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Pfizer and BioNTech released the results of their recent laboratory study which found that their vaccine’s antibody response is capable of neutralizing omicron (levels similar to 2 doses against previous strains) after three doses. There was a more than 25-fold reduction in the efficacy of the vaccine however, showing the 32 mutations in omicron does certainly have an impact. The vaccine induced T cells are not affected by omicron and should therefore still provide protection from severe symptoms. To finish off a Japanese study showed that omicron was 4.2 times more transmissible than delta in its early stage. We know that omicron was far more transmissible already so this isn’t a major shock, however, the issue with higher transmissibility is the opportunity for further new variants to arise which (hopefully) will not increase in lethality.

Dollar Index (DXY):

The greenback is basically flat from where it started the week as traders remain hesitant to push price in a new directi

Apple (AAPL) Stock Price and Forecast: Can Apple take a bite out of $200 before year end?

Apple (AAPL) Stock Price and Forecast: Can Apple take a bite out of $200 before year end?

FXStreet News FXStreet News 09.12.2021 15:54
Apple stock powers on to more all-time highs on Wednesday. AAPL shares breach and close above $175. Is $200 a conceivable year-end target for Apple stock? Apple (AAPL) stock just continues to power on like a juggernaut. A powerful combination of momentum and fundamentals is pushing this one higher. Despite the market sell-off last week and earlier this week due to Omicron, Apple still found buyers. The stock has both defensive and offensive qualities. "Defensive" in terms of the huge cash pile it sits on and "offensive" in its entire business. The stock added another 2% on Wednesday, closing at $175.08. Apple is now up over 7% in just over a week, impressive when you consider the market background. Apple (AAPL) chart, 15-minute Apple (AAPL) stock news Apple was granted a motion to delay App Store changes that had been in the offing after the Epic Games ruling. Apple is appealing the so-called "Fortnite" issue as Epic Games is the creator of Fortnite. The ruling meant Apple would have to change some rules in order to allow links to outside payment systems. Because Apple is appealing the "Fortnite" ruling, it does not now have to make any App Store changes until that appeal decision. This likely means a multi-year-long reprieve for the App Store as the appeal will take time. A definite positive in our view. "Apple has demonstrated, at minimum, that its appeal raises serious questions on the merits of the district court’s determination," the 9th Circuit Court wrote on Wednesday-Reuters. Separately, Apple has lost more engineers from its car project to startup companies in the space, according to a report from Bloomberg. Apple (AAPL) stock forecast No resistance is in sight, obviously, when AAPL at record highs. The pivot level for short-term support is $167. Here we have some volume from last week, and also it is a breakout level for the move this week. The 9-day moving average will also likely track to this level today. Below the medium-term pivot is at $157, so Apple remains bullish above there. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) remain bullish, and volume has been strong behind this recent rally, indicating its health. AAPL 1-day chart
Tesla (TSLA) Stock Price and Forecast: Will Tesla fall to $900?

Tesla (TSLA) Stock Price and Forecast: Will Tesla fall to $900?

FXStreet News FXStreet News 06.12.2021 19:29
Tesla (TSLA) stock continues to slide as Friday sees 6% loss. Tesla (TSLA) now nearing key $1,000 support and pivot. Tesla (TSLA) is likely to move quickly to $910 if the stock breaches $1,000. Tesla stock continues to remain under increased selling pressure as markets take a risk-off approach in the current environment. The emergence of the omicron covid variant appears to have put the brakes on the latest rally but the move had become overdone anyway and some correction was necessary. While 2021 has been the year to buy dips, is this one different? We think not and reckon now is the time to wade back in but we take a differing approach here with Tesla (TSLA). The stock has had a standout 2021 and is likely to suffer from now into year-end. The temptation of profit taking is just too strong here. Technically $1,000 is key. Holding will put in place a bullish double bottom and make us change our call but we, for now, remain bearish and see $1,000 breaking, leading to a sharp acceleration to $910. Our daily chart for Tesla (TSLA) above shows just how much pain the stock has taken this past couple of weeks. Tesla was nearing gains of 80% for 2021 in early November but now is back to a gain of 45% for the year so far. Still a strong outperformance against the benchmarks. Tesla (TSLA) stock news The most anticipated of product launches, that of the cybertruck, has been delayed to the end of 2022 according to a Twitter post from CEO Elon Musk. He gave more details about the proposed cybertruck saying it will have four motors, one for each wheel, and will be able to crab sideways. Elon Musk will give more details on Tesla's next earnings call. China sees a recall for some Tesla cars with a report in Electrek stating "According to a statement from China’s State Administration for Market Regulation (SAMR), Tesla Shanghai filed a recall plan for 21,599 Model Y EVs manufactured in the country. The automaker cited issues pertaining to the strength of front and rear steering knuckles, stating they may not meet the automaker’s design requirements". Also of note is Elon Musk selling another $1 billion worth of stock, while Cathie Wood of ARK also is still trimming her funds holding in the name. Tesla (TSLA) stock forecast $1,000 is huge, break and it is likely straight to $910. Hold and we would expect more all-time highs before year-end. It is that simple in our view. This one is big. $910 closes the gap from the whole Hertz parabolic move and markets love to fill gaps. Holding on the other hand confirms a double bottom which is a powerful bullish reversal signal. We would need some confirmation with either a stochastic or MACD crossover or a bullish divergence from the RSI. So far we have none of these, making a break lower more likely in our view.
TSLA Stock Price and Forecast: Why Tesla will break $1,200 on Wednesday

