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DAILY MARKET NEWSLETTER 25/06/2024

2024-06-25 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)‎ (Q4)‎ Intraday: further upside.

Pivot:

81.15

Our preference:

Long positions above 81.15 with targets at 82.40 & 82.80 in extension.

Alternative scenario:

Below 81.15 look for further downside with 80.85 & 80.45 as targets.

Comment:

The break above 81.15 is a positive signal that has opened a path to 82.40.

Bitcoin / Dollar intraday: the RSI is oversold

Our pivot point stands at 60850.

Our preference:

The downside prevails as long as 60850 is resistance.

Alternative scenario:

Above 60850, look for 61790 and 62340.

Comment:

The RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). 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 60811 and 62125).

GBP/USD Intraday: bullish bias above 1.2660.

Pivot:

1.2660

Our preference:

Long positions above 1.2660 with targets at 1.2695 & 1.2710 in extension.

Alternative scenario:

Below 1.2660 look for further downside with 1.2645 & 1.2630 as targets.

Comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

EUR/USD Intraday: the upside prevails.

Pivot:

1.0715

Our preference:

Long positions above 1.0715 with targets at 1.0740 & 1.0755 in extension.

Alternative scenario:

Below 1.0715 look for further downside with 1.0700 & 1.0685 as targets.

Comment:

The RSI lacks downward momentum.

Nasdaq 100 (CME)‎ (U4)‎ Intraday: under pressure.

Pivot:

19920.00

Our preference:

Short positions below 19920.00 with targets at 19580.00 & 19490.00 in extension.

Alternative scenario:

Above 19920.00 look for further upside with 20080.00 & 20150.00 as targets.

Comment:

The RSI shows downside momentum.

Ether / Dollar intraday: rebound towards 3431

3233 is our pivot point.

Our preference:

Rebound towards 3431.

Alternative scenario:

Below 3233, expect 3163 and 3121.

Comment:

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 3302 and 3363).