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PATRIS Weekly Technical Outlook - 6 July 2018

6 Jul 2018


S&P500: Short-term technical indicators posted a positive evolution over last week. This increases the probability of S&P500 breaking the gap defined at 2743-2753 (a crucial area for S&P500).

EuroStoxx50: We see further upside in the near-term as likely, given the positive evolution of daily technical indicators.

PSI20: A move into the gap 5614 - 5702 is possible. Medium-term technical indicators show signs of deterioration. Hence, we remain cautious.

Bovespa: A short-term consolidation is possible in the near-term, but we see further upside for the current rebound as likely.

WTI: Overbought condition in daily technical indicators could push WTI to continue its pullback in the near-term.

Gold: Gold stabilised in the support area defined at $1236-$1244. We see a move towards $1265-$1268, with a possible overshooting to $1274.

EUR/USD: Given that the short-term technical indicators have improved, we see a move above the 50-day moving average (1,1745$/€ ) as a possible scenario. Break of 50-day MA would target the high of 14 June (1.1851$/€).

Chart of the week: USD Index: We expect the MACD indicator to fall towards “zero”, which could push the USD index downwards.