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PATRIS - Weekly Technical Outlook - 3 August 2018

6 Aug 2018


S&P500 found support close to 18 March high (2802), which we see as a positive signal. Daily momentum indicators have not yet reached an overbought condition. This could support a move towards the 28 January high (2873).

EuroStoxx50: Daily technical indicators suggest the consolidation may continue in the short-term. The medium-term set-up continues to be positive.

PSI20: We see downside risks in the short-term, with a move to 5559. The index continues unable to break the gap of 14 May.

BOVESPA: Daily momentum indicators may still reach a more extreme overbought condition. Next target defined at 83775.

WTI has been unable to break the downward resistance line. We see increasing risks that this resistance may trigger a larger pullback.

Gold moved closer to $1200. We still see $1200 as a medium-term key support. Therefore, we could see a rebound in the short-term.

EUR/USD showed some weakness as it didn’t confirm the break of its 50-day moving average. We remain cautious. We see risks of a move to 1.1510$/€, which could then target 1.1448$/€.

S&P Utilities Sector: Daily momentum indicators are not overbought. As we type, the sector is trying to break a consolidation pattern.

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