InvestMacro

By The Gold Report

Source: Streetwise Reports   06/02/2020

Shares of Westwater Resources traded higher on greater than 100-times average daily volume after the company reported that positive independent test results on ULTRA-PMG™ demonstrated successful simulated full-scale processing of battery graphite.

Energy materials development company Westwater Resources Inc. (WWR:NASDAQ) today announced that “independent testing of its ULTRA-PMG™ battery graphite material has shown outstanding resistivity values as a conductive additive.”

Westwater Resources’ President and CEO Christopher M. Jones commented, “This milestone achievement is a critical step in developing our battery graphite business. We have shown that one of the key products in our business plan – purified micronized graphite (ULTRA-PMG™) – can be produced using proprietary processes that we intend to utilize in our pilot program later this year. Successful performance testing demonstrates that we can manufacture our ULTRA-PMG™ as a premium-grade, conductive enhancement material for all types of batteries at larger scale.”

The company advised that its “ULTRA-PMG™ product has been produced by laboratory-scale equipment simulating the full-scale processing flowsheet and that it has been working with Dorfner AnzaPlan in Germany to commercialize processing technology to produce various sizes of ULTRA-PMG™ products.”

Test samples were independently tested by Polaris Laboratories in order to evaluate the performance of the product. The testing method included resistivity testing that utilizes “4T sensing” which the firm noted is a battery industry standard for measuring resistivity.

The company indicated that the results from testing demonstrated very desirable resistivities in the first simulation samples and for the finer size ULTRA-PMG™ in particular. The firm added that the results show superior or comparable resistivity values compared to other manufacturers and that Westwater’s ULTRA-PMG™ products can be used as conductivity enhancement material by the battery industry.

Westwater Resources is a developer of energy-related materials based in Centennial. Colo. The company listed that its battery-materials projects include the Coosa Graphite project, which it claims is the most advanced natural flake graphite project in the contiguous U.S. and the associated Coosa Graphite mine located in east-central Alabama. The firm also maintains lithium mineral properties in prospective lithium brine basins in Nevada and Utah and uranium projects in Texas and New Mexico. Westwater Resources’ commodity portfolio includes graphite, vanadium and lithium along with a strong position in uranium leveraged to higher future prices.

Westwater Resources began the day with a very small market capitalization of around $11.1 million with approximately 5.568 million shares outstanding. WWR shares opened 110% higher today at $4.21 (+$2.21, +11.05%) over yesterday’s $2.00 closing price. The stock has traded today on extremely high relative volume of more than 23 million shares between $2.50 and $4.26 per share and is currently trading at $2.57 (+$0.57 +28.50%).

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( Companies Mentioned: WWR:NASDAQ,
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By Lukman Otunuga, Research Analyst, ForexTime

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

By CentralBankNews.info

Canada’s central bank left its benchmark interest rate steady, as expected, and while it maintained its commitment to continuing large-scale asset purchase until a economic recovery is under way, it also said strains in short-term funding markets had eased and the economy should resume growing in the third quarter of this year.
The Bank of Canada (BOC) kept its target for the overnight rate at the effective lower bound of 0.25 percent after cutting it three times in March this year by a total of 1.50 percentage points.
In contrast to its policy statement in April, when it said it was ready to adjust the scale and duration of its stimulus measures as necessary, BOC today signaled a more policy neutral stance, saying “any further policy actions would be calibrated to provide the necessary degree of monetary policy accommodation required to achieve the inflation target.”
BOC also voiced confidence Canada’s economy had avoided the most severe scenarios envisaged in its April monetary policy report, which laid out a range of possible economic outcomes rather than a base case projection due to the uncertainty about the length and containment of the Cover-19 pandemic.
“While the outlook for the second half of 2020 and beyond remains heavily clouded, the Bank expects the economy to resume growth in the third quarter,” BOC said, noting gross domestic product in the first quarter shrank 2.1 percent from the previous quarter, in the middle of the range seen in April due to the combined impact of falling oil prices and widespread shutdowns.
Economic output in the second quarter is likely to show a further decline of 10 to 20 percent as shutdowns and lower investment in the energy sector take a further toll on output, BOC said.
Consumer price inflation in Canada has also tumbled, hitting minus 0.2 percent in April, and BOC expects temporary factors to keep inflation below its target range of 2.0 percent, plus/minus 1 percentage point, in the near term.
It was the first drop in Canada’s consumer prices since September 2009.
After aggressive measures to ensure funding markets continued to function in March, BOC said strains had eased and it was reducing the frequency of its term repo operations to once a week and its program to purchase bankers’ acceptances to bi-weekly.
However, BOC said it was still ready to adjust these programs if market conditions warranted and it was continuing with its other programs of buying federal, provincial and corporate debt at their current frequency and scope.
“As market function improves and containment restrictions ease, the Bank’s focus will shift to supporting the resumption of growth in output and employment,” BOC said.
Today’s decision by BOC’s governing council marks a shift in leadership of the bank to Tiff Macklem from Stephen Poloz, who is retiring after 7 years.
Macklem, who lost out to Poloz as governor in 2013, participated in today’s meeting as an observer but the statement said he endorsed the decision and measures announced.

