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DAILY MARKET REPORT

Walmart, America's largest retailer stock is consolidating now after failing to break above the 52-week high of 154.65. The company will be in focus today as it publishes its first-quarter financial results before the bell on Thursday.

DAILY MARKET REPORT

Walmart, America's largest retailer stock is consolidating now after failing to break above the 52-week high of 154.65. On Wednesday, the stock closed at $149.53. The company will be in focus today as it publishes its first-quarter financial results before the bell on Thursday. The company is expected to post quarterly earnings of $1.32 per share and revenues are expected to be $147.8 billion. On Wednesday, shares of the retail giant Target (NYSE: TGT) gained almost 3% after the company topped Wall Street’s first-quarter earnings and revenue estimates. While the retailer issued a cautious sales and profit outlook for the current period.

$WMT technical forecast

The daily chart shows the stock price slightly reversed from the recent highs. $WMT has a 52-week low of $117.27 and a 52-week high of $154.64. In the short term, the key resistance remains around $154.60/155, a break above this level will confirm a possible move to $160. On the downside, $147 is the immediate support level, followed by $144. If the stock breaks below $144, the slump will quickly extend toward the $141.80 and 140 marks.

EQUITIES

Wall Street ended higher on Wednesday after US President Joe Biden and House Speaker Kevin McCarthy both indicated confidence late on Wednesday that the US government will not default on its debt. While the upside momentum was limited after several Federal Reserve officials flagged the likelihood of continued aggressive monetary tightening despite the soft inflation signals.

OIL

Crude oil prices registered some solid gains on Wednesday despite a massive build in U.S. crude stocks. The EIA data showed on Wednesday the US crude inventories increased by 5.04 million barrels in the week ending May 12, 2023, the biggest weekly increase in 12 weeks, compared with market expectations of a 0.92 million drop.

CURRENCIES

In the currency market, pressured by the broad-based dollar strength, GBP/USD lost its traction and dropped below 1.2430 on Wednesday. In the absence of high-tier macroeconomic data releases, risk perception could drive the pair's action in the second half of the day. On the other hand, EURUSD hovers near the monthly low as the US Dollar remains strong. The sustainability of any gain in the currency pair in the coming days will largely depend on how the US dollar behaves.

GOLD

A strong U.S. dollar is creating headwinds for gold. The safe-haven metal plunged to a fresh monthly low of $1974. For today, the main drivers for the precious metal remain the comments from the FED policymakers and the movement of the US dollar.

Economic Outlook

On the data front, the US reported mixed housing data on Wednesday. US Housing Starts increased 2.2% last month to 1.4 million in April, compared to market forecasts of 1.4 million. While building permits declined 1.5% to a seasonally adjusted annual rate of 1.416 million in April.

Moving ahead today, the important events to watch:

US – Jobless claims: GMT – 12:30

US – Philly Fed index: GMT – 12.30

Technical Outlook and Review

EURUSD: Technically the overall sentiment remains bearish. However, a fresh demand for pair can be anticipated once the euro rises above the 1.0900 resistance. Nevertheless, if it continues to fall near the 1.0800 support, the slump will quickly extend toward the 1.0860 mark.

eurusd

The important levels to watch for today: Support- 1.0790 and 1.0760 Resistance- 1.0850 and 1.0880.

GOLD: For gold, the first nearest support level is located around 1970. In case it breaks below this level, it will head towards the next support level which is located near 1964/60. On the upside, 1980 will act as an immediate and strong hurdle while 1986 will be a critical resistance zone.

gold neww

The important levels to watch for today: Support- 1970 and 1964 Resistance- 1980 and 1986.

Quote of the day “A lot of people get so enmeshed in the markets that they lose their perspective. Working longer does not necessarily equate to working smarter. In fact, sometimes it is the other way around.” - Martin Schwartz.

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DAILY MARKET REPORT

DAILY MARKET REPORT

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DAILY MARKET REPORT

DAILY MARKET REPORT

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DAILY MARKET REPORT

DAILY MARKET REPORT

Shares of Cloud-based software provider Salesforce (NYSE: CRM) hit a fresh 52-week high of $222 on Tuesday. The stock gained more than 60% this year. The company is set to report financial results for the last quarter today, after the market close.

DAILY MARKET REPORT

DAILY MARKET REPORT

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