Novavax emits signals of weakness - Analysis - 31-03-2023
Novavax's stock (NVAX) fell in the intraday levels, marking a loss of 1.05% in the last session, or 7 cents, and settling at 6.59, amid the dominance of the main downward trend in the medium and short terms, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI after reaching overbought levels, hinting at negative divergence.
Therefore we expect more losses for the stock, targeting the support of 4.00, provided the resistance of 8.85 holds on.
Expected trend for today: Bearish
Rivian extends cautious gains - Analysis - 31-03-2023
Rivian Automotive's stock (RIVN) rose in the intraday levels while attempting to recoup some recent losses, marking a fresh profit of 1.12% in the last session, or 16 cents, and settling at 14.40, amid the dominance of the main downward short-term trend, with negative pressure from the 50-day SMA, while the RSI reached overbought levels compared to the stock's movements.
Therefore we expect the stock to return lower, targeting the support of 11.00, provided it settles below the resistance of 15.30.
Expected trend for today: Bearish
Midday update for Brent oil 31-03-2023
Brent oil price resumes its positive trading now to move away from 78.50 level, to support the continuation of the expected bullish trend scenario for today, waiting to visit 61.8% Fibonacci correction level at 80.50 as a next main target.
The positive effect of the double bottom pattern still active, and supports the expectations of achieving more gains in the upcoming period, noting that it is important to hold above 78.50 to guarantee the continuation of the suggested bullish wave.
The expected trading range for today is between 77.30 support and 80.50 resistance.
The expected trend for today: Bullish
Midday update for Crude oil 31-03-2023
Crude oil price is attempting to breach 74.50 level now, which supports the continuation of the expected bullish trend scenario for today efficiently, paving the way to head towards our next target at 76.90.
Therefore, the bullish trend will remain valid for the upcoming period, supported by the EMA50 that continues to carry the price from below, noting that failing to confirm the breach will put the price under negative pressure that targets testing 72.50 level before any new positive attempt.
The expected trading range for today is between 73.00 support and 76.00 resistance.
The expected trend for today: Bullish