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DAILY MARKET NEWSLETTER 08/03/2024

2024-05-01 01:40

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: bounce.

Pivot:

78.75

Our preference:

Long positions above 78.75 with targets at 79.75 & 80.55 in extension.

Alternative scenario:

Below 78.75 look for further downside with 78.00 & 77.50 as targets.

Comment:

The RSI is mixed to bullish.

Bitcoin / Dollar intraday: the upside prevails as long as 66990 is support

66990 is our pivot point.

Our preference:

The upside prevails as long as 66990 is support.

Alternative scenario:

The downside breakout of 66990 would call for 65900 and 65250.

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 above its 20 and 50 period moving average (respectively at 67326 and 66738).

GBP/USD Intraday: the upside prevails.

Pivot:

1.2760

Our preference:

Long positions above 1.2760 with targets at 1.2830 & 1.2860 in extension.

Alternative scenario:

Below 1.2760 look for further downside with 1.2740 & 1.2720 as targets.

Comment:

The RSI advocates for further advance.

EUR/USD Intraday: further advance.

Pivot:

1.0915

Our preference:

Long positions above 1.0915 with targets at 1.0970 & 1.0990 in extension.

Alternative scenario:

Below 1.0915 look for further downside with 1.0895 & 1.0870 as targets.

Comment:

The RSI is bullish and calls for further upside.

Nasdaq 100 (CME)‎ (H4)‎ Intraday: intraday support around 18160.00.

Pivot:

18160.00

Our preference:

Long positions above 18160.00 with targets at 18375.00 & 18450.00 in extension.

Alternative scenario:

Below 18160.00 look for further downside with 18040.00 & 17940.00 as targets.

Comment:

The next resistances are at 18375.00 and then at 18450.00.

Ether / Dollar intraday: above its upper Bollinger band

Our pivot point stands at 3857.

Our preference:

The upside prevails as long as 3857 is support.

Alternative scenario:

Below 3857, expect 3786 and 3745.

Comment:

The RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). 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 3838 and 3820). Finally, the Ether / Dollar is trading above its upper Bollinger band (standing at 3925).