Facebook readies to pierce pivotal support - Analysis - 29-07-2022
Facebook's stock (META) fell in the intraday levels after reporting disappointing results, and lower third-quarter forecasts than expected by markets, with the company forecasting earnings of less than $28.5 billion in the third quarter, while analysts expected $30.7 billion, with Meta continuing to contest with surging TikTok, leading the stock down 5.22%, or 8.86 points, settling at 160.72, with trading volumes surpassing 73.2 million shares, above 10-day averages of 34 million shares.
The main downward trend dominates in the short term, with negative pressure from the 50-day SMA, with negative signals from the RSI, as the stock prepares to pierce the pivotal support of 156.00.
Therefore we expect more losses for the stock, targeting the support of 137.00, provided the support of 156.00 was breached.
Expected trend for today: Bearish
Midday update for Brent oil 29-07-2022
Brent oil price rallied higher strongly after leaning on the breached resistance of the bearish channel, rienforcing the expectations of the bullish trend continuation in the upcoming sessions, motivated by stochastic and the EMA50 positivity, reminding you that our waited target is located at 109.55, and breaching it will push the price to 111.00 as a next station, while holding above 105.80 represents an important condition for achieving the waited targets.
The expected trading range for today is between 104.00 support and 109.55 resistance.
The expected trend for today: Bullish
Midday update for Crude oil 29-07-2022
Crude oil price resumes its positive trading to approach from our waited initial target at 98.25, affected by stochastic positivity, to support the chances for surpassing the mentioned level and opening the way towards achieving more of the gains in the upcoming period, and its next target reaches to 100.40, reminding you that the continuation of the bullish wave depends on the stability above 94.90 level.
The expected trading range for today is between 94.00 support and 98.80 resistance.
The expected trend for today: Bullish
Midday update for Silver 29-07-2022
Silver price makes attempts to breach 20.00 level, rienforcing the expectations for the continuation of the bullish trend for the rest of the day, targeting 20.50 level as a next correctional station, pointing that the EMA50 supports the expected rise, which will remain valid conditioned by holding above 19.60.
The expected trading range for today is between 19.70 support and 20.60 resistance.
The expected trend for today: Bullish