Daily Review for April 21, 2021
Black Tuesday. The market is looking to rebound. Futures mixed, trying to set a trend.
Nasdaq 100 seeks to regain the 13,935 area. Fluctuations are expected to be driven by Netflix’s results. The company earns higher profits but loses subscribers.
Crude oil is looking for USD$63 per barrel. Libya continues to be in force majeure. Demand also declines due to the rebound of coronavirus in Asia.
The European Medicines Authority authorized the use of the Janseen vaccine. The DAX 30 rises and seeks to defend 15,140 points.
Due to market uncertainty and the fall of Bitcoin, investors take refuge in gold. The metal is approaching the 1,800 mark.
| NASDAQ 100 -0.19% |
| Crypto market remains bearish as a result of global sell-off. Meanwhile, the Nasdaq 100 is down 0.19% and is currently trading at 13,770 points. Yesterday Netflix presented its financial results for Q1 2021. The company generated an EPS of 3.75, beating expectations of 2.87, and obtained operating income of USD$7.16 billion, above the USD$7.14 billion expected by the market. Despite the above, in the aftermarket, the company fell nearly 12%. In today’s premarket, the stock is down 0.88%. Netflix’s weight in the Nasdaq 100 index is 1.88%, so the index is expected to react today to Netflix’s result. The number of new subscribers fell to 3.98 million compared to the expected 6.29 million. |
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| Support 1: 13,724.62 Support 2: 13,715.13 Support 3: 13,704.88 Resistance 1: 13,744.36 Resistance 2: 13,754.61 Resistance 3: 13,764.10 Pivot Point: 13,734.87 |
| The index is below the Ichimoku cloud. The price is between the support 1 and the resistance 1. Possible rebound. RSI leaving the oversold zone. |
| CRUDE OIL -0.53% |
| The port of Libya remains at Force Majeure, which means less supply of the commodity in the physical market. 180,000 barrels per day are being held up in Libya. Meanwhile, the price of crude oil is trading at USD$62.28 per barrel. Demand has also been impacted after a rebound in the number of Coronavirus cases in Japan and China, both of which are major importers of crude oil. Today we will have the inventory report in USA. |
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| Support 1: 62.09 Support 2: 62.02 Support 3: 61.92 Resistance 1: 62.26 Resistance 2: 62.36 Resistance 3: 62.43 Pivot Point: 62.19 |
| Pullback from the 64.45 area. Rebound at 61.67, where the Bulls defended the 61 support. Sideways above the 62.43 area. Trading range between 61.92 and 62.43. Pivot point at 62.19. RSI neutral. If the Bulls gain trend, the price may climb to the 65 level. |
| DAX 30 +0.32% |
| The European Medicine Authority, EMA, has authorized the use of Jenseen vaccine. Despite the correlation of the vaccine with blood clots, the EMA considers that the benefits outweigh the risks. The advantage of this vaccine is that it is a single dose. In the face of this event, the DAX 30 is up 0.32% and is trading at 15,156. |
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| Support 1: 15,173.1 Support 2: 15,140.8 Support 3: 15,123.1 Resistance 1: 15,223.1 Resistance 2: 15,240.8 Resistance 3: 15,273.1 Pivot Point: 15,190.8 |
| Bulls are trying to break out of support 1. Yesterday, the market witnessed a significant drop on a global level. Therefore, the index remains under pressure. Bears are looking for support 2 and 3. Trading range between 15.123 and 15.273. Pivot point at 15.190. |
| GOLD +0.54% |
| With the current uncertainty in the market, the gold price is approaching the level of USD$1,800 per Troy ounce. During the Asian session, the stock market opened in red in continuation of Wall Street’s fall. At the moment, futures are mixed. If the market momentum continues, we may see the price above the 1,801 mark. Key point are the resistance 2 and the uncertainty in the market. |
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| Support 1: 1,785.19 Support 2: 1,782.22 Support 3: 1,780.64 Resistance 1: 1,789.74 Resistance 2: 1,791.32 Resistance 3: 1,794.29 Pivot Point: 1,786.77 |
| Bulls are struggling to break resistance 2. They have already succeeded with the first resistance. If they do, the next level is 1,790 and then the 1,800 level. RSI is at overbought level. Possible correction due to profit taking. Then the price would continue into the upward channel. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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