Daily Market Reports | Amana Capital
Check out today's archived version of our market outlook "600 Seconds of Trading". In this webinar, we provide our view and technical analysis for key markets such as the EUR/USD, Bitcoin, Gold, Crude oil, and the DAX 30. Join us in the live trading room, Monday to Friday at 9 am London time for a live session.
Earlier today, the price of WTI Crude oil reached a new monthly high. The rise in price comes after it found support at $55.72 two days ago, and as we highlighted then, we suspected traders would buy at $55.90 and book profits as we reached the old highs. As the price is now trading at the prior highs, I anticipate profit-taking to kick in unless the price experiences a short-squeeze.
If a short-squeeze is triggered, I suspect crude oil might reach the psychological level of $58.5. However, traders that are not long will probably wait for a corrective move to the first Fibonacci level of the latest rally at $57.13, as the risk/reward ratio for bullish positions is better at this level.
I will remain bullish as long as the price trades above the November 20 low of 53.73.
For more on my take on crude oil prices, check out today’s morning outlook.
The DAX 30 is now bullish after it stopped creating lower and lower highs by breaching the November 16 high of 13097. Going forward I will treat the DAX 30 as bullish as long as the price trades above the November 15 low of 12850, and I suspect traders will see today’s decline as corrective with a potential bounce in price occurring between 13067-12850.
On a break to the November 15 low of 12850, the trend might turn bearish, and the DAX 30 might target the September 22 high of 12652.
For more on our take on the DAX 30, check out today’s morning outlook.
The EUR/USD is trying to trade lower this morning and could be on its way to the October 6 low of 1.1676 as highlighted in our updates over the last few days. For now, as the overall trend is bearish below the 1.1830 level, which is a level just a few pips above the November 17 high of 1.1822, we will assume that the bearish traders will be successful in taking price to the next support level of 1.1676 formed on October 6.
I also suspect that if the EUR/USD was to bounce then traders might see this as an opportunity to add to their bearish exposure, given the overall bearish trend.
Only on a break to the 1.1830 level, will the downside pressure for the EURUSD abate and traders might try to lift the price to the next resistance levels of 1.1880, formed on October 9.
What's our view on the EUR/USD following the collapse of the German coalition talks on forming a so-called ‘Jamaica’ coalition between the CDU/CSU, FDP, and SPD? And what's our view on Bitcoin following the overnight news that Tether.to suspends its back-end wallet service after hackers steal $31 million in tokens and thereby triggering a correction in the price of BTC? See today's market update to find out, and join us Monday to Friday at 9 am London time at the Live Trading Room for a live session.