Forecasts & Analysis

The global oil market recovery may be slowing due to the second wave of the pandemic, but it’s a bit premature to predict another bear market plunge.

Morgan Stanley raised their stock price forecast on W.W. Grainger to $401 from $366, assigning an “Equal-weight” rating after the Fortune 500 industrial supply company reported a 2.4% increase in sales to $3.0 billion in the third quarter driven by significant share gains in the U.S. segment and strong growth

Growing iPhone 12 euphoria could overcome a mixed third quarter report.

It is possible for the market to find near-term support, but remain rangebound if November ends up warmer than normal.

The bears took hold of prevailing macros that continually disrupt the fragile energy market negatively amid rising cases of COVID-19 infections.

If the Dollar Index remains between 91.750 and 94.795 then we could see a choppy, two-sided trade on both side of its pivot at 93.275.  

Friday’s price action suggests the near-term direction of the AUD/USD will be determined by trader reaction to .7132 to .7158.

The main trend is up according to the daily swing chart, however, momentum is trending lower.

It’s a bearish start to the day for the majors. Failure to move through the day’s pivot levels would bring support levels into play.

The S&P 500 has gone back and forth during the week as we continue to worry about stimulus and whether or not that cheap money is going to come.