenario:

Above 13,770.00, look for further upside with 13,900.00 & 13,995.00 as targets.

Resistance	13,770	13,900	13,995
Support	13,530	13,400	13,275

Review:

The USD/JPY currency pair posted a modest advance late in the American afternoon. It traded near its daily high of 104.80 as the day came to an end.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

Long positions above 104.60 with targets at 104.85 & 105.00 in extension.

Alternative scenario:

Below 104.60 look for further downside with 104.50 & 104.40 as targets.

Resistance	104.85	105	105.15
Support	104.60	104.50	104.40

Review:

Gold futures settled decisively lower on Thursday, easing back the day after the precious metal posted its highest finish in over a week and breaking the tally of gains over the four previous consecutive trading sessions.

Technical comment:

The break below 1,834.00 is a negative signal that has opened a path to 1,819.00.

Preference scenario:

Short positions below 1,834.00, with targets at 1,819.00 & 1,808.00 in extension.

Alternative scenario:

Above 1,834.00, look for further upside with 1,847.00 & 1,855.00 as targets.

Resistance	1,834	1,847	1,855
Support	1,819	1,808	1,797

Review:

Oil prices fell for the first time in nine days after a rally that many analysts called to be overdone. The daily drop of less than 1% was barely commensurate with the 12% gain from the past eight sessions, suggesting the commodity may have more to lose after exhausting its run of upside momentum.

Technical comment:

The RSI shows downside momentum.

Preference scenario:

Short positions below 58.15, with targets at 57.55 & 57.30 in extension.

Alternative scenario:

Above 58.15, look for further upside with 58.40 & 58.70 as targets.

Resistance	58.90	59.40	59.65
Support	58.05	57.70	57.30

Review:

EUR/USD exchange rate has continued to grind higher and looks set to clinch a fifth consecutive day of gains, so long as the pair can hold above Wednesday’s close at 1.2117.

Technical comment:

The upward potential is likely to be limited by the resistance at 1.2140.

Preference scenario:

Short positions below 1.2140, with targets at 1.2095 & 1.2080 in extension.

Alternative scenario:

Above 1.2140, look for further upside with 1.2160 & 1.2180 as targets.

Resistance	1.2150	1.2165	1.2180
Support	1.2110	1.2090	1.2070

Review:

GBP/USD pair settled down, picking up bids at 1.3817. It showed early strength, trying to break out of the latest range bound by the 1.3800 mark during the initial Asian session on Friday.

Technical comment:

A break below 1.3790 would trigger a drop towards 1.3760.

Preference scenario:

Short positions below 1.3840, with targets at 1.3790 & 1.3760 in extension.

Alternative scenario:

Above 1.3840, look for further upside with 1.3860 & 1.3880 as targets.

Resistance	1.3840	1.3860	1.3880
Support	1.3790	1.3760	1.3730