Daily review for December 28, 2021
Stock indices are mixed at the moment, due to the increase in Omicron cases globally. New York reports the highest number of children hospitalized due to the pandemic.
Energy crisis continues in Europe. WTI is trading at USD$75.80 per barrel. Japan announced the sale of part of its strategic reserves in February 2022, in order to stabilize global prices.
Traders take profit in Bitcoin. Bulls still looking for Christmas rally. Possible rebound from the current zone.
Traders and mutual funds hold positions in metals. Gold seeks to consolidate in the area of USD $ 1,815 per Troy ounce.
| DOW JONES -0.07% |
| Stock markets are mixed globally. Wall Street indices are in negative territory due to the increase in Omicron cases in the United States. In Europe, the indices are mixed, with upward movements in the SMI +0.85% and downward movements in the Eurostoxx 50 -0.14%. The Dow Jones is currently down 0.07% and is trading at 36,274 points. Traders are paying attention to the consumer confidence report, which measures household spending in the US, and is used to assess demand performance. |
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| Support 1: 36,242.3 Support 2: 36,218.1 Support 3: 36,185.3 Resistance 1: 36,299.3 Resistance 2: 36,332.1 Resistance 3: 36,356.3 Pivot Point: 36,275.1 |
| The price continues the rebound from 34,516. At the moment the index remains above the 200-day moving average. Expected trading range between 36,185 and 36,356. Pivot point at 36,275. RSI in overbought zone. |
| WTI +0.28% |
| WTI price is currently up 0.28% and is trading at USD$75.80 per barrel. Traders are paying attention to the inventory report in the United States, where analysts estimate a decrease of 3.6 million barrels. On the other hand, Saudi Arabia’s crude oil exports are on the rise, mainly to the Asian market. On the other hand, the Japanese government announced the sale of part of its strategic reserves in February 2022, in order to support global price stability. In addition, the energy crisis continues in Europe. |
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| Support 1: 75.36 Support 2: 75.12 Support 3: 74.71 Resistance 1: 76.01 Resistance 2: 76.42 Resistance 3: 76.66 Pivot Point: 75.77 |
| Price is at resistance 1. Expected trading range between USD$74.71 and USD$76.66. Pivot point for trend change at USD$75.77. RSI leaving the overbought zone. Possible move towards USD$74.25 and consolidation of the current area, depending on the inventory report. |
| BITCOIN -2.57% |
| Bitcoin price is currently correcting 2.57% due to profit taking by traders after the price reached resistance 2. Bitcoin is currently trading at USD$49,418. Analysts indicate that the cryptocurrency oscillation is now in a shorter time frame. Traders are watching for a possible Christmas rally. However, they are also aware for speculative positions in Bitcoin futures and options, which could lead to further price corrections. |
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| Support 1: 49,077.9 Support 2: 48,923.7 Support 3: 48,774.3 Resistance 1: 49,381.4 Resistance 2: 49,530.7 Resistance 3: 49,684.9 Pivot Point: 49,227.2 |
| The price is slightly below the 200-day moving average. Expected trading range between USD$48,774 and USD$49,684. Pivot point for trend change at USD$49,227. RSI in oversold zone. Possible rebound from the current zone. |
| GOLD +0.40% |
| Stock markets are looking to set a trend before the end of 2021. Meanwhile, traders and hedge funds have opted to hold positions in metals. Gold is currently up 0.40% and is trading at USD$1,815 per Troy ounce. Traders continue to wait for the possible Christmas rally, which usually takes the last week of December and the first week of January. For the moment, trading volume has decreased. |
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| Support 1: 1,813.80 Support 2: 1,812.75 Support 3: 1,811.05 Resistance 1: 1,816.55 Resistance 2: 1,818.25 Resistance 3: 1,819.30 Pivot Point: 1,815.50 |
| The price is above the 200-day moving average. Bulls managed to overcome the double top formed at USD$1,815. Expected trading range between USD$1,811 and USD$1,819. Pivot point at USD$1,815. RSI near the overbought zone. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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