The Brussels explosions gave markets a shock yesterday. European markets opened lower but gradually recovered the losses and closed higher as the news get ‘digested’. However, the attacks, together with the series of terrorist attacks believed to be perpetuated by ISIS since last year, will have certain impact on investors’ confidence in the Euro area in the long run as the refugees and terrorism issues are likely to result in rising economic and political instability.
Asian markets closed lower, except for Nikkei, which rose 1.94% on the back of a weaker Yen. USD strengthened for the third day this week, giving pressure to commodity prices. Crude oil is facing key resistance level at $40. India Nifty is trying to breakout from a prolonged downtrend channel while the Singapore Straits Times Index is flat and faces the immediate resistance of 2,900, and waiting for new catalysts for a breakout. 

Crude Oil West Texas - Cash
Key technical levels:
  • Immediate resistance levels : $40.0, $41.6 (200-Day moving average)
  • 20-Day, 50-Day moving averages are sloped up, whereas the 200-Day is sloped down
  • MACD, RSI indicate overbought
India 50- Cash

Key technical levels:

  • 20-Day moving average crossed above 50-Day moving average 
  • Immediate resistance level: 7,900 (previous high + 200-Day moving average)
  • Trying to breakout above the downtrend channel, but will still face some selling pressure 
  • MACD and RSI indicate overbought