OUTLOOK: Price Signal Summary - Bull Cycle In Oil Futures Remains Intact
Jun-20 08:55
- On the commodity front, Gold is in consolidation mode and trades closer to its recent lows. A sharp sell-off on Jun 7 reinforced a S/T bearish theme. The yellow metal has pierced the 50-day EMA, at 2315.7. A clear break would confirm a resumption of the reversal from May 20 and open $2277.4, the May 3 low. Clearance of this price point would also strengthen a bearish theme. Initial firm resistance is $2387.8, the Jun 7 high.
- In the oil space, WTI futures have traded higher this week, extending the current bull phase. The climb has resulted in a break of $80.11, the May 29 high and a key resistance. A clear breach of this hurdle would cancel a recent bearish theme and pave the way for $82.24, 76.4% of the Apr 12 - Jun 4 bear leg. Initial firm support to watch is $77.74, the 20-day EMA. A break would be seen as an early potential reversal signal.
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EGB SYNDICATION: France OATei syndication
May-21 08:47
- "The REPUBLIC OF FRANCE has mandated BNP PARIBAS, CITI, CREDIT AGRICOLE CIB, HSBC, J.P. MORGAN and MORGAN STANLEY to act as Joint Lead Managers on an upcoming new long-dated OAT€i benchmark, linked to the European harmonised index of consumer prices (excluding tobacco) and due 25th July 2043. The transaction will be launched by syndication in the near future, subject to market conditions."
- Note that we had this pencilled in for May. We wrote last week: "We look for a new French 20-year OATei in Q2. We pencil this in for May given that the second syndication of the year was brought forward into February (with 25-year Green and 30-year OATs having already been issued this year so far)."
- We pencil in a E3.0-4.5bln transaction size tomorrow.
SONIA: Call fly
May-21 08:46
SFIZ4 95.50/95.75/96.00c fly, bought for 3.75 in 3.5k.
EQUITIES: Deutsche Bank put buyer
May-21 08:44
DBK (21/03/25) 13p, bought for 0.59 in 4k.
