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The Nasdaq seems on track to recover all of its overnight losses, supported by a 4.4% after-market gain in Microsoft’s share price and an 11.5% after-market surge in Alphabet’s share price. Source: Getty Shares Microsoft Cloud computing Price Share price Revenue Written by: Yeap Jun Rong | Market Strategist, Singapore Publication date: Friday 26 April 2024 04:32 Alphabet and Microsoft’s share price surged post-results Following the initial jitters around Meta’s results, after-market earnings from Alphabet and Microsoft offered Wall Street a lifeline, with US equity futures pointing to a recovery in risk sentiments. The Nasdaq seems on track to recover all of its overnight losses, supported by a 4.4% after-market gain in Microsoft’s share price and an 11.5% after-market surge in Alphabet’s share price. The other Magnificent Seven stocks seem set for a positive open as well, with Nvidia up 2.4% and Amazon up 3.1%. Microsoft’s 4Q 2024 round-up Source: Refinitiv Microsoft’s 4Q 2024 results delivered both a top and bottom-line beat. Revenue was 1.8% higher than consensus at $61.9 billion, up 17% year-on-year. Earnings per share (EPS) has beaten expectations by 4.3%, coming in at $2.94 and up 20% from the $2.45 a year ago. Net profit margin improved from last year as well, coming in at 35.5% versus the previous 34.6%. Stronger cloud performance offered reassurances Notably, markets took comfort with the further growth in its cloud division. Revenue from Azure and other cloud services grew stronger-than-expected at 31% versus the 30% prior, which is on track to outpace its top competitors – Google Cloud and Amazon Web Services. Other segments continue to hold up as well, with a 17.5% year-on-year in its ‘More Personal Computing’ segment showing further recovery in consumer demand for personal computers (PCs) after a lacklustre year. Its productivity software has been very much stable as well, with the segment growing 11.8%. Forward guidance was net-positive overall Revenue guidance for 4Q 2024 was a tad lower-than-expected at $64 billion versus the $64.5 billion consensus, but markets may be more forgiving given the company’s positive outlook around artificial intelligence (AI) demand moving forward. “Currently, near-term AI demand is a bit higher than our available capacity” While capital expenditures will continue to increase to keep up with the tech race, Microsoft expects its FY2025 operating margin to decline "only one point year-over-year, even with its significant cloud and AI investments". This offers reassurances that heavy spending on infrastructure will pay off in the near term in terms of higher revenue and will not be an expensive long-term bet. Technical analysis: Microsoft’s share price defending daily cloud support The after-market surge in Microsoft’s share price may suggest that buyers have successfully defended the lower edge of its daily Ichimoku Cloud support at the US$398.40 level, which may likely keep the broader upward trend intact. This marked a key support confluence, which held prices up on at least three occasions since the start of the year. Its daily relative strength index (RSI) is back to retest the key 50 level after breaking below the mid-point to its lowest level September 2023. Any reversion back above the level will bode well for the upward trend to continue. The US$398.40 level will serve as key support to hold, while on the upside, its record high at the US$430 level will be on watch as key resistance to overcome. Source: IG charts IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed. The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer. Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update. -
By tradinglounge · Posted
WTI Elliott wave analysis Function - Counter-trend Mode - Corrective Structure - Triple Zigzag Position - Wave X of triple zigzag Direction - Wave X of the triple zigzag is still in play Details - We still count a double zigzag for wave X. Current rally should stay below 85.64 to confirm (b) before turning down for (c) around 79.23-76.90. Invalidation below 75.49 will make us consider an impulse from 87.63 instead. Overall, WTI still supports the medium-term bullish triple zigzag sequence provided 75.49 is not breached. Not changed from the last update. WTI crude oil prices are currently undergoing a retracement of the pullback initiated on April 12th. This pullback, in conjunction with the ongoing recovery, appears to be corrective rather than indicative of a substantial reversal. Looking ahead, there's a likelihood of witnessing another upward movement surpassing the high set on April 12th in the upcoming weeks. However, it's crucial to note that the bullish corrective sequence, initiated in December 2023, remains intact, awaiting a definitive break, potentially signaled by an impulse wave downward. Analyzing the long-term perspective, particularly on the daily chart, reveals a corrective price structure evolving from the high of 120.91 in March 2022. This corrective phase retraces the preceding impulse wave, which spanned from the tumultuous period of April 2020 to its culmination in March 2022 at 130.91. This corrective pattern is unfolding into a double zigzag formation, with the current phase representing the final leg, denoted as wave Y of primary degree. Considering the intermediate degree wave (B) from 67.81, it's imperative that the price does not breach 95 before initiating a downturn for the corresponding wave (C). Despite the potential completion of wave (B) at 87.63 with a double zigzag pattern, the subsequent decline appears corrective in nature, leaving room for the possibility of another upward rally, perhaps forming a triple zigzag wave (B). However, a decisive downward break from 87.63 would indicate the commencement of wave (C) with an impulse or leading diagonal pattern. Zooming in on the H4 chart, a double zigzag formation is taking shape from 87.63, expected to conclude within the range of 79.23 to 76.90 before the price reverses direction for wave Z of (B). This constitutes the first scenario. Alternatively, if wave (b) extends higher and surpasses 87.63, it would signify the completion of wave X, with wave Z poised to ascend further. The third scenario comes into play if the decline extends beyond 75.48, potentially signaling the completion of wave (B) at 87.63 and indicating a bearish outlook for wave (C). Monitoring these scenarios on the H4 charts will provide valuable insights into the unfolding price dynamics, guiding potential trading strategies in the volatile WTI crude oil market. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here! -
Why are your June No Lead Gasoline futures, with an expiry of 30-May, shown as "Closing only: contract due to expire" but your May No Lead Gasoline, expiring 29-Apr, shown as tradable? Your futures desk really ought to be on top of this, it makes it extremely difficult to trade futures when you only put the near term futures up to trade and then over-write with the next roll. It's not the first time I've seen this happen. Ideally, you should be showing at least the next 3 contracts.
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