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DAILY MARKET NEWSLETTER 03/05/2024

2024-05-03 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: under pressure.

Pivot:

79.90

Our preference:

Short positions below 79.90 with targets at 78.40 & 77.80 in extension.

Alternative scenario:

Above 79.90 look for further upside with 80.55 & 81.25 as targets.

Comment:

The immediate trend remains down but the momentum is weak.

Bitcoin / Dollar intraday: as long as 58030 is support look for 61470

Our pivot point is at 58030.

Our preference:

As long as 58030 is support look for 61470.

Alternative scenario:

The downside breakout of 58030 would call for 56710 and 55930.

Comment:

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The price could retrace. Moreover, the price is below its 20 period moving average (59161) but above its 50 period moving average (58361).

GBP/USD Intraday: bullish bias above 1.2500.

Pivot:

1.2500

Our preference:

Long positions above 1.2500 with targets at 1.2565 & 1.2580 in extension.

Alternative scenario:

Below 1.2500 look for further downside with 1.2480 & 1.2465 as targets.

Comment:

The RSI advocates for further advance.

EUR/USD Intraday: further advance.

Pivot:

1.0695

Our preference:

Long positions above 1.0695 with targets at 1.0750 & 1.0770 in extension.

Alternative scenario:

Below 1.0695 look for further downside with 1.0675 & 1.0660 as targets.

Comment:

The RSI is bullish and calls for further upside.

Nasdaq 100 (CME)‎ (M4)‎ Intraday: expect 17920.00.

Pivot:

17600.00

Our preference:

Long positions above 17600.00 with targets at 17830.00 & 17920.00 in extension.

Alternative scenario:

Below 17600.00 look for further downside with 17500.00 & 17420.00 as targets.

Comment:

The RSI advocates for further advance.

Ether / Dollar intraday: as long as 2929 is support look for 3121

Our pivot point stands at 2929.

Our preference:

As long as 2929 is support look for 3121.

Alternative scenario:

The downside breakout of 2929 would call for 2855 and 2811.

Comment:

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The price could retrace. Moreover, the price is below its 20 period moving average (2992) but above its 50 period moving average (2963).