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Spotlight on Big Players: 5 of the Mag 7 Report Earnings & Key Economic Data

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Trader’s Edge wrote a column · Oct 27 21:32
Spotlight on Big Players: 5 of the Mag 7 Report Earnings & Key Economic Data
Stocks to Watch
LINDE PLC (LIN US) $Linde (LIN.US)$
Spotlight on Big Players: 5 of the Mag 7 Report Earnings & Key Economic Data
Daily Chart -[BULLISH ↗ *]Price is currently holding in an ascending channel. As long as price holds above 460.50, we stay bullish and expect price to take a pause near the support line of the ascending channel before pushing for 494.41 resistance level. Technical indicators are displaying a bullish scenario.
Alternatively: A daily candlestick closing below 460.50 support level could open drop towards next support at 451.76.
Electronic Arts Inc. (EA US) $Electronic Arts Inc (EA.US)$
Spotlight on Big Players: 5 of the Mag 7 Report Earnings & Key Economic Data
Daily Chart -[BULLISH ↗ **]We maintain a bullish directional bias as price is holding in an ascending channel. We expect price to push towards the resistance line of ascending channel, at 154.25 resistance level. Technical indicators are leaning towards a bullish scenario as well.
Alternatively: A daily candlestick closing below 139.71 support could open drop towards next support at 133.13 level.
Mizuho Financial Group (8411 JP) $Mizuho Financial Group (8411.JP)$
Spotlight on Big Players: 5 of the Mag 7 Report Earnings & Key Economic Data
Daily Chart -[BULLISH ↗ **]As price is holding above ascending trendline support, we maintain a bullish directional bias as we expect price to push up before taking a pause at 3224 support level. We can expect price to continue pushing towards next resistance level at 3572. Technical indicators are showing a bullish scenario.
Alternatively: A daily candlestick closing below 2919 support level could open a drop towards next support at 2693.
Xinhua Winshare Publishing & Media (811 HK) $XINHUA WINSHARE (00811.HK)$
Spotlight on Big Players: 5 of the Mag 7 Report Earnings & Key Economic Data
Weeky Chart -[BULLISH ↗ **]We stay bullish as long as price is holding above 8.97 support level. A weekly candlestick closing above 10.76 level would confirm a push towards 13.28 resistance level. Technical indicators are leaning towards a bullish directional bias.
Alternatively: A weekly candlestick closing below 8.97 support could open drop towards 7.56 support level.
City Developments (C09 SG) $CityDev (C09.SG)$
Spotlight on Big Players: 5 of the Mag 7 Report Earnings & Key Economic Data
Weekly Chart -[BEARISH ↘ **]Price forms a descending channel. We stay bearish as long as price holds below 5.62 resistance level. We expect price to drift towards 4.54 support level. Technical indicators are leaning towards a bearish scenario as well. A weekly candlestick closing below 4.54 support could open next drop towards 4.19 support level.
Alternatively: A weekly candlestick closing above 5.62 resistance couldopennext push towards 6.07 resistance level.
What Happened Recently (14 Oct - 18 Oct)
US markets ended mixed last week, with $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ drifting down by 1.02% and $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ moving higher marginally by 0.07%. $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ pushed higher after $Tesla (TSLA.US)$ outperforming earning reports last week. There is optimism among traders that the Mag 7 rally is yet to be over, as they await for 5 of the Mag 7 reports out next week. Last friday, $NVIDIA (NVDA.US)$ edged higher by 0.80% and overtook $Apple (AAPL.US)$ as the world's most valubale company. However, $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ ended the week off in the reds due to treasury yields pushing higher and uncertainty ahead of the US elections. Ahead of the Fed meeting on November 7, traders are pricing in a 95% probability of a quarter-basis point cut. This week is crucial as there will be multiple key indicators released this week, with consumer confidence and JOLTS job opening out on Tuesday. Earnings this week are packed, including reports from $Alphabet-C (GOOG.US)$, $Visa (V.US)$, $Advanced Micro Devices (AMD.US)$, $McDonald's (MCD.US)$, $Pfizer (PFE.US)$, $Microsoft (MSFT.US)$, $Meta Platforms (META.US)$, $Apple (AAPL.US)$, $MasterCard (MA.US)$, $Berkshire Hathaway-A (BRK.A.US)$, $Exxon Mobil (XOM.US)$ and $Chevron (CVX.US)$.

Asian markets ended the week lower. $Nikkei 225 (.N225.JP)$ pushed lower by 2.56%, due to strengthening of the JPY and risk-off sentiment among traders as they await for the general elections on Sunday. Traders should look ahead to BoJ interest rate decision this Thursday. $HSI Futures(NOV4) (HSImain.HK)$ edged lower as well, by 1.19%. Traders are on the edge ahead of the US elections due to the escalating US-China tech war, and should look towards manufacturing PMI and caixin manufacturing PMI data. $FTSE Singapore Straits Time Index (.STI.SG)$ dropped lower by 1.29% lower. Among the sectors, REITs, consumer durables and utilities saw the most weakness. $Mapletree PanAsia Com Tr (N2IU.SG)$ pushed lower the most by 6.94%. Traders should look out for the unemployment rate released tomorrow.
Prepared by:
Moomoo Singapore
Isaac Lim CMT, CFTe
Chief Market Strategist
This report is provided for informational and general circulation purposes only and should not be construed as an offer, solicitation, or recommendation for the purchase or sale of securities, futures, or other investment products. It does not take into consideration any particular needs of any person. This advertisement has not been reviewed by the Monetary Authority of Singapore.
For full disclaimers, please visit https://www.moomoo.com/sg/support/topic5_935.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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