Month: November 2019

BRENT Crude Technical Snap (Daily)

Pivot: 61.15 Our preference: short positions below 61.15 with targets at 60.35 & 60.00 in extension. Alternative scenario: above 61.15 look for further upside with 61.40 & 61.70 as targets. Comment: the RSI advocates for further downside.

Today’s Economic Events

07:00 GE OCT Producer Price Index (MoM) exp: NA prev: 0.1%
19:00 US OCT 30 Minutes FOMC Meeting exp: prev:

US indices closed mixed on Tuesday with the Nasdaq closing in the green lifted by shares in the Pharmaceuticals, Biotechnology & Life Sciences (+0.69%), Software & Services (+0.66%) and Health Care Equipment & Services (+0.62%) sectors. Shares in the Telecommunication Services (-2.11%), Energy (-1.47%) and Retailing (-1.24%) sectors were under pressure.

U.S. official data showed that housing starts increased to 1.314 million units in October (1.320 million units expected, 1.266 million units in September). Building permits rose to 1.461 million units (1.385 million units expected, 1.391 million units in September), the highest level since mid-2007.

Later today, minutes of the Federal Reserve’s latest monetary policy meeting will be released.

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

BRENT Crude Technical Snap (Daily)

Pivot: 62.55 Our preference: short positions below 62.55 with targets at 62.00 & 61.70 in extension. Alternative scenario: above 62.55 look for further upside with 62.90 & 63.20 as targets. Comment: as long as the resistance at 62.55 is not surpassed, the risk of the break below 62.00 remains high.

Today’s Economic Events

13:30 US OCT Bulding Permits (k) exp: NA prev: 1391
13:30 US OCT Housing Starts (k) exp: 1308 prev: 1256

US indices closed slightly higher in a choppy session on Monday lifted by shares in the Household & Personal Products (+1.05%), Consumer Durables & Apparel (+0.84%) and Real Estate (+0.5%) sectors.

On the economic data front, the National Association of Home Builders (NAHB) Housing Market Index came out at 70, just missing the 71 estimate for November, down 1 from 71 in October.

Later today, economists expect Housing Starts to reach 1320K for October, up 64K from 1256K in September. Also, Building Permits are expected to decline to 1383K for October, compared to a revised 1391K in September.

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

BRENT Crude Technical Snap (Daily)

Pivot: 62.90 Our preference: long positions above 62.90 with targets at 63.60 & 64.10 in extension. Alternative scenario: below 62.90 look for further downside with 62.45 & 62.10 as targets. Comment: the RSI calls for a bounce.

Today’s Economic Events

15:00 US NOV NAHB Housing Market exp: 71 prev: 71

US indices closed higher on Friday lifted by shares in the Health Care Equipment & Services (+2.87%), Pharmaceuticals, Biotechnology & Life Sciences (+1.65%) and Technology Hardware & Equipment (+1.07%) sectors.

On the economic data front, Empire Manufacturing released at 2.9, missing the 6.0 estimate for November, down from 4.0 the month before. The Import Price Index month over month change declined by -0.5%, more than the -0.2% consensus for October, down from a revised increase of 0.1% in September. Retail Sales Advance month over month change rose 0.3%, just above the 0.2% estimate for October, up from a decline of -0.3% the prior month. Industrial Production fell -0.8% in October, more than the expected -0.4% decline, down from a revised -0.3% fall in September, marking the worst reading since May 2018.

On Monday, economists expect the National Association of Home Builders (NAHB) Housing Market Index to reach 71 for November, in-line with the reading from October.

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

BRENT Crude Technical Snap (Daily)

Pivot: 62.80 Our preference: short positions below 62.80 with targets at 62.15 & 61.80 in extension. Alternative scenario: above 62.80 look for further upside with 63.00 & 63.20 as targets. Comment: as long as the resistance at 62.80 is not surpassed, the risk of the break below 62.15 remains high.