SUMMARY

  • Exxon Mobil is reconsidering the sale of its Vaca Muerta oil and gas assets in Argentina. This decision is explained by the boost given to the country’s economy after reaching the turning point under Milei’s presidency.
  • Stock indices reached record highs, leading to profit taking, but open interest in long positions continues.
  • The USDCHF started the week up 0.04% to 0.8814. The 52-week range is between 0.8332 and 0.9442.

WTI

Specifications

  • Leverage: 50
  • Units: 1.000
  • Margin requirement: USD$1,519
  • Example: USD$1 change in WTI price = USD1000 potential PL.
  • Support 1: 76,03
  • Support 2: 75,95
  • Resistance 1: 76,24
  • Resistance 2: 76,37

Fundamental Analysis

  • Exxon Mobil is reconsidering the sale of its Vaca Muerta oil and gas assets in Argentina. This decision is explained by the boost given to the country’s economy after reaching the turning point under Milei’s presidency.
  • Iraq reactivates its refineries after a decade of inactivity.
  • Shell earned $2.4 billion in LNG trading in the fourth quarter of 2023.
  • Ukrainian President Zelenskiy states that Ukraine has lost 31,000 soldiers in the two-year war against Russia. Ukraine also announced that it was expecting an aid package from the United States. Canada, for its part, has announced $2.2 billion in aid for Ukraine. These developments point to an increase in tensions and a possible escalation of war, putting upward pressure on WTI.
  • The price is below the 40-day moving average, although close to the lower Bollinger band, which could indicate increased buying interest.

Dow Jones

Specifications

  • Leverage: 50
  • Units: 1
  • Margin requirement: USD$782
  • Example: movement of 100 points = $1,000 potential PL.
  • Support 1: 39.100
  • Support 2: 39.080
  • Resistance 1: 39.145
  • Resistance 2: 39.170

Fundamental Analysis

  • The technology sector continues to attract investor interest on Wall Street. Stock indices have reached record highs, leading to profit-taking, but open interest in long positions continues.
  • Traders are watching this week’s US macroeconomic data, which is an important indicator for stock market valuations.
  • US building permits are expected to increase by 1.47 billion. New home sales are expected to increase by 8%.
  • The yield on 2-year US Treasuries is +4.365%, while the yield on 5-year bonds is +4.055%.
  • The Dow Jones is below its 40-day moving average. The price corrected from 39,346 points, due to profit taking by traders.

USDCHF

Specifications

  • Leverage: 100
  • Units: 100,000
  • Margin requirement: USD$999
  • Example: movement of 100 pips = $1,000 potential PL.
  • Support 1: 0,8815
  • Support 2: 0,8812
  • Resistance 1: 0,8822
  • Resistance 2: 0,8826

Fundamental Analysis

  • The USDCHF starts the week up 0.04% at 0.8814. The 52-week range is between 0.8332 and 0.9442.
  • Traders are eagerly awaiting statements from Bundesbank President Nagel and European Central Bank President Lagarde, who will present macroeconomic results and the outlook for Europe.
  • However, investors want to know the timetable for central bank interest rate cuts.
  • Meanwhile, the Swiss National Bank is leading the monetary easing cycle, as Swiss inflation has managed to stay below 2% for the past eight months.
  • The USDCHF is above its 40-day moving average, trying to break above resistance at 0.8824. If it succeeds, the next target is 0.8840.

SOURCES

  • Thomson Reuters
  • Market watch
  • Bloomberg
  • Tradingview

 

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