Daily Review for April 6, 2021
Crude oil market tries to recover USD$60 per barrel; however, there is uncertainty about demand recovery due to the third wave of the coronavirus worldwide.
The stock market in Europe opens in green, boosted by the US NFP. Wall Street indices start to slide on profit-taking by investors. DAX 30 at record highs.
Wall Street indices at all-time highs. Analysts are focused on the debt level of countries, interest rates and tax hikes for companies mainly in the USA.
Bitcoin and the cryptocurrency market continues to rise. Ripple won the case on the SEC indictment.
| CRUDE OIL +1.21% |
| The week continues negative for WTI, which broke the support of USD$60 per barrel. At this moment the price is trying to recover that technical level. Market expects sideways movements, while the EIA presents the energy forecasts. The increase of productive wells in the USA and the third wave of covid-19 in Europe are pressuring the price of crude oil. The aforementioned means possible new confinements and a slower economic reopening, factors that affect the demand for crude oil. |
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| Support 1: 59.07 Support 2: 58.83 Support 3: 58.68 Resistance 1: 59.46 Resistance 2: 59.61 Resistance 3: 59.85 Pivot Point: 59.22 |
| The price managed to reach the support at 57.55. From there, the Bulls managed to change the trading volume, causing the price to bounce to the current level of 59.51. The price is above the moving average. RSI is neutral. Pivot point at 59.22. |
| DAX 30 +0.69% |
| DAX 30 futures are currently up 0.69%. A bullish opening of the European market is expected, generated by the optimism of the NFP in the USA. Yesterday the European stock markets were closed. Therefore, the upward momentum of the good economic data is expected today. At the moment, the DAX 30 is at all-time high in 15,330 points. Today, we will have the Euro zone unemployment data, and tomorrow, the FED meeting. The market is waiting for a clearer signal on monetary policy, as the Central Banks have been very passive. |
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| Support 1: 15,249.6 Support 2: 15,227.8 Support 3: 15,215.1 Resistance 1: 15,284.1 Resistance 2: 15,296.8 Resistance 3: 15,318.6 Pivot Point: 15,262.3 |
| All-time high. Possible additional point rise at the open. Trading range between 15.215 and 15.318. Pivot point at 15.262. RSI is above 70, overbought level. Possible correction towards support 1. |
| S&P 500 -0.15% |
| S&P500 reached all-time highs as it broke the 4,000 points resistance. It is currently trading at 4,071. Signs of economic recovery in the U.S., such as the NFP, pushed the index and Wall Street as a whole to new highs. Similar moves are expected for the European market today. Traders are now analizing corporate tax hikes in the US, so that the government can fund the proposed stimulus package. The market is also watching the yield curve. Possible interest rate hike by Central Banks. |
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| Support 1: 4,059.22 Support 2: 4,057.18 Support 3: 4,055.98 Resistance 1: 4,062.46 Resistance 2: 4,063.66 Resistance 3: 4,065.70 Pivot Point: 4,060.42 |
| If buying volume continues, the next target is consolidation above resistance 1. Bulls are now looking for 4,300. Pivot point at 4,060. Trading range between 4,055 and 4,065. |
| BTCUSD +2.52% |
| Bitcoin continues the week in a trading range between 58.375 and 59.282. The price is currently up 2.52%. Cryptocurrency market rally continues, mainly because of the outcome of the Ripple trial. The judge gave the victory to Ripple’s delegates against the SEC, so Ripple’s market cap reached USD$40 Billion. Signal received by the market is that cryptocurrencies will continue to be in strength. An important factor in this is the structure that the International Bank for Settlements is working to implement its cryptocurrency system. |
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| Support 1: 58,678.2 Support 2: 58,516.3 Support 3: 58,375.8 Resistance 1: 58,980.5 Resistance 2: 59,120.9 Resistance 3: 59,282.9 Pivot Point: 58,818.6 |
| Price is just below resistance 1. Difficult level to break. If Bulls manage to do so, the next level to watch is 60,000. Pivot point at 58.818. RSI neutral. |
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