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Daily review for October 26, 2021

Companies reporting results today:

Traders continue to review corporate results, mainly from technology companies that are part of the Nasdaq 100.

The Delta Plus variant continues to rise in China. Russia closed its borders. Traders are paying attention to metals. Inflation continues to worry the market.

Crude oil corrects a few points. Traders are watching the oil inventories report. Crude inventories are expected to rise.

Energy commodities rallied yesterday. If weather forecasters confirm La Niña phenomenon, the price of Natural Gas will continue to rise.

NASDAQ 100 +0.48%
Cases of the new Delta Plus variant are increasing in China. Russia closed borders. At the moment, scientists and governments globally are keeping an eye on this virus variant. Meanwhile traders continue to focus on corporate results. Investors know that the Nasdaq 100 and the companies in the index have performed very well during the pandemic. At the moment the index is up 0.48% and is trading at 15,589. Today we will have the results of Microsoft, Google, Visa, AMD, General Electric, 3M, Twitter, among other companies.
Support 1: 15,582.0
Support 2: 15,574.8
Support 3: 15,569.0
Resistance 1: 15,595.0
Resistance 2: 15,600.8
Resistance 3: 15,608.0
Pivot Point: 15,587.8
Price is consolidating at resistance 1. Bulls are looking to take advantage of corporate results to push the index towards 16,000 points. Trading range between 15,569 and 15,608. Pivot point for trend change at 15,587. RSI in overbought zone.

GOLD -0.07%
Yesterday, commodities showed a significant rebound in prices. Commodities in the three segments, energy, metals and agriculture, presented bullish movements driven by the La Niña phenomenon, which could generate a stronger winter than expected. Today, prices are starting with a sideways movement, while a new trend is being generated. Meanwhile, gold is down 0.07% and is trading at USD$1,805 per Troy ounce. Bulls are looking to hold this zone, mainly due to inflation and the new Delta Plus variant cases.
Support 1: 1,803.70
Support 2: 1,802.60
Support 3: 1,802.05
Resistance 1: 1,805.35
Resistance 2: 1,805.90
Resistance 3: 1,807.00
Pivot Point: 1,804.25
The price reached USD$1,813 and is regaining the uptrend. At this moment gold is at the pivot point, where it could change or confirm the uptrend. Trading range between USD$1,802 and USD$1,807. Pivot point at USD$1,804. RSI neutral.

WTI -0.08%
The price of crude oil is starting to drop a few points, after the rebound towards the USD$85 area. At the moment, the price is dropping 0.08% and is trading at USD$83.67 per barrel. Today, traders are keeping an eye on crude oil inventories in the United States. In last week’s report, inventories increased by 3.2 million barrels. This time, inventories are expected to rise by 2.2 million barrels. If inventories rise by more than expected, the price could be discounted by additional points. If so, importing countries such as China and Japan could start buying on the spot market.
Support 1: 83.82
Support 2: 83.73
Support 3: 83.68
Resistance 1: 83.96
Resistance 2: 84.01
Resistance 3: 84.10
Pivot Point: 83.87
The price is entering the Ichimoku cloud and is between the pivot point and support 1. Trading range between USD$83.68 and USD$84.10. Pivot point at USD$83.87. RSI neutral. Possible sideways movement before the inventory announcement.

The price of Natural Gas continues to rise, this time is up 0.82%. It is currently trading at USD$6.18 per BTU. Yesterday, the commodity showed a 5% increase. The weather report, which indicated that the La Niña phenomenon could generate a stronger winter than expected, boosted commodity prices, mainly in the energy segment. Today, traders are watching the crude oil inventories report, which would give an indication of energy demand in the United States. If demand continues to increase, the price of natural gas could continue its upward movement.
Support 1: 6.147
Support 2: 6.127
Support 3: 6.088
Resistance 1: 6.206
Resistance 2: 6.245
Resistance 3: 6.265
Pivot Point: 6.186
Expected trading range between USD$6.08 and USD$6.26. Pivot point for trend change at USD$6.18. RSI in overbought zone. Price is at resistance 1. Bulls are looking for USD$6.81.

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