Oil edged lower on Wednesday in choppy trading as investors looked to cash in on gains from two straight days of gains. On the supply side, there were concerns about a shortage following an unexpected reduction in US oil inventories and the suspension of some oil exports from Iraqi Kurdistan. A smaller-than-expected output reduction in Read More…
Quick Update Last time we looked at Yen futures was back on March 2nd. The sentiment has drastically changed since then as US data has cooled and the collapse of SVB. Bulls have enjoyed the recent rally, but the steam is running out, and those who have missed the initial move may see another opportunity soon Read More…
US equities finished slightly lower on Tuesday as traders considered remarks made by a top American regulator regarding failing banks. Michael Barr, head of the Federal Reserve’s banking division, stated that Silicon Valley Bank’s risk management was “terrible” before it collapsed. One of the greatest drags on the S&P 500 was the decline in share Read More…
Bulls target $13,500 Nasdaq Futures have been on an uptrend since September 2022, with bulls targeting $13,500 as the 50% Fibonacci retracement level. The current price stands at $12,800, indicating a potential upside of nearly 5% from current levels. The Relative Strength Index (RSI) has been printing higher highs since September 2022, indicating the strength Read More…
Wall Street equities rose on Monday as worries about the banking system were reduced. First Citizens BancShares stated it would take over the deposits and loans of insolvent Silicon Valley Bank. The S&P 500 bank index, which had closed down more than 22% for the month on Friday, ended the day up 3%. The deal Read More…
Technical analysis Price action: There is a strong band of support that has formed at the $1,738 level, which was our previous bearish target. It is all the 0.78 Fibonacci level. The candlesticks show strong bullish sentiment as every time price dips below $1,738, it gets bid back up. This can be seen by the multiple wicks Read More…
