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
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
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
Midday update for the AUDUSD 03-08-2022
The AUDUSD pair shows more bullish bias to move away from 0.6910 level, reinforcing the expectations of continuing the bullish trend for the rest of the day, which depends on the price stability above the mentioned level, reminding you that our waited targets begin at 0.6980 and extend to 0.7050.
The expected trading range for today is between 0.6880 support and 0.7000 resistance
The expected trend for today: Bullish