Daily review for January 17, 2022
European indices started the week in positive territory awaiting the Eurogroup meeting, where the economic scenarios of the Euro Zone will be evaluated.
Price of WTI reached USD$83 per barrel. Energy demand continues to increase. Brent and Natural Gas prices maintain their upward trend.
Cryptos start the week in negative territory. Bitcoin is in the same area as the 200-day moving average. Medium-term trading range between USD$35,000 and USD$75,000.
Metals are bouncing around at the moment. Economic data from China, generated buying momentum in industrial commodities. Treasury yields rise. Possible change of allocation at the portfolios.
| DAX 40 +0.62% |
| Traders continue to pay close attention to the corporate earnings season. In Asia, macro data showed China’s GDP up 8.1% YoY. On the other hand, in Europe, traders are watching the Eurogroup meeting, where the economic scenarios of the Eurozone are evaluated. At the moment, the DAX 40 is up 0.62% and is trading at 15,930 points. Stock indices in Europe are mixed, however, the buying volume is increasing. |
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| Support 1: 15,903.9 Support 2: 15,879.7 Support 3: 15,866.4 Resistance 1: 15,941.4 Resistance 2: 15,954.7 Resistance 3: 15,978.9 Pivot Point: 15,917.2 |
| Expected trading range between 15,866 and 15,978. Pivot point for trend change at 15,917 points. RSI neutral. Price is below the 200-day moving average. Bulls are looking for resistance 3. |
| WTI +0.31% |
| WTI price reached USD$80 per barrel. At the moment the price is up 0.31% and is trading at USD$83.56 per barrel. Traders continue to pay attention to the possible commodity super cycle, where demand exceeds physical supply, which is reflected in market prices. Brent crude oil futures are up 0.15% and are trading at USD$86.20 per barrel. Natural gas futures are also on the rise, up 0.92% and trading at USD$4.29 per BTU. |
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| Support 1: 83.65 Support 2: 83.49 Support 3: 83.37 Resistance 1: 83.93 Resistance 2: 84.05 Resistance 3: 84.21 Pivot Point: 83.77 |
| The price is above the 200-day moving average. Expected trading range between USD$83.37 and USD$84.21. Pivot point for trend change at USD$83.77. Neutral RSI leaving the overbought zone. Bullish trend. The next Bulls target is USD$88.13 per barrel. |
| BITCOIN -1.03% |
| Cryptos start the week in negative territory. Bitcoin is currently down 1.03% and is trading at USD$42,629. The Bears are looking for the USD$35,000 area. On the other hand, the Bulls see a potential upside potential towards USD$75,000. For the moment, traders are waiting for a rebound signal. For his part Jack Dorsey continues to work on the fund to support Bitcoin developers. |
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| Support 1: 42,576.6 Support 2: 42,472.3 Support 3: 42,275.6 Resistance 1: 42,877.6 Resistance 2: 43,074.3 Resistance 3: 43,178.6 Pivot Point: 42,773.3 |
| The price is at the same level of the 200-day moving average. Expected trading range between USD$42,275 and USD$43,178. Medium term trading range between USD$35,000 and USD$75,000. Sideways trend. Pivot point for trend change at USD$42,773. Neutral RSI. |
| SILVER +0.85% |
| Silver rebounded from the support of USD$22 per Troy ounce. At the moment the price is up 0.85% and is trading at USD$23.12 per Troy ounce. Investors are reacting to China’s economic data. The country reported an 8.1% annual GDP growth. On the other hand, Treasury bond yields are on the rise, so there could be a shift in investors’ interest from metals to fixed income. |
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| Support 1: 23.031 Support 2: 22.969 Support 3: 22.938 Resistance 1: 23.124 Resistance 2: 23.155 Resistance 3: 23.217 Pivot Point: 23.062 |
| The price is above the 200-day moving average. Bulls are looking for USD$23.71 per Troy ounce. Trading range between USD$22.93 and USD$23.21. Pivot point at USD$23.06. RSI neutral. Bullish trend. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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