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DAILY MARKET NEWSLETTER 29/04/2024

2024-04-29 09:00

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

Crude Oil (WTI)‎ (M4)‎ Intraday: consolidation.

Pivot:

84.10

Our preference:

Short positions below 84.10 with targets at 83.00 & 82.60 in extension.

Alternative scenario:

Above 84.10 look for further upside with 84.45 & 85.00 as targets.

Comment:

The RSI is bearish and calls for further downside.

Bitcoin / Dollar intraday: the downside prevails as long as 64310 is resistance

Our pivot point stands at 64310.

Our preference:

The downside prevails as long as 64310 is resistance.

Alternative scenario:

The upside breakout of 64310, would call for 65840 and 66750.

Comment:

The RSI is below its neutrality area at 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 63527 and 63647).

GBP/USD Intraday: key resistance at 1.2520.

Pivot:

1.2520

Our preference:

Short positions below 1.2520 with targets at 1.2485 & 1.2470 in extension.

Alternative scenario:

Above 1.2520 look for further upside with 1.2540 & 1.2560 as targets.

Comment:

As long as 1.2520 is resistance, look for choppy price action with a bearish bias.

EUR/USD Intraday: the downside prevails.

Pivot:

1.0720

Our preference:

Short positions below 1.0720 with targets at 1.0690 & 1.0675 in extension.

Alternative scenario:

Above 1.0720 look for further upside with 1.0735 & 1.0750 as targets.

Comment:

As long as 1.0720 is resistance, look for choppy price action with a bearish bias.

Nasdaq 100 (CME)‎ (M4)‎ Intraday: intraday support around 17750.00.

Pivot:

17750.00

Our preference:

Long positions above 17750.00 with targets at 17950.00 & 18050.00 in extension.

Alternative scenario:

Below 17750.00 look for further downside with 17670.00 & 17580.00 as targets.

Comment:

The RSI is around its neutrality area at 50%

Ether / Dollar intraday: below its lower Bollinger band

Our pivot point stands at 3328.

Our preference:

The downside prevails as long as 3328 is resistance.

Alternative scenario:

The upside breakout of 3328, would call for 3411 and 3460.

Comment:

The RSI is below its neutrality area at 50. 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 3308 and 3301). Finally, the Ether / Dollar is trading below its lower Bollinger band (standing at 3265).