CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

European Open: WTI continues to defy the strong dollar

Article By: ,  Market Analyst
October 10, 2022 5:44 AM

Asian Indices:

  • Australia's ASX 200 index fell by -87.3 points (-1.29%) and currently trades at 6,675.50
  • Japan's Nikkei 225 index has fallen by -195.19 points (-0.71%) and currently trades at 27,116.11
  • Hong Kong's Hang Seng index has fallen by -441.73 points (-2.49%) and currently trades at 17,298.32
  • China's A50 Index has fallen by -132.86 points (-1.03%) and currently trades at 12,775.25

 

UK and Europe:

  • UK's FTSE 100 futures are currently down -28.5 points (-0.41%), the cash market is currently estimated to open at 6,962.59
  • Euro STOXX 50 futures are currently down -28 points (-0.83%), the cash market is currently estimated to open at 3,347.46
  • Germany's DAX futures are currently down -90 points (-0.73%), the cash market is currently estimated to open at 12,183.00

 

US Futures:

  • DJI futures are currently down -115 points (-0.39%)
  • S&P 500 futures are currently down -55.5 points (-0.5%)
  • Nasdaq 100 futures are currently down -16.25 points (-0.44%)

 

 

Sentiment remained sour during the Asian session, with equity indices across the region tracking Wall Street lower. The Hang Seng was the weakest performer and fell around -2.9% as trading activity picked up after the week-long celebration for ‘golden week’ in China.

Indices futures were also lower for the US and Europe. The S&P 500 and Nasdaq E-mini contracts touched a 5-day low.

The FTSE 100 meandered around 7,000 on Friday before closing the week just beneath it. Whilst sentiment is on the back foot, bearish volatility is relatively low so perhaps there is chance of a bounce in sentiment today.

However, IMF meetings take place this week in Washington so any updates or comments form central bankers and officials have the potential to drive sentiment (one way or another).

Volatility was mostly calm for currency markets, although AUD is the weakest major and Aussie pairs in general look like they may want to push lower. AUD/USD has touched a new cycle low and trades at its weakest level since April 2020.

 

WTI 1-hour chart:

A strong bullish trend has developed on the 1-hour WTI chart. The 20 and 50-bar EMA’s have provided dynamic support throughout the trend and may provide bullish opportunities with a pullback towards them. The 20-bar EMA is near the daily pivot point and the 50-bar is near the $90 handle and daily 1 pivot.  The next area for bulls to consider is around $94 or the daily R1 pivot.

 

FTSE 350 – Market Internals:

FTSE 350: 3848.86 (-0.09%) 07 October 2022

  • 58 (16.57%) stocks advanced and 284 (81.14%) declined
  • 4 stocks rose to a new 52-week high, 20 fell to new lows
  • 16.57% of stocks closed above their 200-day average
  • 27.43% of stocks closed above their 50-day average
  • 3.14% of stocks closed above their 20-day average

 

Outperformers:

  • + 15.40% - J D Wetherspoon PLC (JDW.L)
  • + 3.65% - Centrica PLC (CNA.L)
  • + 3.37% - BAE Systems PLC (BAES.L)

 

Underperformers:

  • -16.62% - Marshalls PLC (MSLH.L)
  • -10.94% - PureTech Health PLC (PRTC.L)
  • -8.04% - Auction Technology Group PLC (ATG.L)

 

 

Economic events up next (Times in BST)

 

 

How to trade with City Index

You can easily trade with City Index by using these four easy steps:

  1. Open an account, or log in if you’re already a customer 

    • Open an account in the UK
    • Open an account in Australia
    • Open an account in Singapore

  2. Search for the company you want to trade in our award-winning platform 
  3. Choose your position and size, and your stop and limit levels 
  4. Place the trade

 

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024