Daily review for December 07, 2021
The crypto market rebounds. Bitcoin is up 5.80%. Ethereum is up 8.32%. Omicron variant fears begin to lessen. Equities also rise globally. Major moves on the Nikkei 225.
Nasdaq 100 up 0.88%. Bulls look to recover the fall of the last few days. Traders focus on the market rebound. Also on Omicron’s findings by the WHO.
Commodities in the energy segment are up. Traders are paying attention to the EIA energy projections. Also the level of reserves in the United States.
Traders take positions in metals awaiting the inflation data in the United States. Analysts estimate an annual rate of 6.7%.
| BITCOIN +5.82% |
| Cryptos are recovering ground. Bitcoin is currently up 5.82% and is trading at USD$51,068. The market is calming down along with global equities. The WHO continues to make progress on the Omicron evaluation, and the results are better than expected. It appears that the current vaccines are working against the variant. On the other hand, Ethereum founder Vitalik Buterin announced the progress of the ETH 2.0 blockchain. The purpose is to make financial transactions more efficient and less noise in internet. Traders are now looking forward to tomorrow’s SEC meeting with industry CEOs. |
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| Support 1: 51,007.4 Support 2: 50,802.7 Support 3: 50,669.4 Resistance 1: 51,345.4 Resistance 2: 51,478.7 Resistance 3: 51,683.4 Pivot Point: 51,140.7 |
| The price is still below the 200-day moving average. However, the price is at resistance 1. If it manages to advance from this level, the next target point is USD54,866. RSI near the overbought zone. Pivot point at USD$51,140. |
| NASDAQ 100 +0.88% |
| Global equities are in positive territory as fears about Omicron dissipate. The Nasdaq 100 is currently up 0.88% and is trading at 15,990. In Asia, the market continues to evaluate Evergrande’s financial performance. At the moment, the company remains under liquidity pressure, and analysts are evaluating debt maturities. Meanwhile, Japan’s Nikkei 221 is up 2.43% on investor easing fears about Omicron. A more pronounced market rebound is expected. |
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| Support 1: 15,943.9 Support 2: 15,926.6 Support 3: 15,912.9 Resistance 1: 15,974.9 Resistance 2: 15,988.6 Resistance 3: 16,005.9 Pivot Point: 15,957.6 |
| The index is at resistance 1, looking for the bullish channel to cross the 200-day moving average. If the above is achieved, the next target is 16,312 points. Expected trading range between 15,912 and 16,005. Pivot point for trend change at 15,957. RSI in overbought zone. |
| WTI +1.84% |
| Traders are watching the EIA’s short-term energy forecast. They are also awaiting the API weekly crude oil stocks report, where a decrease of 1.6 million barrels is expected. At the moment, commodities in the energy segment are rising, with main movements in Natural Gas +3.42%, WTI 1.84% and Brent +1.78%. WTI is trading at USD$70.82 per barrel. On the other hand, Germany communicated that Russia cannot export natural gas to Europe through Nordstream 2, without the certification of the German authorities. |
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| Support 1: 70.42 Support 2: 70.16 Support 3: 69.94 Resistance 1: 70.90 Resistance 2: 71.12 Resistance 3: 71.38 Pivot Point: 70.64 |
| The price crossed the 200-day moving average. It is currently at resistance 1. Expected trading range between USD$69.94 and USD$71.38. Pivot point at USD$70.64. RSI in overbought zone. Bulls are looking for USD$73.86 per barrel. |
| GOLD +0.17% |
| Metals are also rebounding in the market, mainly gold and silver. However, traders are watching for a change in trend, depending on whether the rebound in equities continues. At the moment, the price of gold is up 0.17% and is trading at USD$1,782 per Troy ounce. Silver is up 0.75% and is trading at USD$22.43 per Troy ounce. Traders are keeping an eye on U.S. inflation. Analysts estimate inflation at 6.7% annually. The Fed’s inflation target is 2%, so tapering could accelerate. |
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| Support 1: 1,782.41 Support 2: 1,781.48 Support 3: 1,780.21 Resistance 1: 1,784.61 Resistance 2: 1,785.88 Resistance 3: 1,786.81 Pivot Point: 1,783.68 |
| The price is near the 200-day moving average. Possible sideways movement above resistance 1. Trading range between USD$1,780 and USD$1,786. Pivot point for trend change at USD$1,783. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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