Daily Market Analysis 16.11.2022: US100

Instrument: US100

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 12000.59  with take profit at 12052.65
Bearish Preference: 
Sell position is envisaged if price trades below 11826.19 with take profit at 11781.94
2:30pm  USD Core Retail Sales                 m/m
               USD Retail Sales m/m

US semiconductor stocks have come roaring back over the past month, and the largest of them — Nvidia (NASDAQ:NVDA) Corp. — has led the charge. Even some bulls on the company say the rally may not have much further to run. Nvidia’s third-quarter results late Wednesday are likely to show that demand for electronics is still drying up, with analysts predicting an 18% drop in sales. Yet the stock, at 39 times estimated earnings, is still priced for a much better environment, at a time when the global economy appears to be heading for recession.

Analysis: SCRUM Team

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