› Market review, December 18 - December 22, 2017

Market review, December 18 - December 22, 2017

Oil

Previous week has caused significant fluctuations in the black gold price, but if have a closer look, price on Monday and on Friday was at almost the same level - about $ 57 per barrel.
At the beginning of the week, the information about the closure of the North Sea pipeline appeared and Investors, considering this a positive factor for the cost of oil, pushed its growth and oil reached a 2.5 year record.
But on Wednesday, on the eve of the US crude oil inventories report publication , it entered a downward trend, which continued on Thursday.
Losses were fought back only on Friday.
In case you’re using technical approach, oil is still in a downward movement, but the fundamental factors can affect its turn and send oil to conquer new peaks.
This, in particular, may be facilitated by OPEC's agreement to extend the production cut until the end of 2018.
This approach is fully justified if we consider indicators with a period of one day.
Accordingly, we recommend to consider the level of $ 57.91 to open positions up and the level of $ 55.65 to open positions down, with a target of $ 54.04.


Market review, December 18 - December 22, 2017


Bitcoin

We cannot ignore the first cryptocurrency.
Last week many traders considered to be the period of stabilization, as there were no jumps of the previous days and from Tuesday to Thursday, the price changes were relatively weak.
The situation has changed on Friday, when bitcoin decisively broke the level of $ 16,100, which is an extremely important level of resistance, and on Friday a new record was set - $ 18,000.
This fact, opens Bitcoin way to the level of $ 20200, which, has a chance to be taken in the upcoming week.


Market review, December 18 - December 22, 2017


DAX

All last week, the German index traded well above the level of 13,100, but closer to Friday it fell to a psychological level close to 13,000.
Also, the week was marked by positive economic indicators for the German economy, which gives reason to expect an increase in the index in the first half of the week, and to open short positions in this direction.
December 22, the German stock exchange is closed for Christmas holidays, and before the holidays it is also recommended to open a long-term up position.


Market review, December 18 - December 22, 2017


USD

Previous 2 weeks were full of important news from the United States.
The tax reform of Trump, raise of the Fed's interest rate, positive unemployment report showed a upward vector for the development of the US economy.
In the medium term, the dollar is expected to grow further due to the Christmas holidays, which are always in high demand for the American currency.
Also, American companies in the New Year usually show excellent sales results, which will also positively affect the dollar.


Market review, December 18 - December 22, 2017


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