Investment Recommendations April 3rd
Oil: Short-Term Sell
WTI Crude Oil Futures, 4-Hour Chart Analysis
Oil had experienced a significant bounce last week after the key technical break-down two weeks ago. The crucial commodity rose above the $50 per barrel level, although the momentum of the advance as starting to fade, as the MACD seems to be rolling over in slightly overbought territory. The price is nearing trend-line resistance around the $51 level, as it’s also close to the lower boundary of the previous multi-month consolidation zone.
The key $51.50 resistance level provides initial resistance, with a further important zone ahead between $52.15 and $52.50. Technical support levels below are found around $49.75. The most important level of the recent bearish range is at $48.75. The underlying fundamental trends remain bearish, suggesting a new leg down, possibly penetrating the prior lows near $47.00.
Bitcoin: Short-Term and Long-term Buy (Update)
Bitcoin, 4-Hour Chart Analysis
Bitcoin reached the target of our short-term recommendation early this morning, but so far no explosive move on the upside got triggered. The conditions for our long-term buy recommendation are still intact, but the lack of momentum made us tighten the stop-loss, already above our entry point, just below the 1050 level.
The 1115 and the 1060 support levels are crucial for the current short-term uptrend, as the violent correction might resume if those technical levels fail. Strong resistance is ahead at 1260 and 1300, with minor levels at 1135 and 1165.