Real time trading in Polymers, Base Oils, TiO2 and Nanomaterials
BRENT Crude Technical Snap (Daily)
| Pivot: 65.75 Our preference: short positions below 65.75 with targets at 64.85 & 64.60 in extension. Alternative scenario: above 65.75 look for further upside with 66.00 & 66.35 as targets. Comment: as long as 65.75 is resistance, look for choppy price action with a bearish bias. |
Today’s Economic Events
07:00 GE MAY Import Prices (MoM) exp: -0.1% prev: 0.3%
07:45 FR JUN P Consumer Price Index (MoM) exp: 0% prev: 0.1%
07:45 FR JUN P CPI – EU Harmonised (MoM) exp: 0% prev: 0.1%
07:45 FR MAY Households Consumption (MoM) exp: 0.3% prev: 0.8%
07:45 FR MAY Producer Price Index (MoM) exp: NA prev: -0.6%
09:30 UK 1Q Current Account (B GBP) exp: -32.2 prev: -23.7
09:30 UK 1Q F GDP (QoQ) exp: 0.5% prev: 0.5%
13:30 US MAY Personal Income exp: 0.3% prev: 0.5%
13:30 US MAY Personal Spending exp: 0.5% prev: 0.3%
14:45 US JUN Chicago Purchasing Manager Index exp: 53.6 prev: 54.2
15:00 US JUN F U. of Michigan Confidence exp: 98.1 prev: 97.9
U.S. indices closed mixed on Thursday. Shares in the Financial (+0.92%), Real Estate (+0.73%) and Health Care (+0.62%) sectors climbed higher while shares in the Energy sector traded lower. On the economic data front, the final readings of U.S. 1Q GDP growth was confirmed at an annualized rate of 3.1% QoQ (vs +3.2% expected, +3.1% in the second estimate). Also, initial jobless claims for the week ended June 22 rose to 227K (vs 220K expected) from 217K in the prior week and continuing claims for the week ended June 15 increased to 1.688M (vs 1.665M expected) from 1.666M in the previous week. Meanwhile, pending home sales grew 1.1% MoM in May (vs +1.0% expected). The S&P 500 (2,924.92) stays above its 20d moving average (2,880.68 – positive slope) and its 50d moving average (2,879.89 – flat slope).
European markets are expected to starton a flat note.
BRENT Crude Technical Snap (Daily)
| Pivot: 65.75 Our preference: long positions above 65.75 with targets at 66.85 & 67.10 in extension. Alternative scenario: below 65.75 look for further downside with 65.45 & 64.95 as targets. Comment: a support base at 65.75 has formed and has allowed for a temporary stabilisation. |
Today’s Economic Events
10:00 EC JUN Business Climate Indicator exp: 0.27 prev: 0.3
10:00 EC JUN Euro-Zone: Economic Confidence exp: 104.8 prev: 105.1
10:00 EC JUN Euro-zone: Industrial Confidence exp: -3.2 prev: -2.9
10:00 EC JUN F Euro-Zone: Consumer Confidence exp: -7.2 prev: -7.2
13:00 GE JUN P Consumer Price Index (MoM) exp: 0.2% prev: 0.2%
13:00 GE JUN P CPI – EU Harmonised (MoM) exp: 0.1% prev: 0.3%
13:30 US 1Q T GDP (QoQ) exp: 3.2% prev: 3.1%
13:30 US 1Q T GDP Price (QoQ) exp: 0.8% prev: 0.8%
13:30 US 1Q T Personal Consumption exp: 1.3% prev: 1.3%
13:30 US W24 Initial Jobless Claims (k) exp: 219 prev: 216
U.S. indices closed mixed on Wednesday. Shares in the Semiconductors & Semiconductor Equipment (+3.43%), Technology Hardware & Equipment (+1.79%) and Energy (+1.54%) sectors traded higher while shares in the Utilities (-2.15%), Real Estate (-1.95%) and Household & Personal Products (-1.9%) sectors traded lower. On the economic data front, durable Goods Orders decreased by 1.3% MoM in May (estimated -0.3%, -2.8% in April). Also, wholesale inventories increased by 0.4% MoM in May (estimated +0.5%, +0.9% in April). The S&P 500 (2,913.78) stays above its 20d moving average (2,873.88 – positive slope) and its 50d moving average (2,879.53 – flat slope).
European markets are expected to start on a positive note.
A degree of stability has settled over API Group I trade around Europe, the Middle East and Africa, with slightly increased demand and reduced production bringing the segment close to balance.
Prices for European exports and sales within the region are unchanged this week, and there were no shortages reported nor comments of the market being long. Prices have been tweaked upwards in offers, but ultimately have been discounted back to original levels. Upward pricing pressure has lessened due to feedstock prices decreasing.
BRENT Crude Technical Snap (Daily)
| Pivot: 65.45 Our preference: long positions above 65.45 with targets at 66.85 & 67.50 in extension. Alternative scenario: below 65.45 look for further downside with 64.95 & 64.45 as targets. Comment: the RSI is bullish and calls for further upside. |
Today’s Economic Events
07:45 FR JUN Consumer Confidence exp: 99 prev: 99
13:30 US MAY P Durable Goods Ex Transportation exp: 0.2% prev: 0%
13:30 US MAY P Durable Goods Orders exp: -1.2% prev: -2.1%
13:30 US MAY P Wholesale Inventories exp: NA prev: 0.8%
15:30 US W24 Crude Oil Inventories (WoW chg) exp: NA prev: -3106
U.S. indices were under pressure on Tuesday pressured by shares in the Consumer Durables & Apparel (-2.42%), Software & Services (-2.16%) and Media (-1.9%) sectors. On the economic data front, Conference Board Consumer Confidence Index fell to 121.5 in June (estimated 131.0) from 131.3 in the previous month. New home sales dropped to an annualized rate of 626K in May (estimated 684K) from 679K in the previous month. The S&P 500 (2,917.38) stays above its 20d moving average (2,867.34 – positive slope) and its 50d moving average (2,879.37 – flat slope).
European markets are expected to start on a negative note.