The forecast for the week November 20th through November 24th:
Bitcoin sets records! Almost every week we see Bitcoin historical high renewed. At the moment cryptocurrency capitalization reaches 129 billion dollars, which is four times higher than the one of the second popular cryptocurrency Ethereum. Now all the traders ask the same question: whether Bitcoin still has potential for the growth or not? We believe it does. There are two reasons why rates may continue to rise. First of all, there is still high demand on risk assets in the world, as indicated by VIX's drop. Any cryptocurrency is a risk asset and depends heavily on capital flow. Second of all, American stock exchange СМЕ hasn't started Bitcoin futures trading yet. New records are still to come in December, when start of trading will be announced. Trading signals: Buy 7550/7190 and take profit 8010.
Consider going long for two reasons. First of all, investors will increase buy positions before OPEC summit, which will be held on November 30th in Vienna. On Friday oil grew by 2,2%, what is a confirmation of this theory. Market participants are waiting for the oil cartel to take new actions towards reduction of world's oil products inventories. Second of all, at the moment we are not observing active shale oil output in USA. American companies declared that their production capacities are at the limits considering high debt burden. For oil market this is a positive signal. Trading signals: Buy 62,10/61,05 and take profit 64,53.
Consider going long counting on continuation of uptrend. Sberbank's nine-month earnings report surpassed all the expectations: the bank managed to earn 576 billion rubles of net profit with Bloomberg consensus forecast of 541 billion rubles. It's worth to mention that in 2016 Sberbank earned 542 billion rubles. Therefore, new record is already set, and forth quarter of the year is yet to come. In the forth quarter the bank is planning to earn approximately 150 billion rubles. Supervisory Board of Sberbank is not planning to stop there, in December it may offer investors new development strategy for the next three years. Investors are looking forward to seeing it, as the credit institution may set high net profit levels, which will positively affect capitalization. Trading signals: Buy 225/222 and take profit 229.