
STOCK MARKET with SHEHERYAR BUTT
February 26, 2025 at 08:36 AM
*Daily Technical*
*26 Feb 2025*
*Gold Intraday: intraday support around 2918*
Pivot: 2918.00
Our preference: long positions above 2918.00 with targets at 2942.00 & 2955.00 in extension.
Alternative scenario: below 2918.00 look for further downside with 2900.00 & 2890.00 as targets.
Comment: a support base at 2918.00 has formed and has allowed for a temporary stabilization.
*Silver Intraday: bullish bias above 31.80.*
Pivot: 31.80
Our preference:
Long positions above 31.80 with targets at 32.18 & 32.40 in extension.
Alternative scenario:
Below 31.80 look for further downside with 31.60 & 31.40 as targets.
Comment:
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
*Crude Oil Intraday: expect 68.25.*
Pivot: 69.90
Our preference: short positions below 69.90 with targets at 68.75 & 68.25 in extension.
Alternative scenario: above 69.90 look for further upside with 70.55 & 71.10 as targets.
Comment: as long as the resistance at 69.90 is not surpassed, the risk of the break below 68.75 remains high.
*Brent (OIL) Intraday: the downside prevails.*
Pivot: 73.20
Our preference: short positions below 73.20 with targets at 72.20 & 71.85 in extension.
Alternative scenario: above 73.20 look for further upside with 73.70 & 74.15 as targets.
Comment: a break below 72.20 would trigger a drop towards 71.85.
*EUR/USD Intraday: under pressure.*
Pivot: 1.0525
Our preference: short positions below 1.0525 with targets at 1.0470 & 1.0445 in extension.
Alternative scenario: above 1.0525 look for further upside with 1.0540 & 1.0560 as targets.
Comment: the RSI calls for a new downleg.
*EUR/JPY intraday: the upside prevails as long as 156.27 is support*
156.27 is our pivot point.
Our preference: the upside prevails as long as 156.27 is support.
Alternative scenario: below 156.27, expect 155.54 and 155.11.
Comment: the RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 156.75 and 156.73).
*GBP/USD Intraday: under pressure.*
Pivot: 1.2675
Our preference: short positions below 1.2675 with targets at 1.2610 & 1.2590 in extension.
Alternative scenario: above 1.2675 look for further upside with 1.2690 & 1.2710 as targets.
Comment: the RSI calls for a new downleg.
*GBP/JPY intraday: the upside prevails as long as 188.18 is support*
Our pivot point stands at 188.18.
Our preference: the upside prevails as long as 188.18 is support.
Alternative scenario: the downside breakout of 188.18 would call for 187.29 and 186.76.
Comment: the RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 188.85 and 188.92).
*USD/JPY Intraday: continuation of the rebound*
Pivot: 148.95
Our preference: long positions above 148.95 with targets at 149.95 & 150.30 in extension.
Alternative scenario: below 148.95 look for further downside with 148.60 & 148.00 as targets.
Comment: the RSI calls for a rebound.
*USD/CAD Intraday: further advance.*
Pivot: 1.4285
Our preference: long positions above 1.4285 with targets at 1.4350 & 1.4380 in extension.
Alternative scenario: below 1.4285 look for further downside with 1.4240 & 1.4205 as targets.
Comment: the RSI advocates for further upside.
*Dow Jones (DJ) Intraday: intraday support around 43550.00.*
Pivot: 43550.00
Our preference: long positions above 43550.00 with targets at 43910.00 & 44040.00 in extension.
Alternative scenario: below 43550.00 look for further downside with 43420.00 & 43300.00 as targets.
Comment: the next resistances are at 43910.00 and then at 44040.00.
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