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Nasdaq100

Nasdaq Futures Analysis – 30Apr2020

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Nasdaq100 futures (NQ) faced sharp correction today, currently at 8823, down 2.93%. In the 30 minutes chart above, its visible that the Nasdaq futures broke their uptrend early today morning, and then kept correcting the whole day. There is a support at 8800, and then at 8650, but we can’t count on them, because the uptrend has broken on daily charts (see below).

The daily chart of Nasdaq futures also shows that the powerful uptrend that started from 6800 levels has broken in last few days, and yesterday’s rally was unable to break back into the uptrend and a sharp corrected followed today. As per this daily chart, the major support is at 8300-8500 level., which much below the current level of 8830. Traders have to be very cautious here, and 9000+ level is needed for any fresh long positions. Thanks.

Crude Oil

Crude Oil Futures Update – 29Apr2020

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Crude Oil WTI June 2020 (NYMEX)

WTI Crude Oil contracts for June (CLM20) gained nearly 30% intraday today to move above $16 per barrel, but by end of the day, the prices settled near $15 per barrel.

Closing Price: $15.35 up +24.64%

Today’s rise came on hopes that the gradual reopening of some European economies would revive demand, and revive crude oil from the demand collapse in fuel consumption due to the coronavirus pandemic. In addition, the EIA reported a smaller than expected crude inventory build up. Brent crude, the international benchmark, moved above $23 per barrel, and close at $22.50 per barrel.