* Cotações com atraso superior a 15 minutos via Bats CHI-X Europe e NASDAQ Basic
9 Nov 2018
The recovery from the October lows has been stronger than expected, with the S&P500 able to trade again above its 200-day moving average. The index has already recovered 61.8% of the decline recorded in October. 2757/2774 is a key support for the current pullback. Below this interval, our attention would be on 2734. Daily momentum indicators remain favourable. We see as possible new attempts to extend the upward move to the 50-day moving average (2829) or even closer to 2861. Despite the strong recovery from the October low, we still have concerns on the medium-term momentum indicators…A further move towards “zero” in the MACD would support the index in the near-term…
Euro Stoxx 50
Following a sharp move upwards from the October low, the Euro Stoxx 50 has stabilised. The index reached our first target (3233) but not the second level defined last week (3277). Daily momentum indicators have recovered from oversold and are now closer to neutral levels. Short-term pullback could target 3198. A move below 3177 could be a warning signal. Daily momentum indicators are still seen as able to continue their recovery, which would support the Euro Stoxx 50 and allow further attempts to reach the 50-day moving average (3289). Weekly technical indicators are at a low level. Here, a recovery is also possible, which would support the index in the near-term. A further move towards “zero” in the MACD would support the index in the near-term…
The rebound from the October low remains weak. Focus in the short-term in on the ability of the PSI20 to move closer to 5097. Daily technical momentum indicators continue to recover from oversold levels. They will likely reach a neutral level over coming days, which could then push again the index lower if positive momentum remains so weak…RSI could still push higher in the short-term…
The recent high was not confirmed by daily technical momentum indicators. Weaker daily technical momentum indicators could push lower the Bovespa in the near-term. Focus should be on 83724. A move below 82000 would be a warning signal for the uptrend seen since the June low. Weaker MACD could be a headwind to Bovespa in the near-term.
WTI continued to fall since last week’s commentary. WTI is down by more than 22%, as we type, since the October high. Daily technical momentum indicators have reached an oversold condition, which increases the chances of a rebound in the near-term. WTI is not far from the February low. We would define $63.59 - $64.43 as a target for a near-term rebound.
Gold has stabilised following the upward move seen since the August low. Momentum indicators still support further attempts to extend the upward move. A 50% retracement of the January-August decline would target $1263. A move below the 50-day moving average ($1210) could be a warning sign. Medium-term outlook remains cautious. RSI did not reach an overbought reading…
EUR/USD reached the target defined last week at 1.1498$/€. The last couple of days showed new signs of weakening, as the index moved again towards its recent low. After not being able to break above the 50-day moving average in October, EUR/USD did not show this time positive momentum to even move closer to the same DMA. EUR/USD is likely to keep a downward bias. A move towards 1.1187$/€ would represent a 61.8% retracement for the December 2016 - February 2018 up-move.
MSCI US vs. MSCI DM ex US
Despite the sharp correction recorded by the S&P500 in October, the US equity index continues to outperform the MSCI DM excluding the US.
For further information, or to receive the PDF file, please contact +351 912 897 835 or firstname.lastname@example.org
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.
The analysts involved in the preparation of this report did not receive, receive and will not receive any compensation, direct or indirect, based on the information contained in this report.
PATRIS - SOCIEDADE CORRETORA, SA or another company of the Patris Group or its respective shareholders, management, and / or employees may carry out personal transactions on the securities referred to in this report, at any time and without prior notice.
Any opinion contained in this report may be outdated as a result of changes in market conditions, applicable laws and other factors. It should also be considered that the analyst may make changes to the estimates, assumptions and evaluation methodology used.
This report has been prepared for information purposes only, not taking into account the specific investment goals, financial situation and particular needs of any specific person who may receive the report. This report therefore has no specific recipient.
Patris is subject to high internal standards of behavior associated with the capital market, prepared on the basis of the applicable legislation of the Portuguese State and the European Union, which include rules to prevent and avoid conflicts of interest and barriers to the disclosure of information.
Investors should bear in mind that the rate of return on the securities identified in this report - if any reference is made to those returns - may vary and the price of such securities may rise or fall. Investors should thus be aware that they may receive less than initially invested. While this report may refer to the historical performance of securities, past performance is no guarantee of future performance. In addition, market conditions, applicable laws and other factors that have an effect on performance are all likely to change, with the consequent change in the information contained in this report. Patris or any other company of the Patris Group does not accept, to the extent permitted by applicable law, any liability, whether direct or indirect, resulting from losses that may arise due to the use of the information contained in this report.
Patris's activity is overseen by the Bank of Portugal and the Securities Market Commission.
Deseja aceder ao conteúdo
completo desta notícia?