The Bank of Canada issued the following press release:

www.CentralBankNews.info

By IFCMarkets

Lower than expected unemployment bullish for EURUSD

Euro-zone’s unemployment rose less than feared in April: the unemployment rate rose to 7.3% from 7.1% in March, when an increase to 8.2% was expected. This is bullish for EURUSD.

Summary of technical analysis

Market Analysis provided by IFCMarkets

By IFCMarkets

Chinese economy recovers faster than Japanese after quarantine

The upward movement occurs with the yuan strengthening against the US dollar and the yen weakening. Chinese currency rises in price as chances to soften the political situation in Hong Kong increase. On Wednesday, Hong Kong’s head of administration, Carrie Lam, will visit Beijing and begin discussions with the Chinese authorities on the new national security bill. Previously, it was Carrie Lam who became the catalyst for protests in Hong Kong. Additional support for the renminbi was the very rapid recovery of the Chinese economy after quarantine caused by Covid-19. In particular, the Caixin Manufacturing PMI for May turned out to be better than forecasts and amounted to 50.7 points, which confirms the resumption of industrial growth. Car sales in China in May increased by 11.7% year-on-year. Japanese Jibun Bank Manufacturing PMI Final for May amounted to only 38.4 points, which is much weaker than the Chinese figure. Industrial production in Japan in April decreased by 14.4% compared to April 2019, while in China it increased by 3.9%.

Summary of technical analysis

Market Analysis provided by IFCMarkets

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we see in the H4 chart, GBPUSD is moving towards the high at 1.2648. After breaking it, the pair may continue growing towards the next target, which is mid-term 50.0% fibo at 1.2892. However, there is another scenario, according to which the price may rebound from the high and form one more descending wave to reach 50.0% fibo at 1.2030 but it’s highly unlikely.

The H1 chart shows a more detailed structure of the current ascending correction, which, after breaking 76.0% fibo, has almost reached the high. At the same time, there might be a divergence on MACD to indicate a pullback in the nearest future. The target of this pullback may be the local support at 61.8% (1.2425).

EURJPY, “Euro vs. Japanese Yen”

As we can see in the daily chart, the convergence of MACD made EURJPY start a new rising movement, which may be considered as a reversal and long-term wave. The pair has already broken 23.6% fibo and may continue growing towards 38.2% and 50.0% fibo at 123.22 and 125.93 respectively. The support is the low at 114.40.

The H4 chart shows that after breaking 76.0% fibo, the instrument may continue trading to reach the high at 122.87.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

By IFCMarkets

Market Analysis provided by IFCMarkets

Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

by JustForex

The US currency has continued to decline against a basket of currency majors. The dollar index (#DX) closed again in the negative zone (-0.16%). Prospects for new stimulus measures for global economies and global economic recovery have motivated traders to buy risky assets. Also, the US dollar is under pressure due to mass protests in the United States.

