Market Review 23-08

Market Review 23-08

Bank of America boosts Apple stock outlook on app store strength

By Michael Sheetz

 

Bank of America Merrill Lynch bumped its price target on Apple stock up to $250 per share from $230 per share on Tuesday, citing confidence in the tech giant’s push to diversify its mobile application offerings.

 

“The strong growth rate of non-gaming categories gives us increased confidence in the sustainability of strong App Store sale and reduces risk of dependence on one single category of Apps,” analyst Wamsi Mohan wrote in a note.

 

The firm raised its 2019 revenue estimate for Apple’s services business by about $800 million.

 

https://www.cnbc.com/2018/08/21/bank-of-america-raises-apple-price-target-diversifying-app-store.html

 

 

 

Netflix’s Bullish Engulfing Signals More Upside Ahead

By Investopedia

 

Netflix, Inc. (NFLX) shares rose more than 8% this week, as of early trading on Tuesday, after the company announced that it would test ads for its original content in between episodes. While many users criticized the move on social media, the streaming giant noted that viewers would be able to “skip” the advertisements, and investors seemed to applaud the move as a way to increase revenue growth without hiking subscription fees.

 

From a technical standpoint, the stock moved sharply lower over the past two months following a double top in late June and early August. The stock reached prior support levels on Monday, rebounded sharply higher, and created a bullish engulfing pattern. The relative strength index (RSI) rebounded toward neutral levels, while the moving average convergence divergence (MACD) could see a near-term bullish crossover.

 

https://www.investopedia.com/news/netflixs-bullish-engulfing-signals-more-upside-ahead/

 

 

 

US Crude Oil Price May Rally Further, Stockpiles and Iran in Focus

By Martin Essex

 

The rally in the US crude oil price may continue short term after news that US crude stockpiles fell by 5.2 million barrels in the week to August 17, well above the 1.5 million draw predicted by analysts. The data from the American Petroleum Institute suggest that the official numbers from the US Energy Information Administration, due today, could show a larger decrease than the 2.0 million drop previously forecast.

 

In addition, worries are mounting about a potential shortfall of Iranian oil from November due to US sanctions.

 

https://www.dailyfx.com/forex/market_alert/2018/08/22/US-Crude-Oil-Price-May-Rally-Further-Stockpiles-and-Iran-in-Focus.html

 

 

EUR/USD Forecast: Trump-ed up but looking overbought

By Yohay Elam

 

US President Donald Trump sent the US Dollar down by commenting on the Fed’s policy once again. He criticized the central bank for raising rates and said he will continue doing so. He expressed his disappointment that Powell is not a “cheap money man” and criticized the EU and China for manipulating their currencies.

 

Another reason for the current consolidation is the expectation that the European Central Bank’s Meeting Minutes, coming out on Thursday, will remain dovish. In the recent meeting, President Mario Draghi clarified that the Bank will not raise rates before September 2019. It will be interesting to hear their tone about trade relations.

 

Another factor that causes concern is the global trade. While China and the US are talking, the US is still moving forward with levies worth $16 billion of Chinese goods. There are no indications that the this has been frozen.

 

https://www.fxstreet.com/analysis/eur-usd-forecast-trump-ed-up-but-looking-overbought-201808210858

 

 

Russian ruble extends losses as central bank resumes buying FX

By Reuters Staff

 

The Russian ruble on Tuesday headed back toward its weakest level since April 2016, which it hit earlier this month, after the central bank said it resumed purchases of foreign currency for state reserves late last week.

 

The ruble took a hit as central bank data showed it began buying foreign currency on Friday on behalf of the finance ministry, after putting daily buying of dollars and other currencies on hold for six days to ease downside pressure on the rouble.

 

Rhetoric and action from Washington toward Moscow remain in the spotlight.

 

U.S. President Donald Trump said in an interview with Reuters he would consider lifting sanctions on Russia if Moscow were to take steps to work with the United States on issues like Syria and Ukraine.

 

https://www.reuters.com/article/us-russia-markets/russian-ruble-extends-losses-as-central-bank-resumes-buying-fx-idUSKCN1L61C6

 

 

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