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DAILY MARKET NEWSLETTER 27/02/2024

2024-04-16 01:47

Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.

Crude Oil (WTI)‎ (J4)‎ Intraday: bullish bias above 77.20.

Pivot:

77.20

Our preference:

Long positions above 77.20 with targets at 78.00 & 78.40 in extension.

Alternative scenario:

Below 77.20 look for further downside with 76.80 & 76.35 as targets.

Comment:

The next resistances are at 78.00 and then at 78.40.

Bitcoin / Dollar intraday: the RSI is overbought

Our pivot point is at 53620.

Our preference:

The upside prevails as long as 53620 is support.

Alternative scenario:

Below 53620, expect 52760 and 52240.

Comment:

The RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 52693 and 51985).

GBP/USD Intraday: bullish bias above 1.2660.

Pivot:

1.2660

Our preference:

Long positions above 1.2660 with targets at 1.2700 & 1.2720 in extension.

Alternative scenario:

Below 1.2660 look for further downside with 1.2645 & 1.2630 as targets.

Comment:

The RSI is mixed with a bullish bias.

EUR/USD Intraday: further advance.

Pivot:

1.0830

Our preference:

Long positions above 1.0830 with targets at 1.0865 & 1.0880 in extension.

Alternative scenario:

Below 1.0830 look for further downside with 1.0815 & 1.0800 as targets.

Comment:

The RSI calls for a bounce.

Nasdaq 100 (CME)‎ (H4)‎ Intraday: the downside prevails.

Pivot:

18060.00

Our preference:

Short positions below 18060.00 with targets at 17890.00 & 17800.00 in extension.

Alternative scenario:

Above 18060.00 look for further upside with 18145.00 & 18240.00 as targets.

Comment:

The RSI lacks upward momentum.

Ether / Dollar intraday: the upside prevails as long as 3131 is support

Our pivot point stands at 3131.

Our preference:

The upside prevails as long as 3131 is support.

Alternative scenario:

The downside breakout of 3131 would call for 3072 and 3037.

Comment:

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 3122 and 3107).