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DAILY MARKET REPORT

“If something has to be designed and invented, and you have to figure out how to ensure that the value of the thing you create is greater than the cost of the inputs, then that is probably my core skill.” – Elon Musk, CEO of Tesla Motors.

DAILY MARKET REPORT

The electric car maker Tesla (NASDAQ: TSLA) is scheduled to announce Q1 earnings on Monday after market close. Consensus forecast EPS of $0.79 on revenue of $10.29B. Earlier this month the carmaker reported record Q1 sales. The company delivered nearly 185,000 electric vehicles in Q1.

$TSLA key technical levels to watch today

Support: $690 & $670

Resistance: $755 & $785 

EQUITIES

Global stocks and US stock futures trading mixed on Monday as investors remain concerns about increasing COVID-19 cases in the Asian countries including India and Japan.

On the earnings front, Otis (NYSE: OTIS) reporting earnings today before the bell while Tesla (NASDAQ: TSLA) is scheduled to report results after the market close.

OIL

Crude oil prices remain under pressure with coronavirus worries and an unexpected build in U.S. crude stockpiles.

CURRENCIES

In the currency market, the EUR/USD ignored the weaker-than-expected German IFO data. At the time of writing, the currency pair hovers near the 1.2100 area. The US dollar struggling to find the upside momentum ahead of the Federal Reserve’s monetary policy meeting.

GOLD

The Safe-haven metal slightly rebounded from the Asian session lows. Meanwhile, the overall momentum remains mixed as the investors await the Fed interest rate decision during the week.

Economic Outlook

On the data front, the German IFO business climate indicator came at 96.8 in April, below market expectations of 97.8.

This week the main highlights of the economic calendar will be the Bank of Japan and FOMC meeting, the US and Germany GDP data.

Moving ahead to the North American session, the U.S. Department of Commerce's Census Bureau will release data on U.S. durable goods for the month of March.

Coronavirus update:

Worldwide, more than 145.9 million people have been confirmed infected and more than 3.09 million have died. The United States has confirmed over 32 million cases and has had more than 571,000 deaths from COVID-19, the highest totals in the world. India confirms 352,991 new coronavirus infections Monday, a daily record, lifting the country's overall tally to 17 million infections.

Technical Outlook

EUR/USD: The currency pair climb to a fresh monthly high of 1.2110 on Monday during the Asian session boosted by the weaker US dollar.

eurusd

The important levels to watch for today: Support- 1.2060 and 1.2010 Resistance- 1.2120 and 1.2170.

GOLD: The yellow metal trading above $1780 area during the European session, if the bullish momentum continues the next upside levels to watch the $1790 and $1795 zone. On the flip side, the immediate support at $1774/70.

gold neww

The important levels to watch for today: Support- 1774 and 1770 Resistance- 1784 and 1790.

Quote of the day: “Leaving the question of price aside, the best business to own is one that over an extended period can employ large amounts of incremental capital at very high rates of return.” ― Warren Buffett.

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