The British pound has updated local highs after it became known that the UK can be flexible in talks with the EU. The country is expected to make concessions on some critical issues in the Brexit talks if the EU agrees to mitigate regulatory requirements. The UK should also ask by July 1 to extend the current transition period, which ends in December. Today, financial market participants will be focused on the Bank of Canada meeting. It is expected that the regulator will keep the key marks of monetary policy at the same level.

The “black gold” prices continue to rise. Futures for the WTI crude oil are currently testing the $37.45 mark per barrel. At 17:30 (GMT+3:00), US crude oil inventories will be published.

Market indicators

Yesterday, there was the bullish sentiment in the US stock market: #SPY (+0.40%), #DIA (+0.39%), #QQQ (+0.30%).

The 10-year US government bonds yield is consolidating. At the moment, the indicator is at the level of 0.66-0.67%.

• – German unemployment change at 10:55 (GMT+3:00);
• – UK composite PMI at 11:30 (GMT+3:00);
• – Services PMI in the UK at 11:30 (GMT+3:00);
• – ISM non-manufacturing PMI at 17:00 (GMT+3:00);
• – Bank of Canada interest rate decision at 17:00 (GMT+3:00).

by JustForex

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.11349
• Open: 1.11648
• % chg. over the last day: +0.32
• Day’s range: 1.11677 – 1.12276
• 52 wk range: 1.0777 – 1.1494

The EUR/USD currency pair continues to show a steady uptrend. Quotes have reached key extremes. The demand for risky assets is still high amid hopes of a recovery in the global economy. At the moment, the trading instrument is testing the resistance of 1.1230. The 1.1155 mark is already a “mirror” support. In the near future, the technical correction of the EUR/USD currency pair is not ruled out. We expect the publication of important statistics. Positions should be opened from key levels.

The Economic News Feed for 2020.06.03:

• – German labor market report at 10:55 (GMT+3:00);
• – Markit composite PMI in the Eurozone at 11:00 (GMT+3:00);
• – ADP nonfarm employment change at 15:15 (GMT+3:00);
• – ISM non-manufacturing PMI at 17:00 (GMT+3:00).

Indicators signal the power of buyers: the price has fixed above 50 MA and 100 MA.

The MACD histogram is in the positive zone and above the signal line, which gives a strong signal to buy EUR/USD.

Stochastic Oscillator is near the overbought zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations

• Support levels: 1.1155, 1.1100, 1.1065
• Resistance levels: 1.1230, 1.1300

If the price fixes above 1.1230, further growth of EUR/USD quotes is expected. The movement is tending to the round level of 1.1300.

An alternative could be a decrease in the EUR/USD currency pair to 1.1120-1.1100.

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.24889
• Open: 1.25501
• % chg. over the last day: +0.45
• Day’s range: 1.25454 – 1.26120
• 52 wk range: 1.1466 – 1.3516

The bullish sentiment prevails on the GBP/USD currency pair. Since the beginning of this week, quotes growth has exceeded 250 points. The British pound has reached $1.26. The 1.2525 mark is the nearest support. The demand for risky currencies is still high. We do not exclude the further growth of the trading instrument. We expect important economic releases from the UK and the US. We recommend opening positions from key levels.

At 11:30 (GMT+3:00), a number of indicators on economic activity will be published in the UK.

Indicators signal the power of buyers: the price has fixed above 50 MA and 100 MA.

The MACD histogram is in the positive zone, which gives a signal to buy GBP/USD.

Stochastic Oscillator is in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations

• Support levels: 1.2525, 1.2480, 1.2425
• Resistance levels: 1.2600, 1.2650

If the price fixes above 1.2600, further growth of GBP/USD quotes is expected. The movement is tending to 1.2640-1.2670.

An alternative could be a decrease in the GBP/USD currency pair to 1.2480-1.2450.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.35745
• Open: 1.35171
• % chg. over the last day: -0.41
• Day’s range: 1.34801 – 1.35277
• 52 wk range: 1.2949 – 1.4668

The USD/CAD currency pair has become stable after a significant drop. The loonie is currently consolidating in the range of 1.3480-1.3540. Financial market participants have taken a wait-and-see attitude before today’s meeting of the Bank of Canada. It is expected that the regulator will keep the key marks of monetary policy at the same level. We also recommend paying attention to the dynamics of “black gold” prices. Positions should be opened from key levels.

