Crude oil price suffered additional strong losses to surpass our extended target at 80.00 and open the way to achieve more expected decline on the longer term basis, to head towards visiting 75.00 areas as a next main station, noting that holding below the resistance line formed at 80.90 is important to continue the suggested decline.
Gold price declined sharply to touch our waited target at 1644.00, and we expect the continuation of the negative pressure to head towards 1630.00 as a next negative target, taking into consideration that holding below 1655.00 represents initial condition to continue the bearish wave, as breaching it might push the price to test 1670.00 followed by 1680.00 areas before any new attempt to decline.
The EURUSD pair provided additional negative trades to succeed reaching our extended target at 0.9700, and the way seems open to achieve more decline in the upcoming period, to head towards 0.9620 areas as a next main station, noting that holding below 0.9805 represents initial condition to continue the bearish trend.
Fedex Corporation's stock (FDX) rose in the last session after the company decided to raise shipping costs for land and air services and to cut costs, after withdrawing its full-year forecasts last year, triggering concerns about the company, with the stock now rising 0.84%, or 1.29 points, settling above 154.54, with trading volumes surpassing 10.2 million shares, above 10-day averages of 7.4 million shares.
Technically, the stock is trying to recoup some recent losses while venting off oversold saturation in the RSI, amid the dominance of the downward correctional short-term trend, with negative pressure from the 50-day SMA.
Therefore we expect the stock to return lower, targeting the support of 130.00, provided the current support of 158.40 held on.
Expected trend for today: Bearish