Daily Review for April 08, 2022
Global stock markets rebound, due to the bullish momentum of equity buyers.
Gold continues to trend sideways. Traders keep it in portfolios, but do not increase their exposure to the metal for the time being.
Ethereum rises more than 2% driven by market bulls. Traders buy the crypto looking to generate interesting gains after its platform upgrade.
Wall Street also rebounds. The Nasdaq 100 looks to regain 15,000 points.
| EUROSTOXX 50 +2.02% |
| The United States and the European Union have placed additional economic sanctions on Russia. Likewise, the war continues. Ukraine has requested more arms from NATO. The peace negotiations have not achieved good results, so the conflict may escalate further. At the moment, European stock indices are in positive territory. The Eurostoxx 50 is up 2.02% and is trading at 3,792 points. |
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| Support 1: 3,776 Support 2: 3,764 Support 3: 3,764 Resistance 1: 3,794 Resistance 2: 3,800 Resistance 3: 3,812 Pivot Point: 3,782 |
| Low trading volume so far. The price is near the same level as the 200-day moving average. Expected trading range between 3,764 and 3,812. Possible continuation of the uptrend towards 3,874 and 3,933 resistances. Pivot point for trend change at 3,782 points. RSI neutral, which confirms the continuity of the uptrend. |
| GOLD -0.25% |
| The global economic environment continues to be characterized by high inflation and geo-political tension. As a result, the U.S. central bank, the FED, has decided to raise interest rates and initiate a restrictive monetary policy. The European Central Bank, for its part, is seeking to reduce economic stimulus without affecting market growth. Meanwhile, investors have opted to hold gold and silver in their portfolios to mitigate market volatility. |
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| Support 1: 1,930.04 Support 2: 1,928.17 Support 3: 1,926.94 Resistance 1: 1,933.14 Resistance 2: 1,934.37 Resistance 3: 1,936.24 Pivot Point: 1,931.27 |
| The price is slightly above the 200-day moving average. Sideways movement between the range of USD$1,916 and USD$1,949. Pivot point for trend change at USD$1,931. RSI neutral, so the sideways trend may continue. |
| ETHEREUM +2.17% |
| Traders continue to be interested in trading the crypto ahead of the upgrade to Ethereum 2.0, which is scheduled for June 2022. Ethereum is currently up 2.17% and is trading at USD$3,286. The planned upgrade will reduce 90% of the issuance of new Ethers, so the price could escalate significantly. Analysts see a first ceiling at USD$10,000. Meanwhile, Ethereum co-founder Vitalik Buterin donated USD$5 million to Ukraine. |
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| Support 1: 3,259.51 Support 2: 3,234.69 Support 3: 3,221.96 Resistance 1: 3,297.06 Resistance 2: 3,309.79 Resistance 3: 3,334.61 Pivot Point: 3,272.24 |
| The price is below the 200-day moving average, which is a bearish signal for Ethereum. Expected trading range between USD$3,221 and USD$3,334. Pivot point for trend change at USD$3,272. RSI approaching the overbought zone. |
| NASDAQ 100 +0.55% |
| Traders are expecting a rebound in today’s trading session, driven by buying volume generated after the correction presented in the last two days due to the FED and ECB minutes. Stock markets are up globally, with main gains in Russia’s RTS with +5.95%, followed by Italy’s MIB 40 with +2.26%. The Nasdaq 100 is currently up 0.55% and is trading at 14,607 points. One of the stocks that has boosted the index is HP, which has raised 16%, generated by Warren Buffet’s investment of USD$3.9 billion in the company’s shares. |
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| Support 1: 14,582.1 Support 2: 14,551.5 Support 3: 14,534.3 Resistance 1: 14,629.9 Resistance 2: 14,647.1 Resistance 3: 14,677.7 Pivot Point: 14,599.3 |
| Price is below the 200-day moving average. Expected trading range between 14,534 and 14,677. Pivot point for trend change at 14,599. RSI neutral, so the rebound could continue towards 14,810 resistance. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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