At 17:00 (GMT+3:00), the Bank of Canada will announce its interest rate decision.

Indicators signal the power of sellers: the price has fixed below 50 MA and 100 MA.

The MACD histogram is in the negative zone, indicating the bearish sentiment.

Stochastic Oscillator is in the neutral zone, the %K line has crossed the %D line. There are no signals at the moment.

Trading recommendations

• Support levels: 1.3480, 1.3450, 1.3400
• Resistance levels: 1.3540, 1.3585, 1.3675

If the price fixes below 1.3480, a further drop in USD/CAD quotes is expected. The movement is tending to the round level of 1.3400.

An alternative could be the growth of the USD/CAD currency pair to 1.3600-1.3640.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 107.584
• Open: 108.671
• % chg. over the last day: +1.01
• Day’s range: 108.421 – 108.848
• 52 wk range: 101.19 – 112.41

There are aggressive purchases on the USD/JPY currency pair. Yesterday, the growth of quotes exceeded 100 points. The trading instrument has overcome and fixed above the key extremes. At the moment, USD/JPY quotes are consolidating in the range of 108.45-108.85. The USD/JPY currency pair has the potential for further growth. We expect important economic reports from the US. We recommend following current information regarding the trade conflict between Washington and Beijing. Positions should be opened from key levels.

The news feed on Japan’s economy is calm.

Indicators signal the power of buyers: the price has fixed above 50 MA and 100 MA.

The MACD histogram is in the positive zone, indicating the bullish sentiment.

Stochastic Oscillator is in the neutral zone, the %K line is above the %D line, which gives a signal to buy USD/JPY.

Trading recommendations

• Support levels: 108.45, 108.30, 107.90
• Resistance levels: 108.85, 109.20, 109.50

If the price fixes above 108.85, further growth of USD/JPY quotes is expected. The movement is tending to 109.20-109.40.

An alternative could be a decrease in the USD/JPY currency pair to the round level of 108.00.

by JustForex

By TheTechnicalTraders 

– The recent “melt-up” in the US stock market after a moderate downside price move in early May 2020 has set up a number of technical patterns that traders need to pay attention to.  This melt-up trend may continue for a bit longer, but price levels and actions are beginning to set up very clear patterns that warn of potential weakness in the future.

First, no matter how we attempt to spin the data, the US economy is very likely to fall into a moderate recession after the COVID-19 virus event has created a world-wide economic event and the recent riots and protests all across the US continue to disrupt and destroy property, businesses, and other assets.

It is almost like a one-two-three series of punches leading to a TKO.  We have the virus event, the stay-at-home orders, and now the riots and protests.  Recently, the National Guard has been called out to support local law enforcement and to protect people and properties. From our perspective, the situation is very far away from stable economic activity/growth supporting current stock price activity/levels.

We have been urging our friends and followers to be very cautious of long-side trades and to execute them with very narrow parameters, minor position sizes, and easy/tight targets and stops.  The reason for this is because we are not confident that the underlying global economic fundamentals support the current price trends and activities.  Yes, the US Fed is pouring trillions into the economy attempting to support the US and global markets, but the view from the ground level is very different from the Wall Street office on the 20^th floor.

The GDP-Based Recession Indicator Index has risen to the highest levels since Q1:2008 as of April 2020 data.  If it continues higher with the May 2020 data point, we’ll have more evidence that the US economy has entered the early stages of an economic recession.  Remember, in early 2008, the US stock market had already begun to collapse more than 20% from recent highs.  Currently, the SPY is trading only -9.63% below the all-time high levels.  Our researchers continue to believe the US stock market is overvalued by at least 11% to 15% at current levels.

