the daily chartist

Daily market recap for 05.06.2018

published 1 year ago


Crude had some action yesterday as we had API data coming in. Last week we saw API and EIA disagree but WTI rallied into the API print last night amid expectations for a 2.1mm crude draw. However, the biggest gasoline build since the first week of January sparked selling in Crude. 
 API data:

  • Crude - 2.28mm (-2.1mm exp)
  • Cushing - 1.038mm (-500K exp)
  • Gasoline +3.759mm 
  • Distillates -871K

 After last week's EIA data showed the exact opposite of API's one wonders whether the extra noise is worthwhile (and who is right here), but the big surprise in gasoline build will be the one to watch today. 
 WTI rallied on the news, touching the 50 Fibo, after it has bounced from 64.15. Crude will need to strengthen for a bigger push above 50 Fibo towards 65.97 - 66.00. Today's  EIA report will shed more light on that. If inventories continues to rise up, price will drop and it will be good to sell. 


Daily candle specifics

Open 64.87
High 65.49
Low 64.16
Close 65.44


 The Euro keeps its advance for as we are now mid-week and its accelerating its movement up. Weakened dollar is the catalyst for this one and Euro manages to go at 1.17000 and beyond. Resistance still strong at 1.17323. The price had its whip-saw Yesterday. Euro also gained on news for the next ECB  meeting to be at 14.06, after the previous one was canceled. Hopes are for hikes later this year. Keep with the rally and with the longs. Sell tops if possible, price will make an attempt to attack 1.17580 for sure. 

Daily candle specifics
Open 1.16948
High 1.17319
Low 1.16523
Close 1.17174

 Bitcoin seems to be pulling with a steady pace away from the bottom line of the triangle, but still it is in the boundaries of a bearish flag formation, which it will take more time to uveal, but for now the price is making spikes up, passing 7563.09 and it will seeks for a move up from 7628.80 and 7719.35. Yesterday the price pulled hard from 7314.48. For me the price hasn't established a calm, Bullish environment for now to be confident enough to buy everything in the crypto market overall. More indication and fundamentals are needed for the price to prove that. For now, play carefully, engage in longs with precise entries and risk awareness. 

Daily candle specifics
Open 7484.90
High 7626.60
Low 7313
Close 7593