DAILY MARKET NEWSLETTER 31/01/2024

2024-02-01 20:31
 
 
  Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.
 
 
     
 
Crude Oil (WTI)‎ (H4)‎ Intraday: intraday support around 77.15.
 
Pivot:
77.15
 
Our preference:
Long positions above 77.15 with targets at 78.50 & 79.00 in extension.
 
Alternative scenario:
Below 77.15 look for further downside with 76.50 & 75.90 as targets.
 
Comment:
The next resistances are at 78.50 and then at 79.00.
 
Analyst Views Chart
 
 
 
 
 
Bitcoin / Dollar intraday: the upside prevails as long as 42980 is support
 
Our pivot point is at 42980.
 
Our preference:
The upside prevails as long as 42980 is support.
 
Alternative scenario:
Below 42980, expect 42210 and 41750.
 
Comment:
The RSI is above its neutrality area at 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 43438 and 43380).
 
Analyst Views Chart
 
 
 
 
 
GBP/USD Intraday: bullish bias above 1.2660.
 
Pivot:
1.2660
 
Our preference:
Long positions above 1.2660 with targets at 1.2720 & 1.2740 in extension.
 
Alternative scenario:
Below 1.2660 look for further downside with 1.2640 & 1.2620 as targets.
 
Comment:
The RSI advocates for further advance.
 
Analyst Views Chart
 
 
 
 
 
EUR/USD Intraday: the bias remains bullish.
 
Pivot:
1.0815
 
Our preference:
Long positions above 1.0815 with targets at 1.0865 & 1.0880 in extension.
 
Alternative scenario:
Below 1.0815 look for further downside with 1.0795 & 1.0780 as targets.
 
Comment:
The RSI calls for a bounce.
 
Analyst Views Chart
 
 
 
 
 
Nasdaq 100 (CME)‎ (H4)‎ Intraday: under pressure.
 
Pivot:
17570.00
 
Our preference:
Short positions below 17570.00 with targets at 17350.00 & 17250.00 in extension.
 
Alternative scenario:
Above 17570.00 look for further upside with 17630.00 & 17730.00 as targets.
 
Comment:
The RSI has broken down its 30 level.
 
Analyst Views Chart
 
 
 
 
 
Ether / Dollar intraday: the upside prevails as long as 2340 is support
 
Our pivot point stands at 2340.
 
Our preference:
The upside prevails as long as 2340 is support.
 
Alternative scenario:
Below 2340, expect 2294 and 2266.
 
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 trading above both its 20 and 50 period moving average (respectively at 2343 and 2323).
 
Analyst Views Chart
 
 
 
 

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