week four of april 2020

Market Matters

Welcome to our weekly market review, giving you clarity on movements across equities, commodities, Bitcoin and our own personal performance for Crest Portfolio.
Please remember that past performance may not be indicative of future results.
Before we dive in, we would first like to wish everyone reading this letter safety and health for both themselves and their families. We have made the decision to focus on publishing more content during this time of abnormal turbulence and uncertainty, in the hope that it will help to ease your understandable apprehension as both an investor and an individual. We hope you enjoy this week's letter.
Equities with Alex:

"There seems to be a shift in sentiment following lockdown lifting measures in Europe and across several U.S. States that would suggest growing support for equities. There appears to be a good chance that U.S. equity indices will quickly move through recent highs seen on the 17th April."

Oil with Alex:

"The gentle lifting of lockdown measures will drive a much needed boost in demand for oil and its products; but it appears unlikely any uptick in demand can make a serious dent in the global glut of Crude. Without any major shift in the supply/demand balance being likely in the next month or two, expect oil to head into range bound trading."

Gold with Alex:

"Gold has enjoyed a fantastic run as expected in these recent weeks of turmoil and is due a breather. With market sentiment improving in general, gold is vulnerable in the short-term as flows re-balance into equities."

Bitcoin with Blake:

"Bitcoin has been moving steadily over the weekend having surpassed key resistance at $7,500, therefore, we are long for the time being. This pull back that we anticipate will most likely still happen, but due to Bitcoin continuing on the upwards trajectory it has been on for the past 7 weeks, we see this is likely to continue post-halving. This means a trap could be set for buyers at around $8,000-$8,500. The longer the price holds at this level the less likely a return to the downside, and of course, as usual, I am expecting some interesting volatility to come in the weeks ahead."

Thank you very much for reading. We wish you safe and well during this time, and we look forward to catching-up in the near future.

Blake Khalaf
Chief Investment Officer, Crest Investments
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