Aluminium price pushed by Australian export ban, Brent Crude jumped 15% in a week
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FTSE 100 hits yet another record high while DAX 40 and S&P 500 resume their ascents Outlook on FTSE 100, DAX 40 and S&P 500 amid strong US earnings. Source: Getty Images Written by: Axel Rudolph FSTA | Senior Financial Analyst, London Publication date: Friday 26 April 2024 13:42 FTSE 100 hits yet another record high Foreign investor buying of the undervalued UK blue chip index led to further gains in the FTSE 100 which is trading at yet another record high. The 8,200 zone is now in focus, above which lies the 8,300 mark which is where the 161.8% Fibonacci extension of the March-to-June 2020 advance, projected higher from the October 2020 low, can be found. Support sits between the early-to-mid-April highs and Wednesday’s low at 8,046 to 8,003. Source: ProRealTime DAX 40 recovers from Thursday’s low The DAX 40 was dragged lower by its US counterparts following the release of much weaker-than-expected preliminary Q1 GDP data but overnight recovered on better-than-expected US earnings. A rise above Thursday’s 18,080 high would engage this week’s high at 18,238 ahead of the 18,500 region. Yesterday’s low was made along the 55-day simple moving average (SMA) at 17,815. Source: ProRealTime S&P 500 resumes its ascent The S&P 500 resumes its ascent, having on Thursday slipped to 4,990 on disappointing US Q1 preliminary GDP data, before recovering on strong earnings by the likes of Alphabet, Microsoft and Snap. The index is heading towards the 55-day simple moving average (SMA) 5,114 above which the April downtrend line can be seen at 5,146. Slips may find support can be seen around Monday’s 5,039 high. Source: ProRealTime -
Gold price, Brent crude price and natural gas price rise in early trading Commodity prices have gained in early trading, recovering from the lows seen earlier in the week. Source: Getty Images Written by: Chris Beauchamp | Chief Market Analyst, London Publication date: Friday 26 April 2024 13:25 Gold up as price recovers from late April weakness The price has pushed higher in early trading, reinforcing the view that a higher low has been formed. Additional gains would head towards the $2400 highs from the middle of April, and then on to $2425. For the moment, $2300 appears to have been established as a higher low, so a close back below this level would be needed to open the way to the 50-day simple moving average (SMA). Source: ProRealTime WTI higher for a second day After bouncing off the 50-day SMA earlier in the week the price has continued to push higher, with further gains in early trading this morning. A higher low appears to have formed, and now the price is testing trendline resistance from the early April high. A breakout above this would target $85.72, last Friday’s high, and then on to $87, the highs from the beginning of April. A reversal back below $82 might result in a test of the 50-day SMA and last week’s low. Source: ProRealTime Natural Gas gains continue Despite a sudden drop on Wednesday the price has maintained the move higher from the beginning of April. Trendline support from the end of March continues to underpin the price action, and continued gains will target the 100-day SMA and the highs from the beginning of the week at 2130. Sellers will want to see a close below Thursday’s low and below trendline support to mark a more bearish development. Source: ProRealTime
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