Lack of progress in Brexit & US stimulus talks are dragging on sentiment. House Speak Nancy Pelosi said US stimulus talks could run into Christmas, whilst the looming Sunday Brexit deadline could mean there is little room for optimism
BoE financial stability report said that the majority of risks associated to cross border financial transactions have been overcome. This is some good news at least, although doesn’t relate to goods.
Can FTSE hold bullish trend?The FTSE continues to trend higher through a series of higher highs and higher lows. It trades above the ascending trend line dating back to the beginning of December with a notable break out above 6515, a level with has been the upper end of a range intact since May and importantly above 6537 the 2018 low. A close above these levels at the end of the week would reinforce a bullish outlook for the index.
Immediate resistance can be seen at 6645 yesterday’s high, prior to 6670 March 6 high and 6900. On the flipside a breakthrough the ascending trend line could ignite a move back towards 6537 2018 low, 6515 horizontal support and 50 sma prior to 6440 100 sma.
Oil Cross $50, is there more upside to be had?
• Brent rises over $50 for the first time since March
• Covid vaccine rollouts boost hopes that demand for crude will build up in 2021 overshadowing near term demand concerns as covid cases surge and lockdown tightening particularly in US
• India’s biggest refiner is now operating at 100% capacity & Asian demand is strong.
Oil Cross $50, is there more upside to be had?
• Brent rises over $50 for the first time since March
• Covid vaccine rollouts boost hopes that demand for crude will build up in 2021 overshadowing near term demand concerns as covid cases surge and lockdown tightening particularly in US
• India’s biggest refiner is now operating at 100% capacity & Asian demand is strong.
After a steep run up from the April low, Brent consolidate between the band of $46.60 - $39 for 6 months before another steep rally which kicked off in late October.
The price of oil has risen for 6 straight weeks, Brent crossed $50 per barrel trading at fresh 8 month high, although the rally is slowing in recent session.On the daily chart it trades above the ascending trend line dating back to late October, dip buying points to strength in the ascent. However, it is in overbought territory on the RSI, so another pull- back could be on the cards. Should the price meaningfully move below the ascending trend line at $49.50 then resistance turned support at $46.60 comes into play prior to a strong support at $44 the confluence of the 50 & 100 sma.On the flip sides, should the ascending trend line hold a move towards a fresh 8 month high at $54 could be on the cards.
Latest market news
Today 02:05 PM
Today 11:59 AM
Latest FTSE 100 articles
Today 11:59 AM
October 16, 2024 08:57 AM
September 30, 2024 10:13 AM
September 16, 2024 10:59 AM