Twitter spikes - Analysis - 05-10-2022
Twitter's stock (TWTR) surged in the intraday levels, scoring the best percentage profit on S&P 500 and resuming the trade after a three-hour suspension, after Billionaire Elon Musk said he's reviving his plan to purchase Twitter for $54.20 to avoid a legal battle on the deal valued at $44 billion, with the stock surging 22.24%, or 9.46 points, and settling at 52, with trading volumes surpassing 52 million shares, above 10-day averages of 16.8 million shares.
Technically, the stock is boosted by support from the 50-day SMA, while buoyed by piercing the downward short-term trend line, managing to pierce the resistance of 45.00.
Therefore we expect more gains for the stock, targeting the first resistance at 54.57, provided the support of 45.00 holds on.
Expected trend for today: Bullish
Midday update for Wheat price 05-10-2022
Wheat price broke the bullish channel’s support line strongly and heads towards expected turn to the trend, making the bearish bias expected in the upcoming sessions, targeting visiting 870.00 areas on the near term basis, noting that breaking 898.80 will confirm rallying towards the suggested negative target, while the bearish bias will remain dominant unless the price managed to breach 916.80 and hold above it.
The expected trading range for today is between 905.00 support and 940.00 resistance.
The expected trend for today: Bearish for the rest of the day
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Midday update for Sugar price 05-10-2022
Sugar price shows additional positive trades to attack the resistance line and attempts to hold above it, to activate the positive scenario for the rest of the day, paving the way to achieve gains that start at 18.13 and extend to 18.41 after surpassing the previous level, noting that the continuation of the bullish bias depends on the price stability above 17.80.
The expected trading range for today is between 17.60 support and 18.20 resistance
The expected trend for today: Bullish for the rest of the day
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Midday update for Brent oil 05-10-2022
The tight range dominates Brent oil price trades since morning, and as long as the price is above 91.45, our bullish overview will remain valid, waiting to get positive momentum that assists to push the price to head towards our positive targets that start at 95.25 followed by 96.35.
The expected trading range for today is between 91.00 support and 94.50 resistance.
The expected trend for today: Bullish
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