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DAILY MARKET NEWSLETTER 23/07/2024

2024-07-24 05:58

Please note that due to market volatility, some of the key levels may have already been reached and scenarios played out.

Crude Oil (WTI)‎ (U4)‎ Intraday: key resistance at 78.75.

Pivot:

78.75

Our preference:

Short positions below 78.75 with targets at 77.55 & 77.00 in extension.

Alternative scenario:

Above 78.75 look for further upside with 79.10 & 79.75 as targets.

Comment:

The RSI has just struck against its neutrality area at 50% and is reversing down.

Bitcoin / Dollar intraday: above its upper Bollinger band

Our pivot point stands at 66870.

Our preference:

The upside prevails as long as 66870 is support.

Alternative scenario:

The downside breakout of 66870 would call for 65880 and 65280.

Comment:

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 67361 and 67609). Finally, the Bitcoin / Dollar has crossed above its upper Bollinger band (68069).

GBP/USD Intraday: the bias remains bullish.

Pivot:

1.2905

Our preference:

Long positions above 1.2905 with targets at 1.2945 & 1.2960 in extension.

Alternative scenario:

Below 1.2905 look for further downside with 1.2890 & 1.2875 as targets.

Comment:

The RSI calls for a rebound.

EUR/USD Intraday: bullish bias above 1.0870.

Pivot:

1.0870

Our preference:

Long positions above 1.0870 with targets at 1.0905 & 1.0920 in extension.

Alternative scenario:

Below 1.0870 look for further downside with 1.0855 & 1.0840 as targets.

Comment:

The RSI calls for a bounce.

Ether / Dollar intraday: rebound

Our pivot point stands at 3420.

Our preference:

Rebound.

Alternative scenario:

The downside breakout of 3420 would call for 3345 and 3300.

Comment:

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (3475) but below its 50 period moving average (3496).

Nasdaq 100 (CME)‎ (U4)‎ Intraday: intraday support around 19800.00.

Pivot:

19800.00

Our preference:

Long positions above 19800.00 with targets at 20160.00 & 20360.00 in extension.

Alternative scenario:

Below 19800.00 look for further downside with 19680.00 & 19530.00 as targets.

Comment:

The RSI is above its neutrality area at 50%.