GDP-Based Recession Indicator Index

We continue to urge technical traders to be very cautious of the potential “washout-high” price pattern that is setting up and we continue to urge our followers to be very selective of active long trades.  There is money to be made in this trend and certain sectors and symbols have rallied 10 to 15% over the past 4+ weeks – but technical traders need to be very aware of the active risks still playing out in the markets.

Before we continue, be sure to opt-in to our free market trend signals 
before closing this page, so you don’t miss our next special report!

This Daily YM (Dow Jones E-Mini Futures Chart), highlights the major resistance levels near current price highs.  The first, the MAGENTA line originates from our Adaptive Fibonacci Price Modeling system and is a key target/price level originating from the all-time price peak level.  The reason this level is so important is that it continues to reflect the prominent downside price move/trend and this key Fibonacci level is still active until it is breached by price moving/closing above this level.

Second, the current Adaptive Fibonacci Price modeling system trigger level is highlighted in YELLOW.  This level is going to act as a “trigger point” in price.  If price rallies above this level and closes above this level, then we may see more upward price activity over the next few days/weeks.  If price fails to close above this level and stays below this level, then we interpret this as a failure to achieve the trigger level and it would suggest that price may begin to move downward – away from this critical price trigger level.

Watch for the YM to move to levels near or above 25,600 and watch how it reacts to this key resistance level.  If it rallies above this level then fails and begins to move dramatically lower – this level is being rejected and a new bearish trend may setup.  If it moves above this level and closes above this level, then we have confirmation of a potential upside price trend and bullish trending may continue for a bit longer.

DOW JONES E-MINI FUTURES DAILY CHART

This next Weekly chart, the IWM (Ishares Russell 2000 ETF), highlights another key technical pattern – a Gap Fill.  We’ve been watching how capital has transitioned from the NASDAQ and S&P500 and into the Mid-Caps and other sectors over the past 4+ weeks.  Once the major indexes began to reach levels near the past all-time highs, capital began seeking out undervalued sectors and technical traders began rotating into these sectors expecting a moderate price rally to occur.

Not that the Russell 2000 has rallied up to fill this gap, it is very likely that some level of moderate price weakness will setup – possibly pushing price levels lower.  A Gap Fill is a technical pattern that suggests any Gap in price will eventually get filled by future price activity.  Once this Gap is Filled, the price has completed a technical pattern to “fill the void”.  After the Gap is filled, price usually stalls and moves in the opposite direction for a period of time – establishing a new base for a new momentum move.

We believe the filling of the GAP on this IWM chart suggests the Mid-Caps may have reached a key resistance level and may begin to move downward in the near future – likely attempting to establish a new momentum base near the $122 level.

IWM – ISHARES RUSSELL 2000 ETF WEEKLY CHART

We love this market volatility and how various sectors are rotating right now.  It presents incredible opportunities to be able to select new trades.  We are still being very cautious overall with our portfolio.  We’ve been able to achieve new highs in our accounts by selectively trading various symbols and targeting exit points using our proprietary trading technology.  Right now, we have two active trades that continue to generate solid profits.  No reason to go crazy trying to pick dozens of trades with our “Best Asset Now” modeling system.  It allows us to attempt to stay active while trading the best asset class in the markets.

Watch how the markets react this week and early next week.  We recently posted a research article about the US Presidential cycle and how June/July is often very difficult months in an election year.  You may find this research article very informative as we push forward into the Summer months of this 2020 election hear

Election Year Cycles – What To Expect?: https://www.thetechnicaltraders.com/election-year-cycles-what-to-expect/

I hope you found this informative, and if you would like to get a pre-market video every day before the opening bell, along with my trade alerts. These simple to follow ETF swing trades have our trading accounts sitting at new high water marks yet again this week, not many traders can say that this year. Visit my Active ETF Trading Newsletter.

If you have any type of retirement account and are looking for signals when to own equities, bonds, or cash, be sure to become a member of my Long-Term Investing Signals which we issued a new signal for subscribers.

Ride my coattails as I navigate these financial markets and build wealth while others lose nearly everything they own during the next financial crisis.

Chris Vermeulen
Chief Market Strategies
Founder of Technical Traders Ltd.

TheTechnicalTraders.com