DAILY MARKET NEWSLETTER 05/02/2024

2024-02-06 02:35
 
 
  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: under pressure.
 
Pivot:
73.40
 
Our preference:
Short positions below 73.40 with targets at 72.00 & 71.30 in extension.
 
Alternative scenario:
Above 73.40 look for further upside with 74.40 & 75.45 as targets.
 
Comment:
The index currently faces a challenging resistance area at 73.40.
 
Analyst Views Chart
 
 
 
 
 
Bitcoin / Dollar intraday: the downside prevails as long as 43240 is resistance
 
Our pivot point stands at 43240.
 
Our preference:
The downside prevails as long as 43240 is resistance.
 
Alternative scenario:
The upside breakout of 43240, would call for 43990 and 44440.
 
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 42870 and 42915).
 
Analyst Views Chart
 
 
 
 
 
GBP/USD Intraday: the downside prevails.
 
Pivot:
1.2670
 
Our preference:
Short positions below 1.2670 with targets at 1.2580 & 1.2550 in extension.
 
Alternative scenario:
Above 1.2670 look for further upside with 1.2700 & 1.2730 as targets.
 
Comment:
The RSI advocates for further decline.
 
Analyst Views Chart
 
 
 
 
 
EUR/USD Intraday: under pressure.
 
Pivot:
1.0815
 
Our preference:
Short positions below 1.0815 with targets at 1.0745 & 1.0720 in extension.
 
Alternative scenario:
Above 1.0815 look for further upside with 1.0840 & 1.0870 as targets.
 
Comment:
The RSI has broken down its 30 level.
 
Analyst Views Chart
 
 
 
 
 
Nasdaq 100 (CME)‎ (H4)‎ Intraday: further advance.
 
Pivot:
17590.00
 
Our preference:
Long positions above 17590.00 with targets at 17850.00 & 17950.00 in extension.
 
Alternative scenario:
Below 17590.00 look for further downside with 17480.00 & 17350.00 as targets.
 
Comment:
The next resistances are at 17850.00 and then at 17950.00.
 
Analyst Views Chart
 
 
 
 
 
Ether / Dollar intraday: the downside prevails as long as 2316 is resistance
 
Our pivot point stands at 2316.
 
Our preference:
The downside prevails as long as 2316 is resistance.
 
Alternative scenario:
The upside breakout of 2316, would call for 2361 and 2387.
 
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 is trading under both its 20 and 50 period moving average (respectively at 2297 and 2297).
 
Analyst Views Chart
 
 
 
 

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