Daily Review for April 05, 2022
The Reserve Bank of Australia left interest rates unchanged at 0.10%.
European markets are up. The European Union assesses sanctions on Russia’s energy sector. Germany assesses possible recession due to lack of steady natural gas supply.
Bitcoin seeks the bullish channel towards USD$50,000. According to its protocol, there are 2 million Bitcoins left to be mined globally.
Natural Gas rises over 2%, boosted by the Russian government’s announcements to seek to trade the commodity on a Ruble basis.
Nasdaq 100 maintains the uptrend, following a 27% rally in Twitter shares.
| EUROSTOXX 50 +0.15% |
| Pressure continues to mount on EU member states to place sanctions on Russia in the energy sector. However, opinions are divided depending on the level of energy dependence. For its part, the United States is trying to replace the European Union’s oil and natural gas needs, which were sourced from Russia. The Eurostoxx 50 is currently up 0.15% and is trading at 3,882 points. Traders are keeping an eye on developments in the war in Ukraine and the Eurozone PMI. |
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| Support 1: 3,852 Support 2: 3,843 Support 3: 3,830 Resistance 1: 3,874 Resistance 2: 3,887 Resistance 3: 3,896 Pivot Point: 3,865 |
| The index is above the 200-day moving average. Expected trading range between 3,830 and 3,896. Pivot point for trend change at 3,865. RSI approaching the overbought zone. Ichimoku cloud projects sideways movement. |
| BITCOIN +1.15% |
| According to the Bitcoin protocol, there are only two million Bitcoin left to be mined. This may start to generate a medium-term rally for the crypto. Meanwhile, the United Kingdom is seeking to regularize Bitcoin. At the moment the cryptocurrency is up 1.15% and is trading at USD$46,713 which means it is at early 2022 levels. On the other hand, the SEC rejected Cathie Woods’ ARK Invest Bitcoin ETF. |
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| Support 1: 46,546.4 Support 2: 46,481.7 Support 3: 46,369.4 Resistance 1: 46,723.4 Resistance 2: 46,835.7 Resistance 3: 46,900.4 Pivot Point: 46,658.7 |
| The price is at the same level of the 200-day moving average, which may define the short-term trend of Bitcoin. Expected trading range between USD$46,369 and USD$46,900. Pivot point for trend change at USD$46,658. Neutral RSI. Possible search for resistance at USD$47,444, and then look for USD$48,164. |
| NATURAL GAS +2.96% |
| The Russian government announced the sale of natural gas on the international market in rubles. This is in order to force importers to demand rubles to be able to pay for the gas, and thus generate more liquidity in the economy. Natural Gas is currently up 2.96% and is trading at USD$5.87 per BTU. The European Union continues to evaluate sanctions on the Russian energy market. Germany is evaluating a possible recession of its economy due to the lack of natural gas supply. |
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| Support 1: 5.848 Support 2: 5.814 Support 3: 5.792 Resistance 1: 5.904 Resistance 2: 5.926 Resistance 3: 5.960 Pivot Point: 5.870 |
| The price is at resistance 3 and above the 200-day moving average. The bullish channel is maintained. Expected trading range between USD$5.79 and USD$5.96. Pivot point for trend change at USD$5.87. RSI near the overbought zone. So it could present a correction towards USD$5.51. |
| NASDAQ 100 +0.15% |
| Stock indexes are on the rise globally. The Nasdaq 100, is currently up 0.15% and is trading at 15,182. Yesterday, Twitter shares rallied 27.19% after Elon Musk’s announcement of the acquisition of a 9% stake in the company. This generated dynamism in the trading of the index, which closed yesterday with an increase of 2.23%. Traders are starting to see more dynamism in the equity market for Q2 2022. |
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| Support 1: 15,148.2 Support 2: 15,117.0 Support 3: 15,095.6 Resistance 1: 15,200.8 Resistance 2: 15,222.2 Resistance 3: 15,253.4 Pivot Point: 15,169.6 |
| The index is above the 200-day moving average. Expected trading range between 15,095 and 15,169. Pivot point for trend change at 15,169. RSI in overbought zone, which could lead to a correction towards 14,979. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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