The Trading week ahead: Update Monday morning UK 27/02/23:
OVERVIEW:
Quiet week ahead for scheduled economic news – look out for European inflation figures and Chinese manufacturing results this week (see forward).
US / China increasing tensions.
Stock markets: Europe again looking stronger. US neutral. China turning more bearish.
Commodities: Metals, Grains weak / bearish. WTI neutral – but fundamentals possibly a bit more bullish? NatGas FOMO bullish bounce? RBoB picking up strength. Softs: FCOJ, Coffee looking bullish.
US Dollar strengthening – AUD, JPY, CHF look weak.
Crypto complex – losing upside momentum? BTC looking to bounce back up?
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Trending on Social Media this morning:
USA: Cloudflare, AbbVie
UK: Rolls Royce, TRKA, BABA
AUD: BOE, MSFT, GOOG - Sectors: Uranium
SA: BHP
Chart of the week:
$SoFi Technologies Inc.(SOFI)$ Banking Tech stock SoFi – represents good value at these prices – possible 100% gain? Bullish with the analysts. Upside targets 10 and then 13. Downsides 4 at lows:
US Earnings to watch this week:
STOCK MARKETS:
Stock markets: China weak, US neutral. Europe gaining strength. US Earnings (see forward for my picks). European markets leading the way: Irish, Spanish, European stock markets passing the US to gain top spot!
Global performance YTD:
$E-mini Nasdaq 100 - main 2212(NQmain)$ Nasdaq 100 - Neutral indicators, trend sideways / weak over February. Bullish bounce from 12000 area? Targets up 12750, 13250. Down 11500.
COMMODITIES:
SOFTS: FCOJ, Coffee looking bullish
METALS: Complex looking weak. Bearish Platinum, Palladium, Copper, Silver, $Gold - main 2304(GCmain)$ breaking down?
ENERGY:
WTI weak bullish / neutral looking for 78 upsides. If fails 75 retracement area.
NatGas having a FOMO bullish bounce. RBoB Gasoline looking more bullish.
CRYPTO: A poor week just gone for crypto. Weakness in BTC but is it about to bounce back up from here? BTC currently trading 23400. ETH trading 1642.
Best of the rest (bullish opportunities – mkt cap >$300m): STX
FOREX: US Dollar holding strength gains? AUD, CHF weakening?
Pair combo ideas: (see attached report for currency strength for Majors and Emerging Market currencies):
-AUDUSD
+USDJPY, +USDCHF
MAJOR Currency pair price action:
Scheduled economic news events to watch out for this week: (Times = GMT)
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Regards Stephen
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