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Pullback Buy For UKOIL
Welcome to Friday’s trade! The NASDAQ is the big story thus far, with the NAS100 trending south by more than 1%. July has been a rough month for big tech. Values are off more than 6% for the month as sellers have dominated the action. We have a Trade Idea out on the NAS100…we’ll cover it in depth on today’s US session livestream! (Switch Markets on YouTube, 1:00 PM)
New Home Sales for June hit the newswires shortly after the NYC opening bell. The figure came in at 628,000, above expectations of 609,000, and May’s 618,000, a 1.6% monthly increase. Many in the financial media are lauding this as proof of a robust economy; don’t get too carried away. It’s summertime in the US, the “buying season” for real estate.
At press time, both Brent and WTI crude oil prices are falling. Here’s a level worth watching for in UKOIL:
Daily 38% Fibonacci Retracement, 95.01
Check out our Key Levels for more information on this Trade Idea.
The US/Iran War continues to dominate headlines ahead of the weekend break. We’ll cover the latest and address the road ahead on today’s US Mid-Session Brief. See you there!
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