Month: April 2019

BRENT Crude Technical Snap (Daily)

Pivot: 71.30 Our preference: long positions above 71.30 with targets at 72.50 & 73.35 in extension. Alternative scenario: below 71.30 look for further downside with 70.60 & 70.30 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Today’s Economic Events

06:30 FR 1Q P GDP (QoQ) exp: 0.3% prev: 0.3%
07:00 GE MAR Import Prices (MoM) exp: 0.3% prev: 0.3%
07:45 FR APR P Consumer Price Index (MoM) exp: 0.3% prev: 0.8%
07:45 FR APR P CPI – EU Harmonised (MoM) exp: 0.3% prev: 0.9%
07:45 FR MAR Central Govt. Balance (B EUR) exp: NA prev: -36.9
07:45 FR MAR Households Consumption (MoM) exp: 0.5% prev: -0.4%
07:45 FR MAR Producer Price Index (MoM) exp: NA prev: 0.4%
08:55 GE APR Unemployment Change (k) exp: -7.1 prev: -7
08:55 GE APR Unemployment Rate exp: 4.9% prev: 4.9%
10:00 EC 1Q A Euro-Zone: GDP (QoQ) exp: 0.31% prev: 0.2%
10:00 EC MAR Euro-Zone: Unemployment Rate exp: 7.8% prev: 7.8%
13:00 GE APR P Consumer Price Index (MoM) exp: 0.5% prev: 0.4%
13:00 GE APR P CPI – EU Harmonised (MoM) exp: 0.5% prev: 0.5%
14:45 US APR Chicago Purchasing Manager Index exp: 58.7 prev: 58.7
15:00 US APR Consumer Confidence exp: 126.4 prev: 124.1 read more

U.S. indices closed higher on Monday as the S&P500 reached another record high. Shares in the Banks (+1.32%), Media (+0.92%) and Diversified Financials (+0.64%) sectors gained strength. On the economic data front, personal income increased 0.1% MoM in March (estimated +0.4%) and personal spending rose 0.9% (forecasted +0.7%). In other news, the Dallas Federal manufacturing activity index fell to 2 in April (expected 10) from 6.9 in March. The S&P 500 (2,943.03) stays above both its 20d moving average (2,901.70 – positive slope) and 50d moving average (2,839.84 – positive slope).

European markets are expected to star on a flat note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 72.50 Our preference: short positions below 72.50 with targets at 71.30 & 70.30 in extension. Alternative scenario: above 72.50 look for further upside with 73.35 & 74.00 as targets. Comment: the RSI lacks upward momentum.

Today’s Economic Events

10:00 EC APR Business Climate Indicator exp: 0.51 prev: 0.53
10:00 EC APR Euro-Zone: Economic Confidence exp: 105.1 prev: 105.5
10:00 EC APR Euro-zone: Industrial Confidence exp: -2.1 prev: -1.7
10:00 EC APR F Euro-Zone: Consumer Confidence exp: -7.8 prev: -7.9
13:30 US MAR Personal Income exp: 0.4% prev: 0.2%
13:30 US MAR Personal Spending exp: 0.7% prev: 0.1%

U.S. indices closed higher to finish the week on Friday as the S&P500 reached a record close. Shares in the Automobiles & Components (+4.22%), Household & Personal Products (+2.34%) and Health Care Equipment & Services (+1.39%) sectors gained traction. On the economic data front, annualized GDP advanced by 3.2% QoQ in 1Q (estimated +2.3%, +2.2% in 4Q). In other news, the University of Michigan sentiment index rose to 97.2 in April (expected 97) from 96.9 in March. The S&P 500 (2,939.88) stays above both its 20d moving average (2,896.27 – positive slope) and 50d moving average (2,835.90 – positive slope).

European markets are expected to start on a flat note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 74.25 Our preference: long positions above 74.25 with targets at 75.40 & 75.80 in extension. Alternative scenario: below 74.25 look for further downside with 74.00 & 73.60 as targets. Comment: the RSI is bullish and calls for further advance.

Today’s Economic Events

13:30 US MAR P Durable Goods Ex Transportation exp: 0.3% prev: -0.1%
13:30 US MAR P Durable Goods Orders exp: 0.9% prev: -1.6%
13:30 US W15 Initial Jobless Claims (k) exp: 203 prev: 192

U.S. indices closed mixed on Wednesday. Shares in the Telecommunication Services (-2.1%), Energy (-1.85%) and Commercial & Professional Services (-0.65%) sectors closed on a negative note while shares in the Consumer Durables & Apparel (+0.82%), Real Estate (+0.77%) and Food & Staples Retailing (+0.58%) sectors gained a bit of strength. The S&P 500 (2,927.25) stays above both its 20d moving average (2,884.00 – positive slope) and 50d moving average (2,828.53 – positive slope).

European markets are expected to open on a flat note. read more

BRENT Crude Technical Snap (Daily)

Pivot: 74.00 Our preference: long positions above 74.00 with targets at 74.50 & 74.70 in extension. Alternative scenario: below 74.00 look for further downside with 73.55 & 72.90 as targets. Comment: the RSI is mixed and calls for caution.