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Daily analytical report (06/02/18)

  • Stocks have had quite a ride over the past few days. There’s been a violent, rapid selloff on all major global indices. SP500 broke the mid-term upwards trend line and went to test the long-term one. The initial reaction was positive and now we have a small reversal. This is a good place to do that as the 38.2% Fibonacci level is also there along with the trend line. As long as we stay above this area, this is still just a correction.
  • DAX broke the 12900 support and in theory should aim for the one at 11900. This is also currently undergoing a reversal, but as long as we stay below the orange area, the sentiment is negative.
  • FTSE, like SP500, reached an important support before rebounding upwards. The British index tested the 7100-point mark and induced a healthy rebound, which could be a positive sign for buyers. A breakout of this level could trigger a long-term sell signal so as long as we stay above, the main trend is safe.
  • Bitcoin continues the selloff started in mid-December. The price reached an important support at 6000 USD, which for now, only looks important on paper. We can’t see any demand here whatsoever. A breakout should lead us to 3500USD – a price that seemed unthinkable in December.

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