TSLA Stock Price and Forecast: Why Tesla will break $1,200 on Wednesday

FXStreet News FXStreet News 01.12.2021 16:20
Tesla emerges unscathed from another equity sell-off on Tuesday. TSLA is likely to break higher on Wednesday as buyers return. Tesla CEO Elon Musk takes a bite out of Apple. Tesla (TSLA) stock can do no wrong in 2021, and it avoided another market meltdown on Tuesday. While panic ensued following Powell's remarks about the taper and inflation, TSLA held firmly in the green. Equity indices finished nearly 2% lower on Tuesday, but Tesla shares closed at $1,144.76 for a gain of 0.7%. This was another strong outperformance for a stock that is up 62% year to date. Contrast that with the Nasdaq, up 25 % for 2021, and the S&P 500, up a similar amount. 2021 has been the year of the electric vehicle, and Tesla paved the way for others to follow, notably Rivian (RIVN) and Lucid (LCID). Our chart above shows the strong correlation between Tesla and Lucid with both stocks putting in a stellar second half for 2021. Tesla (TSLA) stock news Elon Musk is nothing if not entertaining, and on a slow news day for Tesla he livened things up by taking a pop on Twitter toward Apple. Don’t waste your money on that silly Apple Cloth, buy our whistle instead! — Elon Musk (@elonmusk) December 1, 2021 The Apple cloth he is referring to is a polishing cloth available from Apple for $19. Tesla recently launched a Cyberwhistle for what reason? Who knows, but it is currently sold out. At $50 for a whistle, it is not exactly cheap. It seems people just love a Tesla product. Apple was no slouch either on Tuesday as the stock set all-time highs. Tesla (TSLA) stock forecast The triangle formation still holds and a breakout is awaited. A triangle pattern is usually a continuation pattern, and Wednesday could provide the catalyst to break higher. The stock has consolidated well despite some strong headwinds: notably, Elon Musk selling a Cybertruck load of stock, and Tesla not performing well in a recent reliability test. It did however score highly on customer satisfaction, and investor satisfaction is also high given the strong performance. We expect more all-time highs this week even with the surrounding Omicron volatility. Our view will change if Tesla cracked below key support at $1,063. TSLA 1-day chart
Omicron, USDJPY, Gold, DXY highlighted in this Luke Suddards' piece

