HEALTHCARE: Eli Lilly (LLY: Aa3/A+) Post-Results Move
Eli Lilly dropped 11% after yesterday's results * It's a highly rated stock (36x est PE) so requires...
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WTI TECHS: (K5) Key Resistance Remains Exposed
- RES 4: $76.57 - High Jan 15 and the bull trigger
- RES 3: $74.66 - High Jan 22
- RES 2: $72.91 - High Feb 11 and key resistance
- RES 1: $72.10 - High Apr 1
- PRICE: $71.10 @ 07:15 BST Apr 2
- SUP 1: $69.01 - 20-day EMA
- SUP 2: $66.09/64.85 - Low Mar 19 / 5 and the bear trigger
- SUP 3: $63.73 - Low Sep 10 ‘24 and a key medium-term support
- SUP 4: $60.98 - 1.764 proj of the Jan 15 - Feb 4 - 11 price swing
WTI futures traded sharply higher Monday. This undermines the medium-term bearish condition and instead signals scope for a continuation higher near-term. The rally has exposed the next key resistance at $72.91, the Feb 11 high. Clearance of this level would strengthen the bullish theme. On the downside, initial firm support to watch lies at $69.01, the 20-day EMA. A breach of this level would signal a potential reversal.
BUNDS: Goldman Revise End '25 10-Year Yield Forecast To 2.80%
Goldman Sachs note that their “economists' revised tariff baseline complicates the outlook for rates given the opposing impulses on growth and inflation.”
- They “expect weaker growth outcomes to outweigh inflation concerns for the ECB, taking front-end yields lower and curves steeper. But eventual fiscal loosening should keep Bund yields near current levels. Ultimately, they revise their end-2025 10-Year Bund forecast to 2.80% from 3.00%”.
GOLD TECHS: Bulls Remain In The Driver’s Seat
- RES 4: $3200.00 - Round number resistance
- RES 3: $3196.2 - 3.236 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 2: $3151.5 - 3.000 proj of the Nov 14 - Dec 12 - 19 price swing
- RES 1: $3149.0 - High Apr 1
- PRICE: $3116.5 @ 07:23 BST Apr 2
- SUP 1: $3076.9 - Low Mar 31
- SUP 2: $3015.2 - 20-day EMA
- SUP 3: $2956.2 - High Feb 24
- SUP 4: $2924.6 - 50-day EMA
The trend condition in Gold is unchanged, it remains bullish. The latest rally reinforces current conditions and confirms a continuation of the primary uptrend. The rally also once again, highlights fresh all-time highs for the yellow metal. Sights are on the $3151.5, a Fibonacci projection. Support to watch lies at $3004.9, the 20-day EMA. A pullback would be considered corrective.
