Month: July 2019

BRENT Crude Technical Snap (Daily)

Pivot: 62.75 Our preference: long positions above 62.75 with targets at 64.00 & 64.45 in extension. Alternative scenario: below 62.75 look for further downside with 62.40 & 61.85 as targets. Comment: the RSI lacks downward momentum.

Today’s Economic Events

15:00 EC JUL A Euro-Zone: Consumer Confidence exp: -7.2 prev: -7.2
15:00 US JUN Existing Home Sales (M) exp: 5.3 prev: 5.3

U.S. indices closed slightly positive on Monday lifted by shares in the Semiconductors & Semiconductor Equipment (+2.12%), Technology Hardware & Equipment (+1.62%), Software & Services (+0.76%) sectors. On the economic data front, the Chicago Fed National Activity Index edged up to -0.02 in June (vs 0.08 expected) from -0.03 in the May. The S&P 500 (2,985.03) stays above its 20d moving average (2,974.43 – positive slope) and its 50d moving average (2,901.97 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 62.40 Our preference: long positions above 62.40 with targets at 63.90 & 64.45 in extension. Alternative scenario: below 62.40 look for further downside with 61.85 & 61.30 as targets. Comment: the RSI is mixed to bullish.

Today’s Economic Events

No major economic report scheduled today.

U.S. indices closed in the red on Friday pressured by shares in the Real Estate (-1.69%), Utilities (-1.45%) and Media (-1.4%) sectors. On the economic data front, the University of Michigan Sentiment index rose to 98.4 in preliminary estimates in July (estimated 98.8) from 98.2 in the prior month. The S&P 500 (2,976.61) stays above its 20d moving average (2,972.70 – positive slope) and its 50d moving average (2,899.69 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 62.30 Our preference: long positions above 62.30 with targets at 63.90 & 64.45 in extension. Alternative scenario: below 62.30 look for further downside with 61.70 & 61.30 as targets. Comment: the RSI is mixed with a bullish bias.

Today’s Economic Events

07:00 GE JUN Producer Price Index (MoM) exp: -0.1% prev: -0.1%
09:30 UK JUN Public Finances (PSNCR) (B GBP) exp: NA prev: 10.7
09:30 UK JUN Public Sector Net Borrowing (B GBP) exp: 3.4 prev: 4.5
15:00 US JUL P U. of Michigan Confidence exp: 98.5 prev: 98.2

U.S. indices closed slightly higher on Thursday lifted by shares in the Transportation (+2.08%), Food, Beverage & Tobacco (+1.5%) and Semiconductors & Semiconductor Equipment (+1.23%) sectors. On the economic data front, the Philadelphia Fed Business Outlook Index jumped to 21.8 in July (estimated 5.0) from 0.3 in the previous month. Initial Jobless Claims rose to 216K in week ending July 13 (estimated 216K) from 208K in the prior week. The Conference Board Leading Index was down -0.3% MoM in June (estimated +0.1%). The S&P 500 (2,995.11) stays above its 20d moving average (2,971.58 – positive slope) and its 50d moving average (2,897.74 – positive slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 64.10 Our preference: short positions below 64.10 with targets at 63.25 & 63.00 in extension. Alternative scenario: above 64.10 look for further upside with 64.65 & 65.20 as targets. Comment: as long as the resistance at 64.10 is not surpassed, the risk of the break below 63.25 remains high.