In today’s trading strategy, we cover Brent Crude, DAX, Gold, the USD basket, BP (L:BP) and Lloyd’s bank, with Mike Van Dulken, Head of Research, Accendo Markets.
Brent Crude: Mid-range
Dulken believes that we might be getting closer to some blinking on the oil supply front. He further adds that $50 could be the new average for Brent Crude with frackers becoming the swing players.
DAX: More QE = positive
The DAX is getting closer to the 11K mark, and breaking above it might see gains towards 11,800, according to Dulken, who further says that the index will benefit from more QE.
Gold price: further gains above $1150
Dulken takes a look at the longer-term charts for Gold price, noting that the downside potential might be limited to $1120, and breaking above $1150 will lead to gains towards $1180-$1190.
BP: Will oil prices help the stock to head higher?
Looking at single stocks, Dulken picks BP as a interesting chart, noting that the stock needs to break the flag pattern formation to head higher towards 440p with a possible aid from oil.
Lloyds (L:LLOY) Bank: For the technical outlook and target, watch the video
Key events ahead:
US nonfarm payrolls
Bank of England rate decision