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Free AccessPrice Signal Summary - Oil Confirms a Top, Shifts to Clear Bearish Cycle
- In the equity space, prices slipped further off highs Monday and are staging only a modest bounce. S&P E-minis contract has extended the pullback from 4384.50 Jul 14 high. Yesterday's sell-off resulted in a break of support at 4279.25, Jul 8 low. This highlights a short-term trend top and suggests scope for a deeper corrective pullback. EUROSTOXX 50 futures last week failed to challenge resistance at 4101.50, Jul 1 high and the subsequent sell-off has resulted in a resumption of the bear cycle that started Jun 17. Yesterday's break of 3951.50, Jul 8 low signals scope for weakness towards 3871.00, May 19 low.
- Yesterday's move in EURUSD resulted in a print below support at 1.1772, Jul 13, 14 low. A clear break would again confirm a resumption of the downtrend. GBPUSD took out key support at 1.3669, Apr 12 low as well as the 200-dma at 1.3700. A clear breach of 1.3669 would reinforce bearish conditions and pave the way for an extension of the bear cycle. USDJPY sold off sharply yesterday resulting in a break of support at 109.53, Jul 8 low. This confirms a resumption of the reversal that occurred early July and paves the way for an extension lower.
- On the commodity front, Gold maintains a bullish tone and the pullback is considered corrective. Price however needs to clear last week's high print to confirm a resumption of the recent upleg. Brent futures have confirmed a top with momentum in a clear bearish cycle as the current corrective pullback extends. Price yesterday also confirmed a clear break of the 50-day EMA paving the way for further downside. The focus is on $67.43, a Fibonacci retracement. WTI (Q1) focus is on $65.56, a Fibonacci retracement where a break would open $63.10, the May 24 low.
- Within FI, Bund futures remain firm, trading above the former resistance of 174.77, Jul 8 high. The clear break of this level strengthens a bullish case and highlights a bullish breakout of a rising channel drawn off the May 19 low. The move in Gilts resulted in a probe of key short-term resistance at 129.92, the Jul 8 high. A clear breach of this level would confirm a resumption of the uptrend that started mid-May and maintain a bullish price sequence of higher highs and higher lows.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.