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DAILY MARKET NEWSLETTER 06/03/2024

2024-04-26 01:19

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: under pressure.

Pivot:

78.70

Our preference:

Short positions below 78.70 with targets at 77.65 & 77.20 in extension.

Alternative scenario:

Above 78.70 look for further upside with 79.30 & 79.80 as targets.

Comment:

The RSI is below its neutrality area at 50%

Bitcoin / Dollar intraday: the downside prevails as long as 63660 is resistance

Our pivot point is at 63660.

Our preference:

The downside prevails as long as 63660 is resistance.

Alternative scenario:

The upside breakout of 63660, would call for 64670 and 65270.

Comment:

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 65686 and 66780).

GBP/USD Intraday: the bias remains bullish.

Pivot:

1.2680

Our preference:

Long positions above 1.2680 with targets at 1.2720 & 1.2735 in extension.

Alternative scenario:

Below 1.2680 look for further downside with 1.2665 & 1.2650 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

EUR/USD Intraday: bullish bias above 1.0840.

Pivot:

1.0840

Our preference:

Long positions above 1.0840 with targets at 1.0875 & 1.0890 in extension.

Alternative scenario:

Below 1.0840 look for further downside with 1.0825 & 1.0810 as targets.

Comment:

The RSI calls for a bounce.

Nasdaq 100 (CME)‎ (H4)‎ Intraday: key resistance at 18030.00.

Pivot:

18030.00

Our preference:

Short positions below 18030.00 with targets at 17830.00 & 17720.00 in extension.

Alternative scenario:

Above 18030.00 look for further upside with 18120.00 & 18210.00 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 18030.00.

Ether / Dollar intraday: the downside prevails as long as 3483 is resistance

3483 is our pivot point.

Our preference:

The downside prevails as long as 3483 is resistance.

Alternative scenario:

The upside breakout of 3483, would call for 3544 and 3581.

Comment:

The RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 3675 and 3666).