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10/06/21 10:53
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FTSE 100, DAX and S&P 500 post yet more gains Stocks have made yet more headway, bolstered by a sudden drop in Spanish CPI that has raised hopes of inflation abating. Source: Blooomberg Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 30 March 2023 FTSE 100 returns to 7600 The price finds itself knocking on the door of the highs reached last week, having clawed back lost ground from Friday’s low. Additional upside now points towards the 100-day simple moving average (SMA), followed up by the 50-day SMA and then on towards the 8000 highs from the end of February. The buyers have reasserted control here, and it would need a drop back below 7400 to suggest another attempt to break below the lows of mid-March. Source: ProRealTime DAX powers higher The bullish view continues to receive further strength here too, with a move above the 50-day SMA and a bullish MACD crossover. After dipping to 14,400, the index has staged a recovery, moving to a three-week high at 15,400. This now puts it in sight of the recent highs above 15,600. Should the risk on outlook prevail, then we can expect these highs to be breached too. S&P 500 opens above 4000 The index has moved back to the highs from last week, and is poised to move on and test the highs of early March around 4070. Clearing this hurdle would open the way to the 4150 highs from January, and mark a significant recovery for the index from the lows of 3800 that it reached in mid-March. Sellers would need to see a close back below the 200-day SMA to suggest that the bullish view has been negated. Source: ProRealTime -
WTI, gold and NY cotton stall ahead of final US Q4 GDP Outlook on WTI, gold and cotton as sentiment continues to improve as banking woes fade. Source: Bloomberg Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Thursday 30 March 2023 WTI is losing upside momentum at technical resistance The over 15% rally in the price of WTI from its $64.37 per barrel March low on the back of increased demand expectations from top importer China and a legal dispute which blocked around 4000,000 barrels a day of oil exports from Turkey, is stalling, having been rejected by the continuation triangle support, now resistance, line at $74.42 on Wednesday. A slip back to the January and February lows at $72.64 to $72.50 thus looks imminent with a slide to the 23 March high at $71.69 looking possible. Further minor support sits at the December trough at $70.25. Were Wednesday’s high at $74.40 to be exceeded, however, the mid-February low at $75.33 would be eyed, followed by the 3 March low at $75.92 and the 55-day simple moving average (SMA) at $76.24. Source: ProRealTime Gold finds its equilibrium around the $1,970 per troy ounce mark Gold’s retracement from late last week’s $2,003 per troy ounce high, made slightly below its one-year high at $2,009, has led to it slipping to this week’s low at $1,945 as bank fears fade. Were Monday’s low at $1,945 to give way, last week’s low at $1,935 would be in focus, a drop through which would target the 3 March high at $1,914. Immediate downside pressure should be maintained while the gold price stays below Monday’s high at $1,978. Above this level sits the key $2,003 to $2,009 resistance zone and much further up the all-time March 2022 high at $2,070. Source: ProRealTime NY cotton price surge losing upside momentum The price of NY front month cotton futures, which has risen by over 9% from last week’s $76.04 per 50,000 pound low amid weather related tightening supply, is losing upside momentum. Even though it has broken through its May 2022 to March 2023 downtrend line, it is losing upside momentum around the 55-day SMA at $83,24 which acts as resistance. The advance has stalled as the cotton market this week is waiting for export sales reports on what planting acres might be, which are to be published on Thursday and Friday. A rise and daily chart close above Wednesday’s $83.67 high would engage the $86.26 early March high. Support can be spotted between the January and mid-February lows at $80.83 to $80.42 as well as along the breached downtrend line, which because of inverse polarity has become a support line, at $80.18. Source: ProRealTime
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By DominicWalsh · Posted
Market Breakdown | GOLD, USDJPY, SILVER, US30 Here are the updates & outlook for multiple instruments in my watchlist. Gold (#XAUUSD) 4h time frame 🟡 Gold is perfectly respecting a minor rising trend line . So far, I would expect a bullish continuation from that. Goal for buyers might be the underlined yellow resistance. If you are looking for shorting, consider a bearish breakout of the trend line . I can give you a perfect confirmation to sell. #USDJPY daily time frame The market is approaching a solid horizontal resistance. Taking into consideration that the pair is quite overbought and trading in a bearish trend , I believe that probabilities will be high to see a bearish move from that. Silver (#XAGUSD) 4h time frame I spotted a cute bullish accumulation pattern - an ascending triangle formation. The price has successfully violated its neckline. It looks like the market will keep growing. Dow Jones (#US30) daily time frame The market is approaching a solid daily resistance. We see its breakout attempt now. If a daily candle closes above that, the Index may go much higher. For Additional confirmation use: the Best Scalping Indicators
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