Markets Week Ahead: RBA & RBNZ Rate Decisions; US NFP & More
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10/06/21 10:53
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By tradinglounge · Posted
Ptc Inc., Elliott Wave Technical Analysis Ptc Inc., (PTC:NASDAQ): Daily Chart, 28 March 23, PTC Stock Market Analysis: The count has been moving as expected, looking for further downside to finish wave 1. PTC Elliott Wave Count: Wave {iv} of 1. PTC Technical Indicators: Cross between 20 and 200EMA. PTC Trading Strategy: Looking for downside with a stop at the top of wave {i}. TradingLounge Analyst: Alessio Barretta Source : Tradinglounge.com get trial here! Ptc Inc., PTC: 4-hour Chart, 28 March 23, Ptc Inc., Elliott Wave Technical Analysis PTC Stock Market Analysis: Looking for downside into wave {v}. We can see three wave into wave {iv} as we react off the 200EMA. PTC Elliott Wave count: Wave (c) of {iv}. PTC Technical Indicators: Resistance off 200EMA. PTC Trading Strategy: Looking for shorts into wave {v}. -
WTI rallies on tightening supply while gold and natural gas prices slide Outlook on WTI, gold and natural gas as bank concerns fade. Source: Bloomberg Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Tuesday 28 March 2023 Yesterday’s strong rally in WTI losing upside momentum The over 5% rally in the price of WTI, on the back of a legal dispute which blocked around 4 000 000 barrels a day of oil exports out of Turkey and tightened supply, is taking a breather around the January and February lows at $72.50 to $72.64. Slips should find support around Thursday’s $71.68 high and at the December $70.25 low whereas resistance sits at the 22 February low at $73.85 and along the November-to-March continuation triangle support line, now resistance line, at $74.48. Source: ProRealTime Gold slips as market sentiment improves Gold’s slip from late last week’s $2,003 per troy ounce high, made marginally below its one-year high at $2,009, is still pointing towards last week’s low at $1,935 as sentiment improves and bank concerns fade with the Deutsche Bank share price regaining the majority of Friday’s steep over 8% losses. Better-than-expected German IFO business climate data for March also helped risk-on sentiment which led to flows out of gold and into equities taking place. The business climate indicator for Germany increased to 93.3 in March, its highest level since February 2022, compared to 91.1 in February. Were last Wednesday’s low at $1,935 to be slipped through, the 13 March high at $1,914 would be next in line. The all-time March 2022 high at $2,070 lies above the key $2,003 to $2,009 resistance zone. Source: ProRealTime US natural gas futures continue their descent US natural gas futures are tumbling further towards their $2.105 late February low on forecasts for milder weather and as the EIA recently forecast 2.4% less US natural gas consumption in 2023 compared to 2022. US natural gas prices dropped by around 75% from their $9.977 August 2022 peak and remain on track to reach the February low at $2.105, below which lies the psychological $2.000 mark. Resistance comes in along the March downtrend line at $2.290 and at Friday’s $2,363 high. Further resistance sits between the mid-March lows at $2.455 to $2.457. Source: ProRealTime -
Indices continue their recovery The bounceback from Friday’s lows continues for indices, as fears about a banking crisis recede. Source: Bloomberg Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 28 March 2023 FTSE 100 reclaims 7500 The index rallied off the 200-day simple moving average (SMA) on Monday, having dipped below it on Friday. Should the buyers be able to drive it back to 7600 then a higher low may well have been formed. This bolsters the bullish view and could see the price claw back more of the lost ground of the past six weeks. In that case 8000 would be an initial target. A more bearish view requires a drop back below 7300, and then on below last week’s 7200 low. Source: ProRealTime DAX makes headway Friday’s session saw the price rally off the 100-day SMA, and it has pushed higher on Monday too. This continues to build a picture of a higher low, with a move above the 50-day SMA the bullish view will receive further reinforcement, and then the price can contemplate a move back to the March highs and potentially higher. This view would be negated with a move back below the 100-day SMA, and then on below the 14,500 area that marked the low last week. Source: ProRealTime Dow pushes back to the 200-day MA Monday’s price action saw a tentative recovery to the 200-day SMA, helping to recoup some of the recent losses. This begins to suggest a low has been formed for the time being and that another attempt at a move higher is underway. This initially targets the 50-day SMA, and then on to the 33,500 high from the beginning of the month. It would require a reversal below 31,500 and a close below 31,300 to suggest that the lows of the past two weeks have been conclusively broken to the downside. Source: ProRealTime
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