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PATRIS - Weekly Technical Outlook - 9 August 2018

10 Aug 2018


S&P500: S&P500 is less than 1% below its January high (2873). Short and medium-term momentum indicators have not yet reached an overbought extreme, increasing the probability of S&P500 reaching new historical high.

EuroStoxx 50: Daily technical indicators deteriorated, hence we expect some pullback in the near-term. We maintain the retracement target at 3439 in the short-term.

PSI20: PSI20 continues supported by its 50-day moving average. However it tested the lower side of the gap of 14 May. We see this as a negative signal that increases the probability of a new decline.

BOVESPA: Short-term technical backdrop has deteriorated, therefore we see a pullback as likely in the upcoming days. We define targets at 78025 (5 Oct 2017) and 76422.

WTI: WTI tested the downward resistance line once again, not being able to break above it. We see this as a negative sign that can trigger a larger pullback.

GOLD: Gold found support close to 10th July 2017 low ($1205) and stabilized over last week. We see $1200 as a medium-term crucial support.

EUR/USD: EUR/USD showed some signs of a slight recovery towards 50-day moving average, however it retreated afterwards.

GBP/USD: GBP/USD reached the lowest level since 25th August 2017. Short-term momentum indicators reached an oversold condition, suggesting some rebound in the near-term. We define the target area at 1.3049.

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