The release of US Fed minutes seems to have had opposite effects on Dollar strength and US yields (see Interest Rates below). The longer term outlook is unclear as both strength and weakness seem equally likely. Overall, it appears ranged between 3.05-15 for a few more days. A small rally to 1310 is well possible.Ĭopper (3.073) also behaved exactly as expected yesterday. In line with expectations, Gold (1294.26) has moved up a bit since yesterday, as it is strong Support near 1285. That can help Crude prices cool off a bit. Thereafter, we have to see if they will stage a fresh rally, or whether prospects of increased OPEC supply will drive prices lower.Īlthough the Brent-WTI Spread (7.89) has moved up since yesterday, it has a strong Resistance at 8.00 which push it down again.

Look for a near-term test of important Support at 10250, below which, the next Support will be 10100.Īlso, contrary to expectation of a further rise, the Shanghai (3168.96, -1.41%) had fallen yesterday and could become bearish in case of break below 3150.Īs expected, Brent (79.55) and WTI (71.66) look like they can test 78 and 71 respectively in the near term. Today will be crucial to see if there is follow-through selling from here or not.Īs feared, the Nifty (10430.35, -106.35, -1.01%) has fallen below 10440. Ignoring the rise in the Dow, the Nikkei (22510, -0.79%) is trading further lower today after breaking below the trendline support at 23000 yesterday.

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