Author: Specialist

Brent Crude Technical Snap

Pivot: 75.65. Long positions above 75.65 with targets at 76.58 & 77.00 in extension. Below 75.65 look for further downside with 75.00 & 74.25 as targets. RSI is mixed with a bullish bias.

Today’s Economic Events

07:45 FR AUG Consumer Confidence exp: 97 prev: 97
13:30 US JUL P Wholesale Inventories exp: NA prev: 0.1%
15:00 US AUG Consumer Confidence exp: 126.4 prev: 127.4

General Market Comment

US indices closed higher on Monday as the Nasdaq reached a new record high. Shares in the Automobiles & Components (+3.87%), Semiconductors & Semiconductor Equipment (+1.55%) and Materials (+1.47%) sectors gained traction. On the economic data front, the Chicago Fed national activity index decreased to 0.13 in July (estimated 0.45) from a revised 0.48 in June. The S&P 500 (2,896.74) remains above its 20d moving average (2,846.60 – positive slope) and 50d moving average (2,803.30 – positive slope). read more

Brent Crude Technical Snap

Pivot: 76.00. Short positions below 76.00 with targets at 75.30 & 74.85 in extension. Above 76.00 look for further upside with 76.40 & 77.00 as targets. As long as 76.00 is resistance, look for choppy price action with a bearish bias.

Today’s Economic Events

GE JUL Import Prices (MoM) exp: 0% prev: 0.5%
GE JUL Retail Sales (MoM) exp: -0.1% prev: 0.9%
09:00 GE AUG IFO – Business Climate exp: 102.5 prev: 101.7
09:00 GE AUG IFO – Current Assessment exp: 105.5 prev: 105.3
09:00 GE AUG IFO – Expectations exp: 98.5 prev: 98.2

General Market Comment

US indices closed higher on Friday as the S&P500 reached a new record high. Shares in the Semiconductors & Semiconductor Equipment (+1.41%), Software & Services (+1.33%) and Media (+1.27%) sectors ended on a positive note. On the economic data front, durable goods orders decreased in the preliminary estimate of 1.7% in July (estimated -1%) from a revised 0.7% in the previous month. The S&P 500 (2,874.69) remains above its 20d moving average (2,841.89 – positive slope) and 50d moving average (2,800.96 – positive slope). read more

Oil gains on China demand/Iran supply curbs

Oil prices surged 2 percent on Friday and were on track to end a run of weekly declines on signs that Iran sanctions may limit global supply and that a trade war may not curb China’s appetite for U.S. crude.

Commodity Closing – Europe/Oil-Gas Majors 24.08.18

Brent Crude Technical Snap

Pivot: 74.55.  Long positions above 74.55 with targets at 75.40 & 75.85 in extension. Below 74.55 look for further downside with 74.15 & 73.60 as targets. RSI is mixed to bullish.