BRENT Crude Technical Snap 25.06.19

BRENT Crude Technical Snap (Daily)

Pivot: 65.00

Our preference: short positions below 65.00 with targets at 64.05 & 63.50 in extension.

Alternative scenario: above 65.00 look for further upside with 65.45 & 65.80 as targets.

Comment: as long as the resistance at 65.00 is not surpassed, the risk of the break below 64.05 remains high. 

Economic Calendar 25.06.19

Today’s Economic Events

07:45 FR JUN Business Confidence Indicator exp: 103.8 prev: 104.1
07:45 FR JUN Production Outlook Indicator exp: NA prev: 4.3
15:00 US JUN Consumer Confidence exp: 131 prev: 134.1
15:00 US MAY New Home Sales (k) exp: 685 prev: 673

General Market Comment 25.06.19

U.S. indices closed relatively flat on Monday as traders look towards this week’s upcoming G-20 summit. shares in the Household & Personal Products (+1.08%), Telecommunication Services (+0.58%) and Materials (+0.45%) sectors traded higher while shares in the Transportation (-1.28%), Consumer Durables & Apparel (-1.13%) and Energy (-0.93%) sectors were under pressure. The S&P 500 (2,945.35) stays above its 20d moving average (2,861.55 – positive slope) and its 50d moving average (2,879.17 – positive slope).

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

BRENT Crude Technical Snap 24.06.19

BRENT Crude Technical Snap (Daily)

Pivot: 64.70

Our preference: long positions above 64.70 with targets at 65.70 & 66.40 in extension.

Alternative scenario: below 64.70 look for further downside with 64.00 & 63.60 as targets.

Comment: the RSI is mixed to bullish.

General Market Comment 24.06.19

U.S. indices closed slightly lower after reaching a record high earlier in the day on Friday pressured by shares in the Real Estate (-1.1%), Consumer Services (-0.88%) and Insurance (-0.78%) sectors. On the economic data front, Market Manufacturing PMI dropped to 50.1 for June in preliminary estimates (estimated 50.5) from 50.5 in the prior month. Also, existing home sales rose to annualized rate of 5.34M in May (estimated 5.30M) from 5.21M in the previous month. The S&P 500 (2,950.46) stays above its 20d moving average (2,855.63 – positive slope) and its 50d moving average (2,878.03 – positive slope).

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

BRENT Crude Technical Snap 21.06.19

BRENT Crude Technical Snap (Daily)

Pivot: 64.00

Our preference: long positions above 64.00 with targets at 65.00 & 65.75 in extension.

Alternative scenario: below 64.00 look for further downside with 63.60 & 63.10 as targets.

Comment: technically the RSI is above its neutrality area at 50.

Economic Calendar 21.06.19

Today’s Economic Events

07:45 FR 1Q F Wages (QoQ) exp: NA prev: 0.7%
08:15 FR JUN P Markit Composite PMI exp: 51.6 prev: 51.2
08:15 FR JUN P Markit Manufacturing PMI exp: 50.8 prev: 50.6
08:15 FR JUN P Markit Services PMI exp: 51.8 prev: 51.5
09:00 EU JUN P Markit Composite PMI exp: 51.9 prev: 51.8
09:00 EU JUN P Markit Manufacturing exp: 47.9 prev: 47.7
09:00 EU JUN P Markit Services PMI exp: 52.9 prev: 52.9
09:30 UK MAY Public Finances (PSNCR) (B GBP) exp: NA prev: -7.1
09:30 UK MAY Public Sector Net Borrowing (B GBP) exp: 4.2 prev: 5
14:45 US JUN P Markit Composite PMI exp: NA prev: 50.9
14:45 US JUN P Markit Manufacturing PMI exp: 50.6 prev: 50.5
14:45 US JUN P Markit Services PMI exp: 51.3 prev: 50.9
15:00 US MAY Existing Home Sales (M) exp: 5.3 prev: 5.2 read more

General Market Comment 21.06.19

U.S. indices pushed higher on Thursday with the S&P 500 posting a record close lifted by shares in the Energy (+2.21%), Capital Goods (+1.95%) and Software & Services (+1.74%) sectors. On the economic data front, the current account deficit posted $130.4B in 1Q (estimated $124.3B) compared with $143.9B in the previous quarter. Initial jobless claims fell to 216K for week ending June 15 (estimated 220K) from 222K in the prior week and continuing claims dropped to 1.662M in week ending June 8 (estimated 1.680M) from 1.699M in the previous week. Lastly, the Leading Index was flat MoM in May (estimated +0.1%). The S&P 500 (2,954.18) stays above its 20d moving average (2,849.22 – positive slope) and its 50d moving average (2,876.78 – positive slope).

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

BRENT Crude Technical Snap 20.06.19

BRENT Crude Technical Snap (Daily)

Pivot: 61.75

Our preference: long positions above 61.75 with targets at 62.85 & 63.70 in extension.

Alternative scenario: below 61.75 look for further downside with 61.40 & 60.90 as targets.

Comment: the RSI is bullish and calls for further upside.