The Oil Dance And Its foray In Global Markets Are Still Making Headlines.

By Content-mgr - on August 28, 2019

The Oil Dance and its foray in Global Markets are still making headlines.

Wednesday, Market participants look forward to reports from the US Energy Information Administration (EIA), coupled with several speeches from FOMC members to render clues on any upcoming cuts. The latest developments from UK Prime Minister will be digested.      

Global Stocks:

Global stocks are likely to continue their roller coasting cursing from support to resistance and vice versa. As bonds surge Stocks take the fall and the Trade tiffs act as a good catalyst in the soothing or aggravating market psyche, imbued in lack of clarity and fear of recession. Asian stocks ended the trading session relatively strong However, this might not be the case in the EU nor the US sessions.

USA30: The Dow was spotted at the time of print bullish helped by the reconciliatory tone exhibited both by China and the US amid allegations that some of President Trump’s statements were not up to par with what transpired over the weekend. Trading is a range between 25,703.0 -25,846.0 and already losing steam at 25,745.0 by 10:50 GMT. Technical Analysis reveals the possibility of a downward pull to 25,616.00.

Italy40: By the time of print the FTSE MIB Futures was stepping down at 20,974.00 from the day’s open of 21,004.50 which is the current resistance level. ranging between 20,819.50 -21,004.50 down 0.10%. If the support is breached it is likely going to reach 20.730.00 as per our Technical analysts.

Germany30: Traded down 0.63% at 11,626.5 between 11,623.0 -11,732.1 by the time of print 10:55GMT. A further downside to 11,570.00 is imminent after which the DAX30 is seen knee-jerking.

UK100: The FTSE 100 futures, had been trading sideways by the time of print spotted up 0.09% which is likely to be shed by the completion of this article. Trading between highs of 7,126.0 and lows of 7,041.5 at 7,083.2 dips to 6.987.00 are highly plausible.

Commodities:

It looks like a blissful day across the commodities in which most are bullish        

  • Oil: The API announced a draw of nearly 11.1 million barrels’ despite WTI Crude Oil’s foray and geopolitics surrounding supply and demand. Prices were seen climbing Ahead of the day’s EIA report which is estimated to report a draw of 2.1 million barrels. Spotted at 55.75 up 1.49% With the RSI in the comfort Zone between 70 &30 Oil may march time around 55.70-55.75.  With a trading range between 55.36-55.85. Downtrends to 54.90 and further downside to 54.18. is envisaged if trends do breach the 56.50 resistance level. Thus a nice roller coaster ride is the expectation.

  • Gold: Investors that seem to have gone through a previous crisis, and thus able to appreciate the prevailing existential market risks spiced with monetary and systematic risks hedge, and acquire more of the precious metal, by the time of print it traded at 1,551.95 in a range between 1,541.60-1,554.25 sudden drops to 1,525.00 could be abrupt.

FX Market:

The USD was observed maintaining its strides with the DXY back into the 98 zones. Trading between 98.00 – 98.19   

  • USD/JPY: The Pair traded at 105.78 between 105.66 and 105.90
  • EUR/USD:  The EUR was down to the USD trading between 1.1074 -1.1098 at 1.1090
  • GBP/USD:  The Pound slipped with as news of Prime Minister Boris Johnson’s request to the queen to suspend parliament between September 9th and October 14th. Investors envisage this a hint to secure a Brexit with no deal. “Hard –Brexit”. The pair were spotted trading at 1.2209 down 0.63% between 1,2157 -1.2293

The Cryptocurrencies.

The Cryptocurrencies were spotted down-trending however, with market conditions lingering, the BTC/USD was seen at 10,152.0 in a range between 10,021.0 -10,268.0 further upside to 10,380.00 are in the pipelines.

Plan Ahead.

Further details, please visit Xtrade.com. You may also leave your comments below.

Related links:

Write a comment

Your email address will not be published. Required fields are marked *

No comments yet, Be the first!
More articles
March 28, 2024
X-blogger
Asian Daily Market Review
March 27, 2024
X-blogger
Gold Surpasses $2,200 Level
March 27, 2024
X-blogger
European Daily Market Review