CRUDE OIL-НЕФТ-ПЕТРОЛ

Петролът продължава да се бори, тъй като инвеститорите виждат всяко възстановяване като добро време за продажба. След като цената успя да възстанови $ 30, тази сутрин отново падна, след като печалбите на фондовите пазари започнаха да се забавят. Волатилността доминира в този мечешки сценарий, като първото ниво на подкрепа е $ 28 и втората бариера, поставена на $ 28.50, докато първата значителна съпротива се намира на $ 31.50.

GOLD-ЗЛАТО

Въпреки възстановяването на европейските акции, златото не е в състояние да поддържа стабилно възстановяване и все още се търгува под 1500 долара. Вчера имахме първи опит за възстановяване, тъй като цената се възстанови силно от нивото на подкрепа от $ 1450, но основният  тренд остава непромен. Ясно е, че продажбата на злато се простира далеч над фундаменталните причини, тъй като инвеститорите все още се борят да намерят пари за покриване на маржина си или за балансиране на портфейла си на фона на тези бурни и променливи времена. Парите, а не златото, изглежда е истинският цар в този сценарий.

EUROPEAN SHARES

Shares jumped higher on Tuesday in Europe, following a positive trading session in Asia overnight as traders digest the swathe of monetary responses from governments and central bankers around the world. An equilibrium price may be in sight on most markets as bearish trends seem to be slowing down with the price and technical indicators diverging. Market volatility is also noticeably lower this week compared with last week but still remains unusually high while directionality is waning as investors still hesitate between “buying the dip” and limiting their exposure to risk assets. Globally, it is good news to see more price stabilization on share markets after the worst sell-off since 1987. However, the current recovery attempt will need to be supported by further leverages for the gains to be sustained. Investors welcomed the global monetary response from central banks but now expect more on the fiscal side as packages from different economic areas are on their way. 

All of the European benchmark are trading higher with the best performance coming from the IBEX-35 in Madrid. The market is currently trading near the 6,200pts zone following a rebound over 5,820pts yesterday. Prices are still within their short-term bearish channel but bullish divergences between the market and the RSI indicator may announce a trend invalidation to come. The market will however have to clear 6,555pts in order to unlock further bullish potential towards 7,000pts and 7,370pts on a short-term basis.

OIL

Oil continues to struggle as investors are seeing every rebound as a good time to sell. After the price managed to recover $30, it fell again this morning as gains on stock markets began to slow down. Volatility is dominating this bearish scenario, with a first support level at $28 and a second barrier placed at $28.50, while the first significant resistance is located at $31.50.

GOLD

Despite the rebound of European stocks, gold is unable to sustain any solid recovery and is still trading below $1,500. Yesterday we had a first attempt at a recovery, as the price rebounded strongly from the support level of $1,450, but the main trend remains unchanged. It is clear that the selloff of gold extends far beyond fundamental reasons as investors are still struggling to find cash for covering margin calls or rebalancing their portfolio amid these turbulent and volatile times. Cash, rather than gold, seems to be the real king in this scenario.

EUROPEAN SHARES

Shares tumbled on Monday, alongside Asian markets, despite risk assets seeing a solid rebound at the end of last week. Panic and uncertainty remain the overriding themes as investors digest the latest negative economic developments caused by Covid-19. The strong degradation of the global economic outlook took a step further as more and more retail industries shut businesses down while many European nations took the decision to close borders and confine people at home in a move to delay the spread of the deadly virus. The Federal Reserve tried to reassure investors and stabilize prices and liquidity with an historical rate cut of 1 basis point, but even that didn’t trigger any bullish price action on markets.

Despite the global response from monetary policy makers, investors now wonder what else central banks can do to mitigate the downside risk brought by coronavirus as well as put a floor on risk assets and sustain a solid recovery. European benchmarks are all trading lower with the Stoxx-600 Index sinking to its lowest since 2013 with all sectors in red territory. However, there are signs of price stabilization on bond markets, which could indicate a consolidation on European share markets this week.