The Decline in Oil by About 5% Leads to Stock Losses
Market News Summary
Most European stock indices fell at the end of Thursday’s trading amid a subdued positive sentiment seen earlier in the week after positive data from the United States and China.
The European Stoxx 600 index dropped by 0.7%, with the majority of sectors and major markets in the region ending the session in negative territory. Shares of oil and gas companies led the losses, falling by 2.7% due to a decline in oil prices, while utility sector stocks were positive, rising by 1.1%.
Dollar Index (USDX)
The U.S. dollar has declined, and Treasury bond yields have also fallen after a report from the Department of Labor showed that weekly unemployment claims rose more than expected. This has strengthened the speculation that the Federal Reserve may not need to raise interest rates further.
The dollar index is currently trading just above its pivot point, attempting to stabilize near 104.25 dollars.
Pivot Point: 104.15
| Resistance level | Support level |
| 104.40 | 103.85 |
| 104.75 | 103.55 |
| 105.05 | 103.35 |
Spot Gold (XAUUSD)
Gold prices rose during yesterday’s trading on the seventeenth of November amid expectations that the Federal Reserve has reached the end of its current monetary tightening cycle. This comes as Treasury bond yields fell after a report from the Department of Labor showed that weekly unemployment claims rose more than expected.
Gold is currently trading above its pivot point at $1982 per ounce.
Pivot Point: 1974
| Resistance level | Support level |
| 1992 | 1961 |
| 2006 | 1943 |
| 2024 | 1929 |
Dow Jones Index (DJ30ft – US30)
The U.S. indices closed with slight mixed changes in Thursday’s session after a series of strong gains in previous sessions. This occurred amid a decline in retail sector stocks on the one hand and an increase in chip stocks on the other.
The Dow Jones index dropped by about 0.1%, equivalent to 45 points, after recording its highest daily close in three months in the previous session. The Nasdaq index fell by less than 0.1%, retracting from its highest levels in two months. Meanwhile, the S&P 500 managed to hold above the 4500-point level, rising by about 0.1% and marking its highest daily close in over two months.
Pivot Point: 35010
| Resistance level | Support level |
| 35135 | 34930 |
| 35210 | 34805 |
| 35335 | 34730 |
US Crude Oil (USOUSD)
Oil prices fell yesterday, Thursday, settling around 5% lower to their lowest levels in four months as investors are concerned about the global demand for oil following weak data from the United States and Asia.
Brent crude futures dropped by $3.76 or 4.6% to $77.42 per barrel at settlement, while West Texas Intermediate (WTI) crude fell by $3.76 or 4.9% to $72.90 per barrel.
Pivot Point: 74.05
| Resistance level | Support level |
| 75.80 | 71.35 |
| 78.50 | 69.65 |
| 80.20 | 66.95 |
Risk Warning
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