Omicron, USDJPY, Gold, DXY highlighted in this Luke Suddards' piece

Luke Suddards Luke Suddards 10.12.2021 15:15
Pfizer and BioNTech released the results of their recent laboratory study which found that their vaccine’s antibody response is capable of neutralizing omicron (levels similar to 2 doses against previous strains) after three doses. There was a more than 25-fold reduction in the efficacy of the vaccine however, showing the 32 mutations in omicron does certainly have an impact. The vaccine induced T cells are not affected by omicron and should therefore still provide protection from severe symptoms. To finish off a Japanese study showed that omicron was 4.2 times more transmissible than delta in its early stage. We know that omicron was far more transmissible already so this isn’t a major shock, however, the issue with higher transmissibility is the opportunity for further new variants to arise which (hopefully) will not increase in lethality. Dollar Index (DXY): The greenback is basically flat from where it started the week as traders remain hesitant to push price in a new direction until today’s CPI result is out the way. Omicron news as mentioned above has been on the positive side so risk-off flows derived from that side of things has been non-existent. However, where we could see more safe haven bids for the dollar is from any escalation in the Russia Ukraine tensions, with an invasion very likely seeing risk-off ensconcing markets. This would clearly benefit the dollar on the lhs of the smile (risk-off). Data wise, job numbers filled the rather quiet calendar throughout the week with vacancies reaching new records as well as jobless claims breaching the 200k mark, coming in at 184k. We also had bond auctions coming to the fore, beginning with the front end of the curve, 3-year auctions showed strong demand despite today’s inflation numbers; moving to the back end of the curve the 10-year also showed relatively robust demand. It was the 30-year bond which was very weak with yields spiking higher leading to fears over today’s inflation numbers being the main driver. Inflation numbers were smack bang in line with consensus at 6.8% YoY (highest since 1982) and 4.9% YoY for core. The initial market reaction saw the dollar softer as short term rates fell (clearly the market was positioned for 7%), but that initial dollar weakness is now being retraced as it's still a solid number (Fed won't change path) with prices increases broad based.  Next week the focus will be on the Fed meeting where the risks are definitely tilted towards the hawkish side for the dollar. (Source: TradingView - Past performance is not indicative of future performance.) The dollar is ever so slightly above its upper trend line and the 21-day EMA has provided good dynamic support. The RSI has bounced off the 55 support level too keeping the uptrend momentum in tact. There is some resistance at 96.5 to monitor and on the downside the 21-day EMA would be important to watch if price slides. EURUSD: The euro continues to tread water as it faces headwinds on multiple fronts. The week began with fairly positive ZEW sentiment reading with current conditions missing (expected with covid restrictions), but the main index reading more positive than expected. Olaf Scholz has now been inducted as Chancellor of Germany with the end of Merkel’s reign officially coming to an end. European gas has been soaring again as tensions between Russia and US led to reports than Biden could implement sanctions on Russia. Europe is highly exposed to the price of natural gas so this could be one to watch for sure. Next week sees a very important ECB meeting with a fresh set of economic projections out (I’ll be watching their inflation forecasts particularly) as well as insights into how they’ll navigate the completion of their PEPP programme and transition. I’ll be providing a preview next week.  (Source: TradingView - Past performance is not indicative of future performance.) EURUSD moves sideways with a slight tilt towards the downside capped by the overhead 21-day EMA. 1.135 resistance has formed as the one to watch. The price support at 1.125 should be on your radar too. The RSI has rolled over a touch and pointing lower. The former low around the lower trend line at 1.12 could be very important over the next week. GBPUSD: Sterling has been under pressure as multiple factors line up against it. The week began with centrist Ben Broadbent’s speech which didn’t drop any hints on what the BoE may do at their December meeting. UK GDP data was disappointing with missed expectations on a monthly time frame as well as YoY and 3-month average. Plan B restrictions have now been implemented - guidance to work from home from Monday, and an extension of face masks to most public indoor venues (public transport etc). Mandatory Covid-19 passes will now be needed for entry to places such as nightclubs and venues with large crowds. With Plan B restrictions and softer GDP data, markets are all but certain a BoE hike will not happen at next week’s meeting, opting to rather wait until February for a move. I’ll be providing a preview for this event, but we shouldn’t be getting any curve balls as expectations are widely baked in for no hike, leading to very muted reactions in GBP crosses if any. UK opinion polls have moved against Boris Johnson after the uproar caused by allegations of his rule breaking Christmas party. Labour is now ahead in a variety of polls, which hasn’t occurred for a long time. If the fallout continues the Conservative MPs may decide to trigger a vote of no confidence in him which may inject some political instability. Article 16 could be used as a deflection and distraction tactic to turn the spotlight away from himself. (Source: TradingView - Past performance is not indicative of future performance.) GBPUSD looks technically weak as it trades below the lower trend line of its descending channel. The RSI hovers just above oversold. 1.315 on the downside would be key for a move lower while 1.32.5 - 1.33 on the upside just below the 21-day EMA would be key. USDJPY: The yen continues to come under pressure as the US 10-year yield moves higher and risk sentiment leans on the positive side, reducing the need for risk-off hedges. Tensions over Russian invading Ukraine will need to be monitored though as this could see flows directed towards the yen. (Source: TradingView - Past performance is not indicative of future performance.) USDJPY continues to be bid around its 38.2% Fibonacci level and mini range support around 113.5. The 50-day SMA and 21-day EMA are bunched up right together on the price candles. The RSI edges above the 46 level of support. Targets wise, on the upside 114-114.5 will remain key while on the downside 112.5 will be important to watch. Gold: Omicron variant positive news flow is taking the allure away from gold for safe haven flows, however, rising tensions between the US and Russia is helping to offset that. Real yields have also been rising higher of late which will pressure gold as well as a stronger dollar. Gold is a tad stronger on the inflation release as traders had most likely positioned for a 7% print and this not being the case has led to some bids flowing through.  (Source: TradingView - Past performance is not indicative of future performance.) Gold remains trapped in a tight range with today's inflation data a potential catalyst for a more directional move. Price is now just above the $1775 support level. The RSI has turned back upwards, but remains in no-man's land. The important level on the upside will be $1800 just above all the key moving averages. Oil: Oil certainly saw some new hot money coming back in to drive the recent recovery up from the $68 support area. Beginning the week we saw Saudi Arabia decided to hike their selling price to Asia and the US, indicating that they believe demand will remain robust despite omicron restriction fears. So far omicron news has been positive enough not to lead to expectations of serious demand destruction. Plan B work from home guidance has probably led to some slight weakness in crude, but we’ll need to watch what airlines decided to do in the next few weeks for jet fuel demand. Official US inventory data showed a modest reduction in inventory levels, but nothing to get excited about. Iranian talks are continuing ahead with nothing of anything major to report back on (Source: TradingView - Past performance is not indicative of future performance.) Oil now between its 200-day SMA and the 21-day EMA, is looking for its next direction. Support comes in around $73.50 with the 200-dauy SMA just below there. On the upside $76 provides resistance aided by the 21-day EMA. The RSI, has turned upwards and will need to continue in that direction for bulls to be satisfied.