Month: August 2019

BRENT Crude Technical Snap (Daily)

Pivot: 59.25 Our preference: short positions below 59.25 with targets at 58.75 & 58.60 in extension. Alternative scenario: above 59.25 look for further upside with 59.70 & 60.15 as targets. Comment: as long as 59.25 is resistance, expect a return to 58.75.

Today’s Economic Events

07:45 FR AUG Business Confidence Indicator exp: 101 prev: 100.7
07:45 FR AUG Consumer Confidence exp: 102 prev: 102
07:45 FR AUG Production Outlook Indicator exp: NA prev: 0
15:00 US AUG Consumer Confidence exp: 129.9 prev: 135.7

U.S. indices closed higher on Monday lifted by shares in the Media (+1.68%), Consumer Durables & Apparel (+1.53%) and Technology Hardware & Equipment (+1.52%) sectors. On the economic data front, Durable goods orders gained 2.1% MoM in July (vs +1.2% expected), driven by a demand for Boeing Planes. Durable goods orders ex-transportation slid -0.4% (vs 0.0% expected). Core capital goods shipments ex-aircraft dropped 0.7% (vs +0.1% expected), the first decline since March. The S&P 500 (2,878.38) breaks below its 20d moving average (2,9063.38 – negative slope) and remains below its 50d moving average (2,946.65 – flat slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 59.80 Our preference: long positions above 59.80 with targets at 60.40 & 60.65 in extension. Alternative scenario: below 59.80 look for further downside with 59.45 & 59.00 as targets. Comment: a support base at 59.80 has formed and has allowed for a temporary stabilisation.

Today’s Economic Events

15:00 US JUL New Home Sales (k) exp: 648 prev: 646

U.S. indices closed mixed in a choppy trading session on Thursday. Shares in the Banks (+0.95%), Food & Staples Retailing (+0.68%) and Consumer Durables & Apparel (+0.5%) sectors traded higher while shares in the Health Care Equipment & Services (-1.03%), Materials (-0.7%) and Commercial & Professional Services (-0.7%) sectors were under pressure. On the economic data front, Initial Jobless Claims fell to 209K in week ending August 17 (estimated 216K) from 221K in the prior week. The Markit U.S. Manufacturing PMI tipped down to 49.9 in August (estimated 50.5) from 50.4 in July. The Leading Index rose 0.5% MoM in July (estimated +0.3%). The S&P 500 (2,922.95) breaks above its 20d moving average (2,922.55 – negative slope) but remains below its 50d moving average (2,947.71 – flat slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 60.65 Our preference: short positions below 60.65 with targets at 59.90 & 59.60 in extension. Alternative scenario: above 60.65 look for further upside with 61.15 & 61.40 as targets. Comment: the RSI is mixed to bearish.

Today’s Economic Events

08:15 FR AUG P Markit Composite PMI exp: 51.8 prev: 51.9
08:15 FR AUG P Markit Manufacturing PMI exp: 49.6 prev: 49.7
08:15 FR AUG P Markit Services PMI exp: 52.5 prev: 52.6
09:00 EU AUG P Markit Composite PMI exp: 51.2 prev: 51.5
09:00 EU AUG P Markit Manufacturing exp: 46.3 prev: 46.5
09:00 EU AUG P Markit Services PMI exp: 52.9 prev: 53.2
13:30 US W32 Initial Jobless Claims (k) exp: 217 prev: 220
14:45 US AUG P Markit Composite PMI exp: NA prev: 52.6
14:45 US AUG P Markit Manufacturing PMI exp: 50.4 prev: 50.4
14:45 US AUG P Markit Services PMI exp: 52.8 prev: 53
15:00 EC AUG A Euro-Zone: Consumer Confidence exp: -7.1 prev: -6.6
15:00 US JUL Leading Indicators exp: 0.3% prev: -0.3% read more

U.S. indices closed higher on Wednesday lifted by shares in the Retailing (+2.33%), Consumer Durables & Apparel (+1.95%) and Technology Hardware & Equipment (+1.24%) sectors. Strong quarterly results from retailers such as Target and Lowe’s helped boost investor sentiment. The Federal Reserve’s latest FOMC meeting minutes showed that officials saw the interest-rate cut as insurance against further downside risks from weak global growth and trade policy uncertainty, while they “generally agreed that it was important to maintain optionality in setting the future target range for the federal funds rate”. On the economic data front, existing home sales rose 2.5% MoM to an annualized rate of 5.42M units in July (vs 5.40M expected). The S&P 500 (2,924.43) trades below its 20d moving average (2,926.55 – negative slope) and below its 50d moving average (2,946.85 – flat slope).

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

BRENT Crude Technical Snap (Daily)

Pivot: 59.60 Our preference: long positions above 59.60 with targets at 60.90 & 61.25 in extension. Alternative scenario: below 59.60 look for further downside with 59.10 & 58.75 as targets. Comment: the RSI is bullish and calls for further upside.