Overnight Moves

Today, we looked at 9 charts; below are only some of them, but first, let’s have a look at what happened overnight. Overall, the market last night was choppy, with PGMs seeing some green while the Rand and Gold strengthened only marginally. Our big winner in the metal space was copper, which is driven by the general need in tech and infrastructure.

S&P500 Index

Last night, we saw some choppy action in the market following the comments made by the United States President, and we have seen further sideways movement, where we are making low-highs and high-lows. Our closest support level is 6,930, and resistance would be 6,950. If we can surpass 6,950 we can then look to 7,000 for our next resistance level, but if we see downward movement past 6,930 we can then look to 6,880 for support.

Opendoor Technologies

Opendoor came out with earnings after hours, and while their numbers were not particularly great, we still saw the stock manage to climb as revenue came in positively. Due to the interest around this stock, we would suggest keeping a watchful eye here today, and we still need to see how it opens today, if we see continuation to the upside or if the sellers gain momentum. Our level of interest in the upside would be around $6. There is also the fact that executives were inside buying that should be taken into consideration.

Sasol (SOL)

Sasol has seen great strides recently due to the current oil situation and market reactions to geopolitical tensions in the Middle East between Iran and the United States. We have yet again seen articles with mixed reactions to President Trump’s comments regarding negotiations or even a possible escalation between the U.S. and Iran, where just earlier this week, we saw news that both parties were open to discussions. Following this volatility, we have seen oil gain in value, which has affected Sasol, which rose nearly 11% overnight. If we see continuation at open, we could soon hit R160. Do not forget to monitor the U.S. ADR of Sasol (SSL) listed on the NYSE.

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