Daily Review for June 08, 2021
Crude oil fell from USD$69 per barrel. However, Traders maintain the bullish outlook, focused on the global economic recovery after the pandemic.
Correction in Bitcoin and cryptos. The FBI manages to recover USD$5 million that the Colonial pipeline had paid in the form of Bitcoins to cybercriminals.
European markets open mixed. Analysts continue to assess the impact of inflation on the markets. The ECB continues with an adaptive monetary policy.
The USD strengthens, putting pressure on commodities. Silver falls from USD$28 resistance.
| CRUDE OIL -0.65% |
| Crude oil price has managed to remain above the USD$68 per barrel mark. The upward trend of oil and commodities in general, has been generated by the global economic recovery. With the advances in vaccination, the market is beginning to visualize the possible end of the pandemic. In this way, the opening of air borders, economic sectors, industry and others, have demanded agricultural, energy and industrial commodities. Crude oil is currently down 0.65% and is trading at USD$68.80. |
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| Support 1: 68.70 Support 2: 68.58 Support 3: 68.50 Resistance 1: 68.90 Resistance 2: 68.98 Resistance 3: 69.10 Pivot Point: 68.78 |
| The price is below the Ichimoku cloud which indicates price correction. At the moment it is trying to bounce from support 2. Expected trading range between 68.50 and 69.10. Pivot point at 68.78. RSI neutral. |
| BITCOIN -9.48% |
| The crypto market is correcting today as a result of increased regulation for the industry and the possibility of rising interest rates in the US. Bitcoin is currently down 9.48% and is trading at USD$32,604. Part of the price drop has been generated by the FBI recovery of USD$5 million which was paid by the Colonial pipeline to cybercriminals who had hacked its supply software. The payment had been through Bitcoins. |
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| Support 1: 32,647.7 Support 2: 32,371.5 Support 3: 32,211.4 Resistance 1: 33,084.0 Resistance 2: 33,244.1 Resistance 3: 33,520.3 Pivot Point: 32,807.8 |
| Price is at the support 2. If the bears break this level, the next target is 31,400. Expected trading range between 32,211 and 33,520. Pivot point at 32,807. Bearish pressure. |
| EUROSTOXX 50 +0.02% |
| Europe opens mixed. The Eurostoxx is currently up 0.02% and is trading at 4,098. Main declines are being seen in VW -2.77% and Santander -0.58%. Main upward movements are being evidenced in CRH +1.16% and Safran +0.71%. Market analysts continue to assess the possible impact of inflation on the markets. The ECB continues with an adaptive monetary policy. |
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| Support 1: 4,094 Support 2: 4,091 Support 3: 4,089 Resistance 1: 4,099 Resistance 2: 4,101 Resistance 3: 4,104 Pivot Point: 4,096 |
| Price is at resistance 1 and just above the Ichimoku cloud. Trading range between 4,089 and 4,104. Pivot point for trend change at 4,096. RSI neutral. |
| SILVER -0.66% |
| USD is recovering and through it putting pressure on commodities. Silver is currently down 0.66% and is trading at USD$27.70. During the Asian session, the metal managed to reach the USD$28 mark. However, traders took profits at this resistance and now are looking to take advantage of the next entry moment, in view of the FED and the ECB. |
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| Support 1: 27.802 Support 2: 27.768 Support 3: 27.708 Resistance 1: 27.896 Resistance 2: 27.956 Resistance 3: 27.990 Pivot Point: 27.862 |
| Expected trading range between 27.70 and 27.99. Pivot point at 27.86. RSI neutral. Possible sideways recovery move above 27.76 area, until recovering 28. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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