Analytics

News, Trends, & Analytics 29.12.2020

Oil in the green zone

Today, the focus is on the rise in COVID-19 cases in France, the start of Tesla sales in India, as well as statements made by the Minister of Energy of Russia.

 

Calendar

21:30 UTC

The American Petroleum Institute (API) publishes a report on crude oil stock change. If the stocks rise, Brent could decline.

Assets to trade: Brent

 

News

Donald Trump signed the Stimulus Bill. Affects S&P 500


Alibaba raised the stock repurchase program by $4 billion. Affects Alibaba


Tesla will begin selling its Model 3 in India in early 2021. Affects Tesla


А sharp jump in the number of COVID-19 cases has been recorded in France. Affects EUR


The Russian Energy Minister Alexander Novak said that the OPEC + deal could be adjusted towards higher quotas for the extraction of raw materials due to the rapid recovery of the market. Affects Brent

 

Technical Analysis

Brent

Last weekend, US President Donald Trump signed into law a budget bill for the coming year, as well as an economic stimulus package. Markets breathed a sigh of relief as the threat of a government shutdown was over. The event also received a positive reaction from oil traders. However, a little later, Russian Energy Minister Alexander Novak hinted that the production quotas of the OPEC + deal could be increased ahead of schedule.

From the technical analysis point of view, the Brent quotes may continue to rise, since the upper boundary of the channel has not been reached yet.

Gold

The chart has formed a declining high. We believe that the quotes will fall to 1840.

GBP/CHF

The British currency may fall against the franc. The chart has reversed from the upward support level and is now heading towards the lower border of the channel.

GBP/CHf on this day in history

  • Since 2000, December 29th has been a trading day 13 times.
  • On 30% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.24%.
  • The downward trend was limited to 1.71%.
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