Daily review for December 29, 2021
Traders continue to hold bullish positions in Wall Street indices, signaling the start of the Christmas rally.
Demand for energy commodities continues to rise in Europe and the Northern Hemisphere. Natural gas prices continue to rebound.
Bitcoin continues for the second day in negative territory. This time, it trades near the USD$46,000 support. Bulls look for a rebound driven by funds or institutions.
WTI stockpiles decreased by 3 million barrels in the US. Today, traders are aware of the inventory report.
| NASDAQ 100 +0.45% |
| The technology sector continues to strengthen as Omicron continues to expand globally. The Nasdaq 100 is currently up 0.45% and is trading at 16,550 points. During the pandemic, technology stocks have performed well. Dow Jones is up 0.11% and the S&P500 is up 0.21%, which could confirm the start of the Christmas rally. For the moment, traders are long on Wall Street indices. |
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| Support 1: 16,538.9 Support 2: 16,531.2 Support 3: 16,523.4 Resistance 1: 16,554.4 Resistance 2: 16,562.2 Resistance 3: 16,569.9 Pivot Point: 16,546.7 |
| The index is between the pivot point and resistance 1. The price remains above the 200-day moving average. The next target for the Bulls is 16,829. Possible confirmation of the rally, mainly through the bullish channel. Pivot point for trend change at 16,546. RSI neutral. |
| GAS NATURAL +2.21% |
| Traders remain bullish on Natural Gas, focusing on the winter in Europe and the Northern Hemisphere. Demand for energy commodities continues to be bullish. The focus is on the demand performance for 2022. Natural Gas is currently up 2.21% and is trading at USD$3.96 per BTU. Weather forecasts point to lower temperatures than expected. On the other hand, Russia’s exports of the commodity to Europe continue to decline. |
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| Support 1: 3.942 Support 2: 3.903 Support 3: 3.870 Resistance 1: 4.014 Resistance 2: 4.047 Resistance 3: 4.086 Pivot Point: 3.975 |
| The price is looking for the ceiling of USD$4,029 per BTU. If the Bulls manage to overcome this zone, the next target is USD$4.23. Expected trading range is between USD$3.87 and USD$4.086. Pivot point at USD$3.97. RSI approaching the overbought zone. |
| BITCOIN -3.05% |
| Bitcoin price continues for the second day in a row in negative territory. This time it is down 3.05% and is trading at USD$47,708. Traders are paying attention to the flow of sales that is occurring. At the moment the eyes are on Microstrategy, as the company is the largest holder of Bitcoins globally. The most immediate support is USD$46,060. The market is watching for a possible advance of the bears, or a rebound from this level. |
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| Support 1: 47,460.4 Support 2: 47,347.7 Support 3: 47,136.4 Resistance 1: 47,784.4 Resistance 2: 47,995.7 Resistance 3: 48,108.4 Pivot Point: 47,671.7 |
| The price is below the 200-day moving average. Expected trading range between USD$47,136 and USD$48,108. Pivot point for trend change at USD$47,671. RSI in oversold zone. Possible rebound towards the pivot point. |
| WTI +0.17% |
| According to API, weekly U.S. crude oil stocks declined by 3 million barrels. Traders will be watching today for confirmation of the above, with the crude oil inventories report. A reduction of 3.23 million barrels is expected. After the decrease in supply, the price of WTI began to rise to the current level of USD$76.11 per barrel. At the moment, the price is up 0.17%. Traders continue to take positions focused on the rebound in demand for Q1 2022. |
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| Support 1: 76.06 Support 2: 75.95 Support 3: 75.87 Resistance 1: 76.25 Resistance 2: 76.33 Resistance 3: 76.44 Pivot Point: 76.14 |
| The price is trending sideways in the area of USD$76 per barrel. Expected trading range between USD$75.87 and USD$76.44. Pivot point for trend change at USD$76.14. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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