Daily Review for March 11, 2022
Energy markets continue to move higher.
European leaders meet at the European summit to address the bloc’s defense budget and energy dependence.
U.S. LNG exports to Europe increase. The goal is to cover 100% of the bloc’s energy needs.
Bitcoin looks to confirm rebound towards USD$45,000 over the weekend.
Transactions in cryptos are on the rise following the war in Ukraine.
| WTI +1.37% |
| Russia has also imposed export restrictions on 200 of its products in retaliation for the economic sanctions imposed. The products include telecommunications equipment, medical equipment, vehicles, electrical products, wood, wheat, barley, rye and corn. Therefore, upward movements are beginning to be seen in each of the agricultural commodities, as Russia is a major player in the global wheat and corn market. The trade and economic war also impact the trade of other commodities. WTI is currently up 1.37% and is trading at USD$107.77 per barrel. |
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| Support 1: 107,31 Support 2: 106,14 Support 3: 105,42 Resistance 1: 109,20 Resistance 2: 109,92 Resistance 3: 111,09 Pivot Point: 108,03 |
| The price is at the pivot point, where a change of trend could occur. The price is below the 200-day moving average. Expected trading range between USD$105.42 and USD$111.09. At the moment the price balance is being generated as reserves are released to the global market. |
| EUROSTOXX 50 +0.51% |
| Traders are attentive to the outcome of the summit of the European Union leaders. The focus of the meeting is the war in Ukraine and the economic outlook. One of the main objectives is to increase the defense budget of the bloc, and to generate solutions to the energy dependence. At the moment, European indices are in positive territory. The Eurostoxx 50 is up 0.51% and is trading at 3,658 points. |
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| Support 1: 3,646 Support 2: 3,633 Support 3: 3,614 Resistance 1: 3,678 Resistance 2: 3,697 Resistance 3: 3,710 Pivot Point: 3,665 |
| The index is below the 200-day moving average. Expected trading range between 3,614 and 3,710. Pivot point for trend change at 3,665. RSI neutral. Price is between the pivot point and support 1. Possible rebound towards resistance 2. |
| NATURAL GAS +0.99% |
| The price of natural gas is currently up 0.99% and is trading at USD$4.67 per BTU. Restrictions on the supply of Russian LNG to the European Union continue to increase. In the meantime, the European Union is meeting to find solutions to the bloc’s energy needs. For the time being, LNG exports from the United States are on the rise. A rebound in the price of the commodity is expected, while the supply is being solved. |
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| Support 1: 4.663 Support 2: 4.644 Support 3: 4.630 Resistance 1: 4.696 Resistance 2: 4.710 Resistance 3: 4.729 Pivot Point: 4.677 |
| The 1-hour chart is forming a U shape and the price could reach the level of USD$5.15 per BTU. Expected trading range between USD$4.63 and USD$4.72. Pivot point at USD$4.67. RSI approaching the overbought zone. The price is at the same level of the 200-day moving average. |
| BITCOIN -0.34% |
| The crypto market is starting to correct today after a week of positive and negative swings, generated by the US Treasury and the war in Ukraine. Bitcoin is currently down 0.34% and is trading at USD$39,123. The current price level may continue to attract the attention of institutional investors, who see the potential for a rebound towards USD$65,000. On the other hand, after the war and restrictions, the use of Bitcoin and Ethereum as a means of payment is on the rise. |
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| Support 1: 38,890.2 Support 2: 38,721.6 Support 3: 38,575.2 Resistance 1: 39,205.2 Resistance 2: 39,351.6 Resistance 3: 39,520.2 Pivot Point: 39,036.6 |
| The price is at support 1, where it could begin to show the continuation of the rebound towards the pivot point, which could confirm the change of trend. Expected trading range between USD$38,575 and USD$39,520. Pivot point at USD$39,036. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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