Analyst
Bearish Preference: Sell position is envisaged if price trades below 55.18 with take profit at 54.82
Bullish Preference: Buy position is envisaged if price trades above 55.78 with take profit at 56.32
Baker Hughes Rig Count (US) 6:00 PM
Comment: The sentiment of positive import data from China, the world's biggest crude importer, lifted oil prices but the concern of fresh lockdown in some Chinese cities doused the optimism weighing on demand for black gold. The commodity may find support from the nearly $2 trillion COVID-19 relief package in the U.S. unveiled by President-elect Joe Biden. This package may raise prospects of increased oil demand from the world's biggest crude consumer (United States).
Bullish Preference: Buy position is envisaged if price trades above 103.952 with take profit at 104.066
Bearish Preference: Sell position is envisaged if price trades below 103.576 with take profit at 103.477
Core Retail Sales m/m (USD) 2:30PM
Retail Sales m/m (USD) 2:30PM
Comment: The dollar was up on Friday morning in Asia, however, Federal Reserve Chair Jerome Powell’s dovish comments that interest rates would not rise soon capped its gains. Biden released details of the $1.9 trillion “American Rescue Plan” late Thursday, which includes a wave of new spending, more direct payments to households, an expansion of jobless benefits and enlargement of vaccinations and virus-testing programs. Biden's comments came after Federal Reserve Chair Jerome Powell struck a dovish tone in comments at a virtual symposium with Princeton University. Powell said the U.S. Central bank is not raising interest rates soon and rejected suggestions the Fed might reduce its bond purchases in the near term.
Bullish Preference: Buy position is envisaged if price trades above 13919.4 with take profit at 13986.6
Bearish Preference: Sell position is envisaged if price trades below 13959.5 with take profit at 13831.7
Comments: DE 30 closed as a doji after rising to intraday highs Thursday as losses in technology stocks offset gains in value stocks ahead expectations that President-elect Joe Biden will unveil a more than $1 trillion fiscal package to boost the economy.
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