Hacked: Hacking Finance


Daily Analysis: Oil Turns South as Stocks Remain Steady

Posted on .

Daily Analysis: Oil Turns South as Stocks Remain Steady


Thursday Market Recap

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //
Asset Current Value Daily Change
S&P 500 2340 -0.27%
DAX 12016 0.10%
WTI Crude Oil 50.86 -3.84%
GOLD 1282.00 0.22%
Bitcoin 1220 0.67%
EUR/USD 1.0767 0.53%


The volatile period in crude oil continued yesterday, as the surprising gasoline inventory build in the US triggered a large sell-off in the world’s most traded commodity. The WTI contract fell back to trade with a $50 handle after hitting $54 per barrel last week. Stock markets remained weak despite the easing geopolitical fears, as investors are still cautious before the French election this weekend. The recent polls show a favorable change for the markets, as Macron seems to be strengthening against the anti-EU candidates. European equities are dragging down global markets this week, and the pressure might remain on the major benchmarks until Monday.

The latest French polls (source: Reuters)

The Great British Pound is holding on to its lofty gains against the most important currencies, even after a slight correction, as the Dollar got hit overnight, and the Euro was also helped by the strength of the GBP. Safe-haven assets continued to drift lower, with the Japanese Yen and gold both losing ground, despite the Dollar weakness.

Ethereum Classic marched on above the $3 level, rising by another 15%, while NEM fell by double digits after its recent surge. Ripple also got hit hard today, as the altcoin pushed below the $0.03 level again on rising volume. Bitcoin is still looking encouraging, but the resistance zone near $1215 that we have been monitoring remains a concern for bulls. Ethereum bounced lower off the $53 level again, while Monero and Litecoin are still trading in a directionless trading range.

Ripple 4-Hour Chart Analysis

Technical Picture

The US financial sector (represented by the XLF ETF) that has been the leader of the current correction in global stocks is at an important technical juncture. The XLF tested the 22.85 support level last week and it’s now trading right at the declining trend-line that defines the short-term downtrend. A move above the trend-line would point to a rally up to the 23.85 resistance and could open the way for a recovery towards the March highs. Conversely a move below, 22.85 would be bearish for the sector and the broader market.

XLF (US financial sector ETF), Daily Chart Analysis


Key Economic Releases on Thursday

Time, CET Country Release Actual Expected Previous
14:30 US Philly Fed Index 22.0 25.6 32.8
14:30 US Unemployment Claims 244,000 241,000 234,000
17:30 US BOE Governor Carney Speaks


Key Economic Releases on Friday

Time, CET Country Release Expected Previous
9:30 GERMANY Services PMI 55.5 55.6
9:30 GERMANY Manufacturing PMI 58.1 58.3
10:00 EUROZONE Services PMI 56 56
10:00 EUROZONE Manufacturing PMI 56.1 56.2
10:30 UK Retail Sales -0.30% 1.40%
14:30 CANADA CPI 0.40% 0.20%
16:00 US Existing Home Sales 5.61 million 5.48 million
Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.

Feedback or Requests?


Mate Cser

Mate Cser

Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.

There are no comments.

View Comments (0) ...
Have you ever thought about a futures market for bitcoin.…