Daily Alert – Tuesday 4th April 2023: Oil holds firm just below resistance

Mark NugentApril 2023, Daily Alert

Daily Alert – Tuesday 4th April 2023: Oil holds firm just below resistance

Good morning.

Yesterday was moderately risk-on. The calendar was light.

Oil has maintained its new price after Sunday’s large gain prompted by the OPEC+ supply cut. This will not reverse as it is not a market over-reaction. It is a change to the fundamentals of supply and demand.

The Reserve Bank of Australia kept interest rates unchanged at 3.6% as expected. The bank “recognises that monetary policy operates with a lag and that the full effect of this substantial increase in interest rates is yet to be felt.”

In the media review section of the video, I discuss an interesting article where JPMorgan strategist Marko Kolanovic outlines his belief that US equities will fall and challenge the 2022 low. That’s 550 points away and would be a significant trading opportunity.

I placed no trades but some of the setups I discussed yesterday are developing nicely.

I’ll be back tomorrow.

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