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Guest ForecastBA

I want know how the IG platform works, i need technical information based on how to utilize the platform as a new user. I need to know about Tabs and buttons what they mean and how to use them. 

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    • Crude declines make little difference for FTSE oil & gas producers, with the long-term view remaining bullish for energy Source: Bloomberg   Commodities Petroleum Petroleum industry Brent Crude Gas Market trend  Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 30 January 2023  Crude declines see Brent lose 34% Crude oil has suffered substantial losses over the course of the past year, with brent currently trading 34% below the March 2022 peak of $131.51. This decline represents grounds for optimism on the inflation-front, with headline CPI sliding lower across Europe and the US. However, traders continue to wonder whether this move will represent the top for the market or simply a temporary pullback within a long-term uptrend. Key considerations for the bulls include the re-emergence of Chinese economic activity as Covid restrictions are withdrawn, set against the risk of declining demand as recessionary pressures take hold. Looking at the monthly Brent crude chart below, we can see that this current month looks to be closing out in a doji candle, marking a second consecutive month of indecision. Meanwhile, the stochastic oscillator appears to be tightening, signalling the potential for a bullish shift in momentum before too long. With price currently trading around the 76.4% Fibonacci support level, the bulls will hope that the long-term uptrend will soon kick back into play. Source: ProRealTime SPR back down to multi-decade lows Another aspect to consider comes from the US, who have been drawing down their strategic petroleum reserve in a bid to support prices as OPEC restrict output. That decline in reserves can only last so long, with current levels back down to the lowest point since 1983. Recent comments have signalled that the US could move to instead seek to top-up their reserves around the $70 mark. Could a shift from supplier to consumer help tip sentiment back in favour of the bulls? FTSE oil & gas producers outperform One interesting area of outperformance has been the relative strength of oil producing stocks despite this decline in crude prices. Thus far, we have largely seen producers continue their ascent, with the volatility in oil and gas prices doing little to stifle sentiment. However, the chart below highlights how the FTSE 350 oil & gas producers sector essentially provides a more stable play on energy prices, with the stocks largely reflecting the underlying trend without necessarily seeing the same major swings that can occur for crude. The pullback we have seen in Brent (blue line) thus brings the total gains over the past two-years down to the area seen for FTSE 350 producers. For now, the uptrend remains in play for the sector, thus highlighting the belief that this recent pullback in energy prices serves to reflect a reversion back into the mean uptrend. With that in mind, the weakness seen in energy prices, and consolidation in FTSE oil & gas stocks, is deemed a potential precursor to another move higher to continue the long-term uptrend. Source: ProRealTime
    • EUR/USD has been a consistent performer over recent months, and IG analyst Joshua Mahony expects to see further gains in a week that is dominated by central banks. Josh looks at a long position, with a stop-loss at 1.0830 and target of 1.1040. He also looks back at the recent USD/JPY, aluminium and USD/CAD trades.  Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 30 January 2023        
    • EUR/USD and EUR/GBP/USD appreciate while GBP/USD range trades Outlook on EUR/USD, EUR/GBP and GBP/USD ahead of this week’s Fed, ECB and BoE rate decisions.  Axel Rudolph FSTA | Senior Financial Analyst, London | Publication date: Monday 30 January 2023  EUR/USD recovers from last week’s low EUR/USD is seen bouncing off Friday’s low at $1.0838 ahead of this week’s plethora of central bank meetings by the likes of the US Federal Reserve (Fed) which is expected to hike its rates by 25-basis points, the European Central Bank (ECB) and the Bank of England (BoE) which are likely to raise their rates by 50-basis points (bps) respectively. The currency pair thus remains on track to reach the late April 2022 high and the 50% retracement of the 2021 to 2022 descent at $1.0936 to $1.094 while it stays above Friday’s $1.0838 low on a daily chart closing basis. A drop through $1.0838 would engage the mid-January $1.0766 low. While above it, and the mid- to late-December highs at $1.0736 to $1.0715, the medium-term uptrends remain intact. Above $1.094 lies the psychological $1.10 mark. Further support can be found around $1.0663 to $1.0658, the 16 to 28 December highs. Source: IT-Finance.com EUR/GBP bounces off December-to-January uptrend line EUR/GBP revisited but then bounced off its December-to-January uptrend line at £0.8763 while awaiting Thursday’s ECB and BoE rate decisions, with both central banks expected to hike rates by 50 bps. While £0.8763 underpins, the £0.8828 November peak as well as the £0.8834 - 22 December high - will be back in play, above which sits more significant resistance which can be spotted between the December and current January highs at £0.8877 to £0.8897. Only a slip through £0.8763 would engage the 55-day simple moving average (SMA) at £0.8735 and current January low at £0.8722. If slipped through, the 23 November high and 19 December low at £0.8701 to £0.8691 could once again be reached. Further down sits the 28 November high at £0.8676. Source: IT-Finance.com GBP/USD continues to range trade below its $1.2446 December high GBP/USD’s September advance from its $1.0350 all-time low struggled to overcome its December high at $1.2446 early last week and has been trading in a sideways trading range below this high ever since while awaiting Thursday’s UK central bank decision. This is not to say that the cross might not eventually rise to above its December and January highs at $1.2446 to $1.2448, provided that the 24 January low at $1.2263 doesn’t give way.mWere this to happen, the 9 January high at $1.221 may be reached. A rise and daily chart close above last week’s $1.2448 high would engage the minor psychological $1.2500 mark, above which the 7 June 2022 high can be found at $1.2599. Source: IT-Finance.com
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