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PATRIS - Weekly Technical Outlook - 27 September 2018

27 Sep 2018

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S&P500: 

S&P500 reached a new intraday all-time high on 21 September (2941). The index closed below the gap of 20 September yesterday. It is recovering, as we type… Short-term technical backdrop deteriorated. Some pullback is possible in the upcoming days, as the index confirms the break of the 20 September gap. We define the next support levels at 2876- 2885 (27 August gap) and at 2866 (50-day moving average). MACD: This crossing may have negative implications for S&P500..

EuroStoxx 50:

Euro Stoxx 50 consolidated close to its 50-day moving average over the last week. Some consolidation is possible in the upcoming days. However, we see as possible new attempts to break the 200-day moving average (3464). Medium-term setup remains cautious. MACD continues its upward move, supporting the index…

PSI20:

PSI20 consolidated over the last week, close to the previously defined target at 5405 (15 August low). Short-term technical indicators, are recovering. We see as possible new attempts to extend the upward move. We maintain a target interval at 5447- 5455. We remain cautious in the medium-term. RSI is still on neutral level… 

Bovespa:

Bovespa tested its 200-day moving average over the last week. It currently remains between the 50-day and 200-day moving averages. Short-term technical indicators improved, supporting the idea of new attempts to break above the 200-day moving average. This could, in turn, target 81792 (August high). After breaking “zero”, MACD can now push higher…

WTI:

WTI managed to break and close above the upper-band of the target interval of $69.85-$71.13. Short-term technical indicators are recovering and are not overbought yet. We see increasing  risks of an upward move towards the July high of $75.27. RSI is still not overbought…

Gold: 

Gold retreated over the last week. It was not able to break its 50-day moving average. The recovery continues to be weakShort-term technical indicators deteriorated. We see risks of a break below $1183 - $1188, which could trigger a further pullback towards the August low. We remain cautious in the medium-term. Technical picture remains weak. A crossing would be a negative signal... 

EUR/USD:

EUR/USD consolidated over the last week. It tested our target level at 1.1791$/€ (9 July high) but didn’t manage to close above it. We still see as possible a continuation of the upward move. Near-term support levels defined at 1.1672$/€ and 1.1620$/€ - 1.1639$/€. We maintain our target levels defined last week at 1.1851$/€ (14 June high) and 1.1945$/€ (200-day moving average). RSI is still not overbought..

CAC40 vs. DAX Relative Index

French equity index CAC40 outperformed the German DAX in 2018, so far. Technical indicators remain positive and are not overbought yet. We see as possible the continuation of the current trend. MACD continues pushing higher, which could support CAC40 relative outperformance…

For further information, or to receive the PDF file, please contact +351 912 897 835 or research@fincor.pt

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Disclaimer

The information and opinion contained in this report was prepared by PATRIS - SOCIEDADE CORRETORA, SA ("Patris"), which is part of the group of companies whose holding is PATRIS INVESTIMENTOS, SGPS, SA (Patris Group), listed in Alternext, which holds 100% of the share capital and voting rights of REAL VIDA SEGUROS SA which, in turn, holds 100% of the share capital and voting rights of Patris.

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