Coffee price keeps the negativity – Analysis – 6-1-2023
Coffee price provided more negative closings by consolidating below 178.00 resistance, to start reacting to the major indicators by declining towards 159.40, expecting to continue forming negative crawl and attempt to touch 154.00, while breaking this obstacle will extend trades towards 147.10 to face the historical support that appears on the chart, assuring the importance of monitoring its behavior to manage to detect the next main trend.
The expected trading range for today is between 166.00 and 147.10
The expected trend for today: Bearish
Natural gas price touches the second target – Analysis – 6-1-2023
Natural gas price resumed the bearish track yesterday to touch the second main target at 3.550 and form solid obstacle that forced the price to form sideways fluctuation by consolidating at 3.650.
The continuous stability of the mentioned support might assist to form new sideways waves until achieving the required break to open the way to resume the decline and reach new negative stations that might start at 3.125.
The expected trading range for today is between 3.850 and 3.400
The expected trend for today: Bearish
IBEX index provides correctional bullish rebound – Analysis – 6-1-2023
Despite IBEX index consolidation within the main bearish channel, surpassing the moving average 55 at 8280 confirmed the efficiency of the correctional bullish track to notice achieving some gains by reaching 8590.
Note that stochastic rally above 50 level will increase the chances of resuming the temporary positive attempts to attempt to achieve additional gains before turning back to the bearish track and target 8780 as a next station, followed by reaching the bearish channel’s resistance at 8960.
The expected trading range for today is between 8360 and 8780
The expected trend for today: Bullish
The EURJPY prepares for new correctional rise – Analysis – 6-1-2023
The EURJPY pair confirmed its surrender to the domination of the correctional bullish bias by consolidating above the additional support 140.25, to notice its rally towards 141.40 and approach the first target mentioned in our previous report.
Now, continuing to gather the positive momentum allows us to keep the bullish overview to expect reaching 142.20 followed by extending trades towards 143.15 resistance.
The expected trading range for today is between 140.70 and 142.20
The expected trend for today: Bullish