Analyst
Bearish Preference: Sell position is envisaged if price trades below 62.78 with take profit at 61.65
Bullish Preference: Buy position is envisaged if price trades above 63.78 with take profit at 64.81
No major economic data with bearing on the commodity
Comment: Black gold is envisaged to continue its bullish run after gaping up on opening for this week's session. The roll-out of COVID-19 vaccines and tensions in the middle east is expected to spur liquid gold higher. The increased inoculation level across the world has boosted optimism as the market looks forward to the $1.9 trillion package from President Biden.
Preference: Sell position is envisaged if price trades below 14073.9 with take profit at 14046.4
Alternative Scenario: Buy position is envisaged if price trades above 14152.4 with a take profit at 14177.3
Fundamentals
No major fundamentals
Comments: DE30 stock indexes closed higher on Friday on lacklustre trading ahead of the long U.S. holiday weekend. Opening today on a Gap-up Despite the relatively light volume caused by the sentiments that stocks have reached its max, there were enough buyers to push the stocks highs. We expect the stock to cover up the Gap today.
Preference: Buy position is envisaged if price trades above price1.21443 with take profit at 1.21526
Alternative Scenario: Sell position is envisaged if price trades below 1.21275 with a take profit at 1.21162
Eurogroup Meetings (EUR) All Day
Comments: It’s a relatively busy day ahead on the EUR economic calendar. Key stats include December industrial production and trade data for the Eurozone. Following some disappointing industrial production figures from member states, we can expect plenty of interest in the numbers. Trade data will need to provide support, however, as the Eurozone continues to struggle amidst COVID-19 containment measures.
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