Morning Insights 10th March

Simon Alagbe

Analyst


Instrument: OILs

Technical Analysis

Bullish Preference: Buy position is envisaged if price trades above 67.90 with take profit at 68.27

Bearish Preference: Sell position is envisaged if price trades below 66.56 with take profit at 66.05

Fundamentals:

Crude Oil Inventories (USD) 4:30 PM

Comment: Oil fell for a third straight session on Wednesday as investors took profits while looking ahead to U.S. inventories data due later in the day for pointers on where prices will head next. Prices gained support last week from the OPEC+ decision to maintain production cuts in April. They then initially jumped on Monday, with Brent rising above $70 a barrel, after attacks by Yemeni Houthis on Saudi's oil heartland, before settling back as the alarm subsided.



Instrument: US30

Technical Analysis

Bullish Preference: Buy position is envisaged if price trades above 31869 with take profit at 31961

Bearish Preference: Sell position is envisaged if price trades below 31708 with take profit at 31627

Fundamentals:

CPI m/m (USD) 2:30 pm

Core CPI m/m (USD) 2:30 pm

Comment: News that a $1.9 trillion coronavirus relief package was nearing final approval sparked a spike in yields on Monday, pushing the Dow Jones. The quick ramp higher in Treasury yields and concerns of inflation and higher rates weighing on growth stocks especially remains a focal point for investors.







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