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Price Signal Summary - Oil Start The Week On A Firm Note

MARKET INSIGHT
  • In the equity space, S&P E-minis trend needle still points north and last week's fresh all-time highs confirm a resumption of the broader uptrend. This opens 4591.25, the 1.00 projection of the Jul 19 - Aug 16 - Aug 19 price swing. EUROSTOXX 50 futures broke out of their recent range Friday and have resumed the current upleg. The focus is on 4200.50, the Sep 24 high.
  • In FX, EURUSD is consolidating and in pattern terms, the recent pause appears to be a bull flag. Last week's break of the 20-day EMA signals scope for a stronger short-term corrective bounce and the focus is on the 50-day EMA at 1.1694. Key short-term support is unchanged at 1.1572, Oct 18 low. GBPUSD is off its recent high however short-term bullish conditions remain intact. Sights are set on 1.3913, Sep 14 high and a key resistance. USDJPY maintains a bullish tone and the recent pullback is considered corrective. Scope is seen for a climb towards 114.99, 1.50 projection of the Apr 23 - Jul 2 - Aug 4 price swing. Initial support is at 112.81, the 20-day EMA.
  • On the commodity front, Gold spiked higher Friday before retracing. The break of $1800.6, Oct 14 high is a positive short-term development and with the yellow metal pushing higher today, scope is seen for a recovery towards $1834.0, the Sep 3 high. WTI trend conditions are unchanged and remain bullish with sights on $85.01, 1.00 projection of the Sep 21 - Oct 6 - 7 price swing.
  • In the FI space, trend conditions remain bearish and short-term gains are considered corrective. Bund futures sights are set on 167.79, 2.50 projection of the Sep 9 - 17 - 21 price swing. Key resistance is at 169.92, Oct 14 high. Gilt futures path of least resistance remains down and recent weakness has opened 123.27, 2.00 projection of the Aug 31 - Sep 17 - 21 price swing. Key resistance is unchanged at 125.27, the Oct 14 high.
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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