S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
Societe Generale analysts note Brent has pulled back after forming a lower high and slipping under its 50-day moving average. They highlight nearby trend-line support around $91/90 and a deeper support zone near $86. While a brief rebound is possible, failure to reclaim the 50-DMA around $103 would keep downside risks in focus.
Watching $91/90 and $86 supports
“Brent recently carved out a lower high around $113 and gradually dipped below the 50-DMA (now at $103). It is in vicinity to the ascending trend line drawn since March at $91/90, which could be an interim support.”
“Below $91/90, next potential support could be located at the April low near $86.”
“A brief rebound cannot be ruled out however inability to overcome the moving average around $103 may denote risk of persistence in decline.”
“Markets would be wrongfooted if oil prices back up again as inventories dwindle and the ability of the market to absorb the imbalance is diminished.”
“One US oil major warned at the Bernstein conference last Thursday that they expect prices to rally into June, and certainly into July.”
Profit
Everyone's racing to cut costs. We're racing to create profit.
Start Selling through Service
