Crude Oil Technical Analysis(94,26) CRUDE OIL confirmed further weakness plunging even below 95 on the way for a test of teh 90 level, now our s/t target. The weekly closing was weak well below the low of the previous week that was already a negative outside week. Continue Reading… S&P Analysis(1339,20) The S&P formed on Friday a negative outside day reversal favouring a drop below the 100 days line this morning. While below 1344,02 on an hourly closing we have to expect further weakness toward our s/t target at 1326,80. Continue Reading… Technical Analysis : Gold’s mega pivot looms largeGold is reaching a key pivot point that will dictate its medium to long-term technical outlook (and probably for macro markets as well). USD1,522 represents a crucial support for two Elliott Wave counts. Holding as support will be bullish evidence but breaking will shift the probabilities in favour of our preferred scenario: a fall towards USD1,200. Continue Reading… EUROSTOXX 50 Analysis(2200) The EUROSTOXX 50 confirmed on Friday a further session of consolidation interior the inside day with 2264 – 2137 still the levels to follow in the coming hours. Only a daily closing below 2137 will confirm lower levels. Continue Reading… DAX Analysis(6522) The DAX failed on Friday to move much higher despite the closings above 6555. While above 6475 we expect still further strength with the 200 hours line at 6627 the attraction. The indicators of the daily chart are still well negative while those of the weekly one remain however above the line. Continue Reading… Natural Gas AnalysisNymex June natural gas prices have seen very little movement during the Asian session with prices currently trading $2.511. Prices remain elevated by supportive industry data from last week, that showed a tighter supply demand balance despite some early selling as traders took some profits ahead of a mild weekend. Continue Reading… European Markets SummaryLondon Stocks Reverse Losses To End Higher FTSE 100 closes up 0.6% at 5575.52, reversing earlier losses as US markets turn higher, after the University of Michigan consumer sentiment index for May comes in better than expected. Continue Reading… Soybeans Market AnalysisJuly soybeans were trading 16 cents lower late in the overnight session. China futures closed down 0.5% overnight on talk of the government soon releasing soybeans from reserves of up to 3 million tonnes. Palm oil futures in Malaysia closed down 2.2% to a new 9-week low. Continue Reading… Silver Market AnalysisLike gold, the silver market is once again facing a patently negative global macro economic environment. With both Chinese and Indian economic news overnight disappointing, it is clear that the deflationary crowd remains in the driver’s seat. Continue Reading… Natural Gas Market AnalysisJune natural gas prices came under pressure during the early morning hours and appear to be in the process of consolidating recent gains. The market climbed to its best level since March 26th yesterday, helped by EIA storage data that showed an injection at the lower end of expectations. Continue Reading… |