Daily Market Review 19 of Fabruary

Dow Jones (13981.76, +0.06%) was closed because of the holiday yesterday. It retains its sideways trend in the narrow 13850-14050 range. Asia-Pacific region is mixed: ASX (5093.60, +0.21%), Hang Seng (23348, -0.15%), and Nikkei (11395.16, -0.11%). Nikkei is a bit lower today after a strong performance the day before. Though at the moment ranged within the boundaries of   11000-500, the range is more likely to break out on the upside. The target on the upside for the index is 12000.  Oil (95.69) is flat near the bottom of its 95-98 range. The general picture is bullish with a goal near 103-106. The potential down trend will be limited around 93-90. The latter scenario will be possible, if there is a break below 95 before a rise. Gold (1614) holds above 1600. There is an important Resistance at 1650-75 regions. The bias is bearish. In case of a fall below 1600 the target for further decline will be 1550-25. Silver (30.10) bounced from its Support at 29.50.  If it is not able to raise further up, there are chances of a fall below 29.50 towards 27 in the coming days.



Major currencies were mostly quiet yesterday because of the holiday in the USA.  Today there might be a revival of trading activity. The Euro (1.3345) is relying on its 1.3300-3280 Support. Overall the trend is vague. So there is a need to watch the pair closely.


The Pound (1.5465) retains negative sentiment. The bearish trend is the most likely short term forecast for the British currency. Resistance is at 1.5500-25.  Analysts assume that approaching BOE release could favor a weak currency.