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PATRIS - Weekly Technical Outlook - 17 August 2018

20 Aug 2018


S&P500: S&P500 retreated, not being able to reach January high (2873). The index tested and confirmed the support of 2802, which we interpret as a positive sign.

Euro Stoxx50: Euro Stoxx 50 pulled back, as expected, reaching the retracement target defined at 3439. We see recovery towards 200-day moving average (3492) as a likely scenario in the short-term.

PSI20: PSI20 jumped below the target level of 5559 and the 200-day moving average, over the last week, finding support on the gap of 4 Apr 2018 (5404).

BOVESPA: Bovespa moved below 200-day moving average and the target level of 78025 (5 Oct 2017), defined in the previous weeks.

WTI: WTI moved downward and tested 200-day moving average ($64.45), which is a crucial support in the near-term. We see risks of a break below 200-day moving average ($64.45) in the short-term.

Gold: Gold broke below the crucial level of $1200, which we interpret as a negative sign. Short-term technical indicators reached an oversold condition, suggesting some stabilization and rebound in the upcoming days.

EUR/USD: EUR/USD broke below defined targets of 1.1510$/€ and 1.1448$/€ last week, reaching a 14-month low. We see a short-term rebound towards 1.1448$/€ as a possible scenario.

Chart of the week: S&P 500 Telecommunications: The sector has already recovered more than 12% since May 2018 low. Daily momentum indicators reached an overbought condition, suggesting some correction in the short-term.

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