Oil Hits 11 Month High, $50 up next?
- Oil is advancing firmly on expectations that OPEC+ group could cap output at current levels until February amid concerns that covid could keep demand in H1 depressed.
- Broader market trends such as a weaker US Dollar and investor positioning for a recovery in the oil markets are also helping to lift crude.
- OPEC sees crude demand rising 5.9 million bpd to 95.9 million bpd this year, although demand risks are skewed to the downside in H1 2021.
WTI trades at $49.50, a 2.7% gain. On the day. It trades over its 20, 50 and 100 sma on the 4 hour chart, and has broken out of the narrowing price range in place since 21 December.
The RSI is bullish and not yet in overbought territory suggesting that there could be more upside on the cards and a test of the key $50 level.
After $50 resistance there is little in the way until $52.50 a level last seen 24th Feb.
Failure to break through $50 could see immediate support at $49.28 (Dec high) come into play prior to $48.65 descending trend line support and $47.80 to negate the current uptrend.
Flutter Entertainment Share Price Extends Rally After Stellar 2020
- Whilst the pandemic hit physical casino’s and betting shops hard, online gambling has seen a surge in popularity. Flutter Entertainment was a top performer on the FTSE in 2020 up over 65%.
- 2 years ago GVC Holdings, now Entain Group bought Ladbrokes in $5 billion deal. Over the weekend, the Wall Street Journal reported that MGM Resorts plans to buy the company.
- Deal making in the sector has also been a key feature over recent years and hopes of further consolidation could lift the share price higher.
Flutter Entertainment has traded within an ascending channel since later May. It broke out of the upside of the ascending channel in December and remains above the said trendline, suggesting more upside could be on the cards.
The RSI is also favouring the bulls as it trades in bullish territory over 50 but not over the key 70 overbought level.
Immediate resistance can be seen at 15800p the yearly high ahead of resistance an all-time high an round number of 16000p.
Immediate support can be seen at 14825pascending trendline resistance turned support, prior to 13900p 50 sma and an important support at 13025p the confluence of the lower band of the ascending channel & 100 sma.