Daily Review for July 06, 2021
Market opens mixed globally, awaiting Wall Street’s reaction to the continuation of the rally after the NFP or sideways movements while the next trend is set.
OPEC+ continues to analyze market projections. For the time being, the strategy of gradual production cuts and increases remains on the radar. The price is above the USD$76 mark.
Bitcoin is trying to set the uptrend again. At the moment, the price is looking for USD$35,000. Traders are aware on GBTC and the release of 16,000 Bitcoins in the middle of this month.
The Nasdaq 100 set record highs last Friday. Today, the market will be testing the continuation or correction of the trend.
| DOW JONES +0,09% |
| Wall Street futures are mixed at the moment as traders await more volatility in the market. The Dow Jones is up 0.09% and is trading at 34,709. Today’s trading volume is expected to be important, driven by the good NFP data in the United States. Yesterday was a holiday in the U.S., so today the strategies of the major players will be evident. |
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| Support 1: 34,686.9 Support 2: 34,671.2 Support 3: 34,649.4 Resistance 1: 34,724.4 Resistance 2: 34,746.2 Resistance 3: 34,761.9 Pivot Point: 34,708.7 |
| The price of the index is at the point of resistance 1 at 34,724. Bulls are trying to consolidate the 34.700 area. If the above is achieved, the next target level is 34,800. Trading range between 34,649 and 34,761. Pivot point at 34,708. RSI neutral. |
| CRUDE OIL +2.08% |
| OPEC+ held a new market review session. However, discrepancies arose between Saudi Arabia and the United Arab Emirates, who showed divided opinions on the production level increase. Meanwhile, the price of crude oil is up 2.08% and is trading at USD$76.62 per barrel. The market has not discounted the price disagreement, as analysts believe that OPEC+ will continue with the same strategy of gradual production cuts. |
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| Support 1: 76.47 Support 2: 76.37 Support 3: 76.22 Resistance 1: 76.72 Resistance 2: 76.87 Resistance 3: 76.97 Pivot Point: 76.62 |
| Crude oil prices are rising sharply, and have managed to reach the 76 per barrel mark. If the Bulls continue to gain ground, we could see the price near 77 and 78 by the close of this week. Pivot point at 76.62. RSI in overbought zone. |
| BITCOIN +1.12% |
| Cryptocurrency market is bouncing back and looking to resume the uptrend. Bitcoin is currently up 1.12% and is trading at USD$34,676. The market is at an inflection point, where large funds, investors, governments and regulators are tracking Bitcoin and its peers in detail. Likewise, investors are evaluating the growth potential of this market, and are also keeping an eye on GBTC and the release of 16,000 Bitcoins in the middle of this month. |
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| Support 1: 34,712.4 Support 2: 34,629.7 Support 3: 34,588.4 Resistance 1: 34,836.4 Resistance 2: 34,877.7 Resistance 3: 34,960.4 Pivot Point: 34,753.7 |
| Bitcoin is approaching the resistance 1 at 34,836. Upon reaching this zone, it could continue to advance towards 35,425. The price is above the 200-day moving average. Pivot point at 34,753. RSI neutral. |
| NASDAQ 100 -0.26% |
| At the moment the index of the tech companies in the United States is down 0.26% and is trading at 14,683. On Friday last week, the index had an interesting rally driven by the increase of cases of the Delta variant, effect that usually favors tech companies, due to the increased in demand for e-commerce services during lockdowns. |
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| Support 1: 14,686.96 Support 2: 14,673.67 Support 3: 14,664.59 Resistance 1: 14,709.33 Resistance 2: 14,718.41 Resistance 3: 14,731.70 Pivot Point: 14,696.04 |
| Price is at the pivot point at 14,696. Bulls’ next target is at 14,950. Trading range between 14,664 and 14,731. Pivot point at 14,696. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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