ASX 200 to open positive: Crude oil resumes its uptrend

  • February 23, 2021 09:05 AM AEDT
  • Aayush
    Research Analyst Aayush
    30 Posts

    Aayush is a Research Analyst at Kalkine, with rich experience of over 3 years catering to capital markets. He has been a sell side equity advisor for two years and is currently dwelling deep into the equity research. He holds MBA in finance degree an...

ASX 200 to open positive: Crude oil resumes its uptrend

Source: Shutterstock


  • ASX 200 is set to open 18 points or 0.3 per cent higher this morning.
  • Bitcoin catches breather and falls over 15 per cent after rallying past US$58,300.
  • WTI crude oil again resumed its uptrend and rallied by 4.63 per cent to US$61.66 a barrel.
Gold MTF non-AMP

Yesterday, ASX 200 started the week with a downtick of 0.19 per cent or 12.9 points, and the index closed at 6780.9. However, today, the markets are set to break the downtrend and set for a green Tuesday. According to ASX 200 futures, the benchmark index is set to open 18 points or 0.3 per cent higher this morning.

The closing at wall street was again mixed, but the broader direction was on the negative side. The Down Jones closed the session up by 0.09 per cent as the oil and gas sector and basic materials sector propelled stocks higher. The S&P500 was down by 0.77 per cent, while Nasdaq took a hard hit of 2.46 per cent as technology stocks dragged the index.  

The CBOE Volatility index rose by 6.3 per cent (as at 8:24 AM AEDT), while the ASX 200 VIX index fell by 2.13 per cent in yesterday’s session.

Bitcoin catches breather after rallying past US$58,300 as Janet Yellen calls Bitcoin “highly speculative” and “inefficient” for the transaction. After the comment, Bitcoin crashed over 15 per cent in the blink of an eye. Other cryptos such as Ethereum also crashed over 20 per cent in a day on high volumes.

AUD/USD continues to rally on the back of a breakout given yesterday and is up by a total of 0.64 per cent for this week so far.

Read More: US Markets End Lower, Weighted Down By Tech Stocks, Consumer Cyclicals

Crude oil rebounds

After two sessions of a decent correction, WTI crude oil again resumed its uptrend and rallied by 4.63 per cent to US$61.66 a barrel. The winter freeze in the US might have made a more profound impact on the US energy producers, which is reflected in the crude oil prices.

Energy players such as Santos Limited (ASX:STO) and Beach Energy Limited (ASX:BPT) might delight their investors for the day.

Gold recovers

Gold has started to show some recovers after a straight one-sided fall. Gold has risen for the second consecutive day and is trading 1.39 per cent up at US$1808.22 an ounce. Gold miners such as Newcrest Mining Limited (ASX:NCM) and Evolution Mining Limited (ASX:EVN) might lead the markets today.

Market Movers

Crown Resorts Limited (ASX:CWN) has been ordered an inquiry by Royal Commission to establish the Crown's suitability to hold the Victorian casino license. The shares might come under some selling pressure. Seek Limited (ASX:SEK) is coming out with its half-yearly numbers today.



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