08.07. Fresh trading analysis: stocks drop
Wednesday, July 8th, today’s news—France's economy is set to rebound 19% in the third quarter, according to INSEE. However, overall negative sentiment returns to Asian and European markets, while the ECB doesn't intend to introduce new stimulus measures. The price of Brent oil is $42.94, WTI—$40.51. EUR/USD is at 1.1287, GBP/USD— 1.2544, gold is $1,810.65 per ounce. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
Video review: stocks drop
Our Chief Analyst Vladimir Rojankovski talks about falling shares, the state of the US economy, and its prospects. Subscribe to our YouTube channel and never miss an update!
EURCHF analysis
The support level 1.0618 is holding back sellers. Awesome Oscillator shows a strong bullish divergence, while the moving averages of Stochastic Oscillator are in the oversold range. Keep track of the rate changes in real time.
Trading recommendations: buy when an ascending 1-2-3 pattern is formed, where wave 1 breaks through the inclined channel of the descending pattern; Stop Loss under the support level 1.0618; target levels: 1.0697, 1.0762.
GBPUSD technical analysis
The pair is trading above the support level of 1.2535. It’s also supported by the hopes for Brexit resolution. However, the pair may decline if the market sentiment turns negative again. Keep track of the rate changes in real time.
Trading recommendations: if the price doesn’t consolidate above 1.2535, it may drop back to 1.2455.
Trading ideas for EXXON MOBIL Corp. (NYSE)
The support level 43.00 is holding back sellers. The descending pattern is truncated. Stochastic Oscillator signals an oversold condition, and Awesome Oscillator shows a bullish divergence. Keep track of the rate changes in real time.
Trading recommendations: buy when an ascending 1-2-3 pattern is formed, where wave 1 breaks through the inclined channel of the descending pattern; Stop Loss under the local minimum (43.00); target levels: 49.00, 54.00.
Useful info and online charts
Visit the new section on Grand Capital website to monitor the rate changes of your preferred instruments and get useful information to help you decide on a trading strategy.
*Trading recommendations offered by analysts do not constitute a solicitation. Before starting to trade on currency exchange markets, please make sure that you understand the risks connected with the use of leverage and that you have sufficient level of training.
