Daily Review for February 1, 2022
The Central Bank of Australia left interest rates unchanged (0.10%).
OPEC+ did not reach the production target in January 2022. The production increase was 210,000 barrels per day against the estimated 400,000 barrels per day.
The season of financial results continues. The Nasdaq 100 rose 3.4% yesterday. The trend is expected to continue as long as Google beats market expectations.
Important macroeconomic data day in the Euro Zone. Traders are watching inflation and demand indicators. For the time being, stock indices continue their upward trend.
Investors include metals in the allocation of portfolios, in order to mitigate the risks arising from geopolitical tensions and inflation.
| WTI +0.17% |
| OPEC+ missed the January 2022 production target, achieving only an increase of 210,000 barrels per day, over the target of 400,000 barrels per day. On the other hand, Qatar is looking to increase LNG sales in the European Union. At the moment, the WTI price is up 0.17% and is trading at USD$88.37 per barrel. As for Natural Gas, inventories in the United States fell below the average of the last five years, evidencing an important increase in exports. |
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| Support 1: 87.86 Support 2: 87.68 Support 3: 87.39 Resistance 1: 88.33 Resistance 2: 88.62 Resistance 3: 88.80 Pivot Point: 88.15 |
| The price is above the 200-day moving average. Expected trading range between USD$87.39 and USD$88.80. Pivot point for trend change at USD$88.15. RSI neutral. Bullish trend. Bulls target at USD$90.92 per barrel. |
| NASDAQ 100 +0.29% |
| The season of financial results continues. Today it is the turn of Google, Exxon Mobil, Paypal and AMD among others. The technology stocks market rebounds. At the moment the Nasdaq 100 is up 0.29% and is trading at 14,959 points. During February, Wall Street indexes could show an important rally considering that in March is the FED meeting, where the first interest rate hike of the year is expected. Therefore, investors may remain long during February. Yesterday the index rose 3.4%. |
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| Support 1: 14,886.4 Support 2: 14,853.9 Support 3: 14,813.5 Resistance 1: 14,959.3 Resistance 2: 14,999.7 Resistance 3: 15,032.2 Pivot Point: 14,926.8 |
| The index is above the 200-day moving average. At the moment the price is at resistance 1. Expected trading range between 14,813 and 15,032. Pivot point for trend change at 14,926. RSI in overbought zone. Bulls target is at 15,625 points. |
| DAX 40 +1.70% |
| Traders are keeping an eye on macroeconomic data in the European Union. Today we will have retail sales in Germany, inflation in France and the unemployment rate in Germany. Also, the PMI for Spain, France, Germany, UK, Italy and the consolidated Euro Zone. At the moment European stock indices are in positive territory, with main upward movements in the Eurostoxx 50 +1.86% and in the DAX 40 +1.70%. The German index is trading at 15,663. |
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| Support 1: 15,518.1 Support 2: 15,483.3 Support 3: 15,450.1 Resistance 1: 15,586.1 Resistance 2: 15,619.3 Resistance 3: 15,654.1 Pivot Point: 15,551.3 |
| The index is above the 200-day moving average. Bullish trend. Formation of the bullish channel. Bulls target is 15,883 points. Expected trading range between 15,450 and 15,654. Pivot point at 15,551. RSI in overbought zone. |
| GOLD +0.43% |
| The price of gold continues to rebound. It is currently up 0.43% and is trading at USD$1,802 per Troy ounce. Investors continue to buy gold in order to hedge portfolios from the volatility generated by geopolitical tensions. Meanwhile, the price of silver is up 1.07% and is trading at USD$22.63 per Troy ounce. Similarly, traders have opted to include metals in their portfolios to mitigate the inflationary effect on the markets. |
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| Support 1: 1,801.76 Support 2: 1,800.53 Support 3: 1,799.36 Resistance 1: 1,804.16 Resistance 2: 1,805.33 Resistance 3: 1,806.56 Pivot Point: 1,802.93 |
| Gold price is below the 200-day moving average. Expected trading range between USD$1,799 and USD$1,806. Pivot point for trend change at USD$1,802. RSI in overbought zone. If the trend continues, the price could overcome the resistance 3 and thus consolidate above the 200-day moving average. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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