Daily Forecast - 02 March 2015
WTI Crude April contract
WTI Crude first resistance level at 4970/75 could hold a move higher today but above Friday's high at 4994 opens the door to 5030/35. If we continue higher look for a selling opportunity at 5090/5100 with a stop again above 5130.
Failure to beat 4975 targets first support at 4855/45. A bounce from here on the first test at least looks likely, but longs need stops below 4820. A break lower is obviously more negative targets last week's low at 4780. A break below here this week will add pressure to target 4760/50 then 4730/25. If we continue lower look for 4705/00 then 4650/40.
Brent Crude April contract
Brent Crude April has lacked any direction for two weeks & same levels apply for today while we wait for breakout. A break above 6300 is more positive & opens the door 6340 then 6370. If we continue higher look for 6440 then 6510/15.
Failure to beat 6300 leaves a negative double top pattern to trigger a drift lower to 6195/90. If we continue lower look for 6110/00. Exit shorts & try longs down to support at 6085. A break lower however risks a slide towards support at 5990/5980.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.