Daily Review for July 15, 2021
China’s GDP for Q2 2021 increased 7.9%, but failed to beat market expectations of 8.1%.
FED does not plan to start Tapering soon, which is expected to lead to lower interest rates for a longer term.
Morgan Stanley will report its financial results for Q2 2021.
Bulls are looking to push the Nasdaq 100 towards 15,000 points.
DAX 30 is at record highs looking for 16,000 points.
Gold long positions keep growing as investors seek hedging strategies against inflation. The price is looking for the USD$1,850 zone.
Crude oil is starting to feel pressure from the increase of cases of the Delta variant. The price of crude oil is testing USD$71. Bears point to a correction below USD$70.
| NASDAQ 100 +0.14% |
| The index is reacting towards positive territory, after Jerome Powell announced that the FED does not plan to start tapering QE in the short term. The Nasdaq 100 index is currently up 0.14% and is trading at 14,911. Powell commented that inflation above 2% can still be controlled, so interest rates may remain at the current level for a longer period. |
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| Support 1: 14,911.59 Support 2: 14,906.05 Support 3: 14,900.22 Resistance 1: 14,922.96 Resistance 2: 14,928.79 Resistance 3: 14,934.33 Pivot Point: 14,917.42 |
| Main support at 14,900. Main resistance at 14,934. Pivot point at 14,917. Bulls target is at 15,331 equivalent to the 127% Fibonacci extension. Bullish outlook. |
| DAX 30 -0.13% |
| The German index set a new record, reaching the mark of 15,802 points. The index is currently correcting 0.13% and is trading at 15,755. In Europe, we will have economic data, such as Italy’s GDP, and statements from the German Central Bank. Traders continue to keep an eye on the financial results of publicly traded companies. Morgan Stanley will present its results today. |
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| Support 1: 15,748.6 Support 2: 15,743.8 Support 3: 15,736.6 Resistance 1: 15,760.6 Resistance 2: 15,767.8 Resistance 3: 15,772.6 Pivot Point: 15,755.8 |
| The index reached a new all-time high. Traders are now targeting 16,000 points. Trading range between 15,736 and 15,772. Pivot point at 15,755. RSI neutral. |
| GOLD +0.38% |
| Gold prices continue with the upward trend, mainly due to the FED announcements where the Bank see that inflation may remain above 2% per year for longer than expected. As a result, the gold price has reached the current level of USD$1,830 per Troy ounce, moving up 0.38% from yesterday’s close. Today, traders will be aware of the Italian CPI, in order to test the inflationary level of the European Union. |
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| Support 1: 1,827.59 Support 2: 1,825.32 Support 3: 1,823.89 Resistance 1: 1,831.29 Resistance 2: 1,832.72 Resistance 3: 1,834.99 Pivot Point: 1,829.02 |
| Expected trading range between 1,823 and 1,834. Pivot point at 1,829. RSI in overbought zone, so the price could correct a few points towards 1,820, and then continue with the uptrend. |
| CRUDE OIL -1.31% |
| Oil prices are declining, mainly due to the decrease in demand in the physical market due to the increase in cases of the Delta variant. Australia has declared new lockdowns, putting pressure on exports and physical deliveries of commodities. On the other hand, OPEC+ has not announced its strategy yet, so the pressure on supply continues. The price of crude oil is down 1.31% today and is trading at USD$72.05 per barrel. |
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| Support 1: 72.44 Support 2: 72.39 Support 3: 72.31 Resistance 1: 72.57 Resistance 2: 72.65 Resistance 3: 72.70 Pivot Point: 72.52 |
| Expected trading range between 72.31 and 72.70. Pivot point at 72.52. RSI on oversold zone. Price continues at support 1. If the Bears manage to break this level, the next target is 72.39 including 70. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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