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PATRIS - Weekly Technical Outlook - 9 August 2018

10 Aug 2018

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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.

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.

The information contained herein is based on publicly available data obtained from sources believed to be reliable and has not been subject to independent verification. To the extent permitted by applicable law, Patris does not expressly or impliedly guarantee the accuracy, completeness and / or correctness of such data, or any omission. This document, or part thereof, may not be (i) modified, (ii) transmitted or distributed or (iii) copied or duplicated by any means or means, without the prior written consent of Patris.

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