Month: December 2019

BRENT Crude Technical Snap (Daily)

Pivot: 66.25 Our preference: long positions above 66.25 with targets at 66.75 & 67.05 in extension. Alternative scenario: below 66.25 look for further downside with 66.00 & 65.80 as targets. Comment: the RSI has just landed on its neutrality area at 50% and is turning up.

Today’s Economic Events

No major economic report expected

US indices closed up on Monday, lifted by the Technology Hardware & Equipment (+1.39%), Energy (+1.06%) and Capital Goods (+0.84%) sectors. On the economic data front, Durable Goods Orders declined 2.0% for the November preliminary reading, missing the 1.5% consensus, down from a revised rise of 0.2% in the prior reading. New Home Sales fell to 719K for November, below the 732K estimate, up from a revised 710K in October.

On Tuesday, economists expect the Richmond Fed Manufacturing Index to release at 1 for December, up from -1 in November.


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

BRENT Crude Technical Snap (Daily)

Pivot: 66.25 Our preference: short positions below 66.25 with targets at 65.55 & 65.30 in extension. Alternative scenario: above 66.25 look for further upside with 66.55 & 66.75 as targets. Comment: the RSI calls for a new downleg.

Today’s Economic Events

GE NOV Import Prices (MoM) exp: NA prev: -0.1%
15:00 US NOV New Home Sales (k) exp: 727 prev: 733

US indices closed up on Friday, lifted by the Telecommunication Services (+1.18%), Semiconductors & Semiconductor Equipment (+1.16%) and Pharmaceuticals, Biotechnology & Life Sciences (+1.03%) sectors. On the economic data front, GDP remained at 2.1%, as expected for the third quarter, in-line with the prior reading. Personal income increased 0.5% for November, more than expected, up from a revised 0.1% last month. Personal spending rose 0.4% in November, as anticipated, up from a rise of 0.3% in October.

On Monday, economists expect Durable Goods Orders to rise 1.5% for the November preliminary reading and New Home Sales are anticipated to fall to 730K for November.


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

BRENT Crude Technical Snap (Daily)

Pivot: 66.30 Our preference: long positions above 66.30 with targets at 66.80 & 67.10 in extension. Alternative scenario: below 66.30 look for further downside with 66.00 & 65.75 as targets. Comment: the RSI is bullish and calls for further upside.

Today’s Economic Events

07:45 FR NOV Households Consumption (MoM) exp: 0.2% prev: 0.2%
07:45 FR NOV Producer Price Index (MoM) exp: NA prev: -0.1%
09:30 UK 3Q Current Account (B GBP) exp: -17.5 prev: -25.2
09:30 UK 3Q F GDP (QoQ) exp: 0.3% prev: 0.3%
09:30 UK NOV Public Finances (PSNCR) (B GBP) exp: NA prev: 0.4
09:30 UK NOV Public Sector Net Borrowing (B GBP) exp: 4.3 prev: 10.5
13:30 US 3Q T GDP (QoQ) exp: 2.1% prev: 2.1%
13:30 US 3Q T GDP Price (QoQ) exp: 1.8% prev: 1.8%
13:30 US 3Q T Personal Consumption exp: 2.9% prev: 2.9%
15:00 EC DEC A Euro-Zone: Consumer Confidence exp: -6.9 prev: -7.2
15:00 US DEC F U. of Michigan Confidence exp: 99.2 prev: 99.2
15:00 US NOV Personal Income exp: 0.3% prev: 0%
15:00 US NOV Personal Spending exp: 0.4% prev: 0.3% read more

US indices closed up on Thursday, lifted by the Real Estate (+1.07%), Semiconductors & Semiconductor Equipment (+0.99%) and Media (+0.93%) sectors. On the economic data front, Initial Jobless Claims fell to 234K for the week ending December 14th, above the 225K estimate, down from 252K the week before. Continuing Claims rose more than expected to 1.722K for the week ending December 7th, exceeding the 1,676K consensus, up from a revised 1,671K the prior week. Existing Home Sales fell to 5.35 million homes for November, missing the 5.44 million estimate, down from a revised 5.44 million homes the month before.

On Friday, economists expect GDP to remain at 2.1% for the third quarter. Personal income is anticipated to increase 0.3% for November and personal spending is expected to rise 0.4%.

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