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Price Signal Summary - Oil Markets Eye The Psychological $100 Barrier

MARKET INSIGHT
  • In the equity space, S&P E-minis are trading in a volatile manner. The contract however remains vulnerable and a bearish threat is still present. The focus is on this year’s low of 4212.75, the Jan 24 low and the bear trigger. The 50-day EMA - at 4519.72 - still marks the key resistance. EUROSTOXX 50 futures have rebounded from yesterday’s low of 3874.00. Despite the recovery the outlook remains bearish though and the clearance of a number of support levels this week highlights the current bearish threat. The focus is on 3844.00, May 13 2021 low (cont).
  • In FX, EURUSD remains above its key short-term support at 1.1280, the Feb 14 low. Attention is on the next resistance at the Feb16 high of 1.1396. A break of this level would improve the outlook for bulls and expose 1.1495, the Feb 10 high and bull trigger. Sub 1.1280 levels would signal potential for a deeper pullback instead. GBPUSD remains in a short-term bullish cycle and the focus is on 1.3662 next, Jan 20 high. The support to watch lies at 1.3487, Feb 15 low. USDJPY yesterday has traded below its 50-day EMA - at 114.76 - but found support below this average at 114.50. The next key short-term support to watch is 114.16, the Feb 2 low. The area between 114.76-16 represents a firm zone. A resumption of strength would refocus attention on the 116.34/35 key resistance, the Feb 10 / Jan 4 highs.
  • On the commodity front, Gold bulls have paused for breath. The trend remains up following the recent strong impulsive rally. The focus is on $1916.6, the Jun 1 2021 high and a key bull trigger. Note that the top of the bull channel drawn from the Aug 9 2021 low intersects at $1937.5. WTI futures remain in an uptrend and rallied once again Tuesday. The contract has cleared resistance at $93.83, the Feb 14 high. This confirms a resumption of the uptrend and opens $95.38 next, 2.764 projection of the Dec 2 - 9 - 20 price swing.
  • In the FI space, Bund futures remain vulnerable and recent gains are likely a correction. The 20-day EMA has been probed however, levels above the average have also offered resistance - the EMA intersects at 166.73 today. The bear trigger is 164.34, the Feb 16 low and a break would expose the 164.00 handle. Trendline resistance drawn off the Dec 20 high intersects at 167.37 today. The trend condition in Gilts remains down and the contract found resistance at 121.75 yesterday. A resumption of gains would allow for a stronger correction and open the 122.00 handle and the 50-day EMA at 122.56. The latter is a key resistance. The bear trigger is at 119.32, Feb 16 low.
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
Fixed Income Technical AnalysisForeign Exchange Technical AnalysisHomepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

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