Daily Review for April 28, 2021
Crude oil seeks to recover and consolidate the USD$63 per barrel zone. OPEC+ decided to increase supply by 2 million barrels per day starting in the coming months.
Nasdaq 100 in sideway but close to new record highs. Apple and Facebook will present their financial results today.
EURUSD breaks 1.2100 support. Traders are waiting for ECB and the FED announcements.
Bulls mark the S&P500 at 4,200. Everything depends on the interest rate decision by the FED.
| CRUDE OIL +0.37% |
| Higher than expected inventories in the US. However, crude oil prices are reacting to market demand. Yesterday’s API report showed that weekly crude oil stocks in the US increased by 4.3 million barrels vs. 0.37 million barrels expected by the market. OPEC+ decided to start increasing supply by 2 million barrels per day, starting in the coming months. Their strategy is focused on economic recovery, which may boost market demand. |
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| Support 1: 62.93 Support 2: 62.73 Support 3: 62.58 Resistance 1: 63.28 Resistance 2: 63.43 Resistance 3: 63.63 Pivot Point: 63.08 |
| The price is in an uptrend and is trying to consolidate above 63. It is also above the 25- and 50-day moving average. Next target is 64 with support at 62. Pivot point at 63.08. Trading range between 62.58 and 63.63. |
| NASDAQ 100 +0.06% |
| Index continues to move based on corporate results. During yesterday’s market close, Microsoft beat market expectations, with EPS of 1.95 vs. 1.78 and revenues of USD$41.71 Billion vs. USD$41.04 Billion. Today, after the market close, Apple and Facebook will present their results. Meanwhile, the Nasdaq 100 is at record highs. |
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| Support 1: 13,949.92 Support 2: 13,940.58 Support 3: 13,927.04 Resistance 1: 13,972.80 Resistance 2: 13,986.34 Resistance 3: 13,995.68 Pivot Point: 13,963.46 |
| Uptrend. Sideways price movement until further momentum. Traders aware of the FED. The price is entering the Ichimoku cloud where a trading range between 13,927 and 13,995 is expected. Pivot point at 13.963. RSI neutral. |
| EURUSD -0.24% |
| The currency retreated from the 1.2100 level but is still above the 100-day moving average. Traders today are looking ahead to the ECB statement and to the FED interest rate decision. The economic recovery is going faster than expected and the market senses that central banks are going to start cutting stimulus. Meanwhile, the currency is down 0.24% and is trading at 1.2063. |
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| Support 1: 1.2053 Support 2: 1.2046 Support 3: 1.2033 Resistance 1: 1.2073 Resistance 2: 1.2086 Resistance 3: 1.2093 Pivot Point: 1.2066 |
| Possible change in trend. Price remains above the 50, 100 and 200-day moving averages. RSI neutral. The first level to beat is 1.2090. If Bulls manage to reach it, the next level is 1.2120. Main support at 1.2033. Pivot point at 1.2066. |
| S&P 500 -0.03% |
| The market is waiting for the FED, its interest rate decision and the economic outlook, mainly from a inflation perspective. The index is currently down 0.03% and is trading at 4,178. The price could generate additional upward movements if interest rates remain unchanged. On the contrary, if interest rates rise, the market could present a correction. |
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| Support 1: 4,182.70 Support 2: 4,181.03 Support 3: 4,179.94 Resistance 1: 4,185.46 Resistance 2: 4,186.55 Resistance 3: 4,188.22 Pivot Point: 4,183.79 |
| The short-term target is 4,200. If this is achieved, the next target is at the 200% Fibonacci extension in 4,300. Main support at 4,179. Pivot Point in 4,183.79. Trading range between 4,179 and 4,188. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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