Daily Review for March 09, 2022
Commodity prices in the energy segment continue to rise, boosted by U.S. restrictions on oil and LNG imports from Russia.
Cryptos bounce, boosted by possible pro-market position of U.S. treasury on the regulatory framework for the cryptocurrency market.
European indices bounce, boosted by a possible ceasefire in Ukraine. Traders have bought the support in the European market, and expect the rebound to continue.
Metals correct after traders’ profit-taking. Gold continues above USD$2,000 per Troy ounce.
| WTI +1.48% |
| Commodities in the energy segment continue to rise, due to the U.S. announcement to ban energy imports from Russia. The restriction will include Russian-origin crude oil, LNG and coal. WTI is currently up 1.48% and is trading at USD$125.53 per barrel. Europe is divided on whether to impose restrictions on Russian energy imports. At the moment, member states are evaluating possible substitutes for their oil and natural gas needs. According to Goldman Sachs analysts, oil prices could average USD$135 per barrel this year. |
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| Support 1: 124.15 Support 2: 123.45 Support 3: 122.32 Resistance 1: 125.98 Resistance 2: 127.11 Resistance 3: 127.81 Pivot Point: 125.28 |
| The price is at resistance 1, where it faces a double top, before being able to reach the level of USD$130 per barrel. Expected trading range between USD$122.32 and USD$127.81. Pivot point for trend change at USD$125.28. RSI neutral. |
| BITCOIN +9.35% |
| Credit Suisse analysts believe that a new global payment system could be generated with Bitcoin as a reference currency. This is as Bitcoin continues to gain demand in the wake of the war in Ukraine. The U.S. Treasury Department will soon present its position and vision on cryptocurrencies. Apparently, the view is favorable and the regulatory framework will be under a pro-market approach. At the moment the price of Bitcoin is up 9.35% and is trading at USD$42,040. |
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| Support 1: 41,639.2 Support 2: 41,447.3 Support 3: 41,341.6 Resistance 1: 41,936.8 Resistance 2: 42,042.5 Resistance 3: 42,234.4 Pivot Point: 41,744.9 |
| The price overcame all resistance levels and is currently near USD$42,526. Expected trading range between USD$41,341 and USD$42,243. Pivot point for trend change at USD$41,744. RSI in overbought zone. If the trend continues, the price could reach USD$45,887. |
| DAX 40 +3.76% |
| European markets are bouncing back with the DAX 40 reaching important gains of 3.76%. The index is currently trading at 13,343. The main factor behind the rebound was the oversold stock indices in recent weeks. To give continuity to the rally, traders are waiting for the US crude oil inventories data, where a reduction of 657,000 barrels is expected. This could support the increase in U.S. energy exports to the European Union. Traders are also watching inflation in Russia, which is expected to come in at 8.8% annually. |
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| Support 1: 13,223.0 Support 2: 13,119.5 Support 3: 13,049.0 Resistance 1: 13,397.0 Resistance 2: 13,467.5 Resistance 3: 13,571.0 Pivot Point: 13,293.5 |
| The index is at resistance 1. The price is heading towards the level of 13,789 points. Expected trading range between 13,049 and 13,571. Pivot point for trend change at 13,293. RSI approaching the overbought zone. If the price overcomes resistance 2, a rebound towards 14,245 points could occur. |
| GOLD -0.39% |
| Stock indices are turning positive in the wake of a possible ceasefire in Ukraine. European indices are showing the main bounces. Following this, metals prices are correcting as traders take profits after the bounces of the last few weeks. At the moment, the price of gold is down 0.39% and is trading at USD$2,036 per Troy ounce. The price of silver is down 0.97% and is trading at USD$26.63 per Troy ounce. |
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| Support 1: 2,047.90 Support 2: 2,045.40 Support 3: 2,040.50 Resistance 1: 2,055.30 Resistance 2: 2,060.20 Resistance 3: 2,062.70 Pivot Point: 2,052.80 |
| The price is at the pivot point where it could change trend. Expected trading range between USD$2,040 and USD$2,062. Pivot point at USD$2,052. RSI neutral. Ichimoku cloud projects sideways at USD$2,033. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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