Daily review for December 08, 2021
Traders are looking forward to the meeting between the SEC and the CEOs of the crypto industry. A new chapter on market regulation is expected. For the moment the Bitcoin manages to stay above USD$50,000.
Several movements are evident on the natural gas industry globally. In Europe, the Nord Stream 2 project could be blocked due to tensions between Russia and the United States. In the Middle East, Saudi Arabia is looking to increase investment in installed capacity to meet future market demand.
Traders are watching the crude oil inventories report. A reduction of 1.7 million barrels is expected in the United States.
Stock indexes are mixed globally. Evergrande continues to default.
| BITCOIN -1,39% |
| Today is the meeting between the SEC and the CEO’s of the industry. The main topic to be discussed is the regulation of cryptos. At the moment, Bitcoin is down 1.39% and is trading at USD$50,520. Ethereum is down 0.13% and is trading at USD$4,347. Having regained the USD$50,000 area, Traders are evaluating the current price levels. According to analysts, the crypto market is still in a bullish cycle. Bulls see the price likely to reach USD$100,000 by 2022. For the moment the market is sideways, waiting for more volatility. |
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| Support 1: 50,502.6 Support 2: 50,332.3 Support 3: 50,213.6 Resistance 1: 50,791.6 Resistance 2: 50,910.3 Resistance 3: 51,080.6 Pivot Point: 50,621.3 |
| Sideways movement over the pivot point zone. The price recovered the USD$50,000. Bulls are looking for USD$54,146. Pivot point at USD$50,621. RSI neutral. Trading range between USD$50,213 and USD$51,080. |
| NATURAL GAS +2.91% |
| The energy forum being held in Abu Dhabi is promoting an investment plan for USD$713 billion per year to increase the region’s natural gas production capacity. The above, in order to meet the growth in demand. On the other hand, tensions between the United States and Russia continue. According to intelligence reports, Russia plans to invade Ukraine in January 2022. The United States has warned of economic sanctions. Europe is watching the situation, and eyes are on Nord Stream 2. Germany changed government, and is also attentive to the geopolitical situation. On the other hand, Saudi Aramco closed a USD$15.5 billion deal with Blackrock on the development of a gas pipeline. |
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| Support 1: 3.768 Support 2: 3.752 Support 3: 3.738 Resistance 1: 3.798 Resistance 2: 3.812 Resistance 3: 3.828 Pivot Point: 3.782 |
| The price is climbing from support 1. Expected trading range between USD$3.738 and USD$3.828. Pivot point for trend change at USD$3.782. RSI neutral, approaching the overbought zone. The Bulls are looking to regain the USD$4 per BTU zone. |
| WTI -0.93% |
| Traders are watching the IEA crude oil inventories report, where a drop of 1.7 million barrels is expected. Yesterday, US oil stocks decreased by 3 million barrels. At the moment, the WTI price is down 0.93% and is trading at USD$71.38 per barrel. Commodity traders continue to pay close attention to the scientists’ analysis of Omicron. If the variant is not as damaging as initially estimated, the market and business could continue to increase driven by market demand. |
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| Support 1: 71.31 Support 2: 71.11 Support 3: 70.95 Resistance 1: 71.67 Resistance 2: 71.83 Resistance 3: 72.03 Pivot Point: 71.47 |
| The price managed to climb and cross the 200-day moving average line. WTI is at the pivot point of USD$71.47 where it could generate a change of trend. Trading range between USD$70.95 and USD$72.03. RSI neutral. |
| NASDAQ 100 +0.38% |
| Stock index futures are mixed globally. Traders are watching for changes in the trend following Evergrande’s default. At the moment, Japan’s TOPIX is up 2.30%. Market volatility is down from the strong volumes seen last week. The VIX is at -1.88%. The Nasdaq 100 is currently up 0.38% and is trading at 16,399. Laboratories are testing the protection of current vaccines on Omicron. At the moment, the results are favorable. The Hang Seng index and futures in Hong Kong are turning negative due to Evergrande. |
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| Support 1: 16,365.3 Support 2: 16,350.2 Support 3: 16,335.2 Resistance 1: 16,395.4 Resistance 2: 16,410.4 Resistance 3: 16,425.5 Pivot Point: 16,380.3 |
| The price is above the 200-day moving average. At the moment the index is at resistance 1, where traders’ profit taking will be evaluated. Expected trading range between 16,335 and 16,425. Pivot point at 16,380. RSI in overbought zone. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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