SUMMARY

  • According to OPEC+ delegates, the institution could generate additional production cuts during 2024. WTI is currently down -0.34% at USD 78.60 per barrel.
  • Durable goods orders fell by 6.1% m-o-m in the US, confirming the decline in one of the components of demand. The Dow Jones fell -0.05% to 38,998 points.
  • Investors remain attentive to the free trade agreement signed between India and Switzerland. The main topic of interest is pharmaceutical patents.

WTI

Specifications

  • Leverage: 50
  • Units: 1.000
  • Margin requirement: USD$1,519
  • Example: USD$1 change in WTI price = USD1000 potential PL.
  • Support 1: 78,49
  • Support 2: 78,38
  • Resistance 1: 78,57
  • Resistance 2: 78,74

Fundamental Analysis

  • According to OPEC+ delegates, the institution could generate additional production cuts during 2024. WTI currently loses -0.34% and stands at USD 78.60 per barrel.
  • According to the API report, weekly crude inventories in the United States increased by 8.42 million barrels, surprising the market.
  • Today, crude inventories are expected to increase by 1.8 million barrels.
  • Geopolitical analysts expect tensions in the Middle East and the Red Sea throughout the year.
  • M&A activity in the oil and gas sector is at record highs in the United States. This is because companies in the sector have amassed significant cash on the back of strong financial results.
  • Canadian oil and gas companies are developing a plan to invest $30 billion in the sector.

Dow Jones

Specifications

  • Leverage: 50
  • Units: 1
  • Margin requirement: USD$782
  • Example: movement of 100 points = $1,000 potential PL.
  • Support 1: 38.983
  • Support 2: 38.975
  • Resistance 1: 38.995
  • Resistance 2: 38.999

Fundamental Analysis

  • Durable goods orders fell by 6.1% m-o-m in the United States, confirming the decline in one of the components of demand. The Dow Jones is currently correcting -0.05% and trades at 38,998 points.
  • Traders are focusing on the US GDP report, for which 3.3% growth is expected. If GDP grows more than expected, the index could increase the volume needed to reach 40,000 points.
  • Another important event is the statement of the deputy members of the FOMC, who will present their analysis of the country’s domestic demand.
  • Investors are trying to identify the next stock like Nvidia, which has risen more than +200% in the last 12 months.
  • The index is above the 40-day moving average, looking to consolidate at the current level, to break strongly above the upper Bollinger band, and thus head towards 40,000 points.

USDCHF

Specifications

  • Leverage: 100
  • Units: 100,000
  • Margin requirement: USD$999
  • Example: movement of 100 pips = $1,000 potential PL.
  • Support 1: 0,8794
  • Support 2: 0,8792
  • Resistance 1: 0,8799
  • Resistance 2: 0,8802

Fundamental Analysis

  • Investors are closely following the free trade agreement signed between India and Switzerland. The main topic of interest is pharmaceutical patents. The USDCHF is currently up +0.19% at 0.8800.
  • The Swiss government intends to impose a 5-year restriction on the use of the country’s banking system by organizations such as Hamas, as they are on the list of terrorist organizations.
  • Although the country remains neutral to world conflicts and wars, the government has decided to increase the military budget.
  • Traders expect the Swiss National Bank to cut interest rates starting in March. The main justification is the level of inflation, which has reached the annual target of 2%.
  • The USDCHF remains above its 40-day moving average, indicating that buying volume is increasing. Price is looking to enter a resistance zone.

SOURCES

  • Thomson Reuters
  • Market watch
  • Bloomberg
  • Tradingview

 

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