Marriott International turns early gains into losses - Analysis - 03-08-2022
Marriott International's stock (MAR) declined in a volatile session after the hotel company beat forecasts for second quarter results, marking a loss of 0.83%, or 1.33 points, and settling at 158.24, with trading volumes surpassing 3.1 million shares, above 10-day averages of 2.1 million shares.
The stock is boosted by piercing the downward correctional short-term trend line, while trading above the 50-day SMA, and gathering momentum, as it also vents off overbought saturation from the RSI.
Therefore we expect the stock to rise and target the first resistance at 171.70, provided the support of 150.77 holds on.
Expected trend for today: Bullish
Caterpillar gives in to negative pressure - Analysis - 03-08-2022
Caterpillar's stock (CAT) skidded after reporting a profit of 3.18 per share, passing estimates of $3.03, on sales of $14.2 billion, passing estimates of $14 billion, with the stock nonetheless sliding 5.82%, or 11.35 points, and settling at 183.51, with trading volumes surpassing 8 million shares, above 10-day averages of 3 million shares.
The stock declined after facing resistance from the 50-day SMA, while the RSI reached overbought levels, doubling pressures on the stock, amid the dominance of the main downward medium-term trend, with negative signals from the RSI.
Therefore we expect more losses for the stock, targeting the support of 169.30, provided the resistance of 199.50 holds on.
Expected trend for today: Bearish
Uber surges - Analysis - 03-08-2022
Uber's stock rallied after reporting a loss in the second quarter, however earnings rose by double the forecasts, with positive net cash flow for the first time, sending the stock 18.90% higher, or 4.65 points, and settling at 29.25, with trading volumes surpassing 108 million shares, above 10-day averages of 34 million shares.
The stock was boosted after leaning on the support of the 50-day SMA, lending it positive momentum that helped it pierce the short-term downward trend line, with positive signals from the RSI.
Therefore we expect more gains for the stock, targeting the first resistance at 34.30, provided it holds above 26.70.
Expected trend for today: Bullish
Midday update for the NZDUSD 03-08-2022
The NZDUSD pair attempted to breach 0.6257 but it finds difficulty to hold above it, to continue with our neutrality until the price confirms its situation according to the mentioned level followed by detecting its next destination clearly, noting that the details of the expected targets after the breach are explained our morning report.
The expected trading range for today is between 0.6180 support and 0.6310 resistance
The expected trend for today: Neutral