Bearish Preference: Sell position is envisaged if price trades below 11950.42 with take profit at 11895.00
Bullish Preference: Buy position is envisaged if price trades above 12015.00 with take profit at 12069.00
No major economic data with bearing on the instrument.
Comment: The index surged higher yesterday as the hopes of fresh stimulus edged sentiment to the upside on the stock market. The stimulus will reduce worries over mounting shutdowns and layoffs linked to the surging COVID-19 infection rates. The momentum might be short lived because the surge in the number of infections might lead to further restrictions on activities to curb the spread.
Bearish Preference: Sell position is envisaged if price trades below 44.30 with take profit at 43.00
Bullish Preference: Buy position is envisaged if price trades above 44.53 with take profit at 45.00
Baker Hughes Oil Rig Count (US) 6 PM
Comment: The renewal of fiscal stimulus talks in the US supported the commodity but gains were limited by Libyan oil production recovering to 1.25 million barrels per day. The possibility of extending the bullish momentum is limited as the sentiment of the talks fades.
Bearish Preference: Sell position is envisaged if price trades below 1.18503 with take profit at 1.18262
Bullish Preference: Buy position is envisaged if price trades above 1.18689 with take profit at 1.18837
ECB President Lagarde Speaks (EUR) 9
Comment: The greenback is expected to trade in a tight range after a disagreement between the Treasury Secretary and the Federal Reserve. Steven Mnuchin called for the re-appropriation of the $455 billion allocated to the Treasury under the CARES Act for other spending.
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