Daily Review for March 28, 2022
Cryptos start the week with a significant rebound, driven by the use of Bitcoin for commodities trading.
Metals correct due to supply contraction in the Russian and Ukrainian physical market. Palladium falls more than 6% at the moment.
European stock markets start the week in positive territory. The DAX 40 is up more than 1%. The focus is on the ECB and the development of the war in Ukraine.
WTI corrects more than 4% at the moment. However, the possible sanctions on the Russian energy sector could generate a new price rebound to record highs.
| BITCOIN +5.06% |
| Bitcoin price is approaching USD$47,000. At the moment the crypto is up 5.06% and is trading at USD$46,913. The Russian government has stated that it will pay its debt with Rubles and will trade its commodities with Bitcoins. At the moment Bitcoin has reached a three-month high, indicating that the Bulls are in control of the market. Natural gas producers continue to evaluate the supply to Bitcoin miners, with the aim of decreasing energy costs in production. |
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| Support 1: 46,725.0 Support 2: 46,566.0 Support 3: 46,378.5 Resistance 1: 47,071.5 Resistance 2: 47,259.0 Resistance 3: 47,418.1 Pivot Point: 46,912.5 |
| The price is at a three-month high. It is also above the 200-day moving average, which is a bullish signal for Bitcoin. Expected trading range between USD$46,378 and USD$47,418. Pivot point at USD$46,912. The next Bulls target is USD$51,821. RSI in overbought zone. |
| PALLADIUM -6.07% |
| Palladium price is currently down 6.07% and is trading at USD$2,252 per Troy ounce. Palladium is being punished due to the continuation of the war in Ukraine, which is impacting the physical trade of commodities, including palladium, corn and wheat. Metals are also falling, mainly Nickel -4.98%, Silver -1.30% and Gold -1.13%. Stock Exchanges opened mixed, so the volume of buying in metals is neutral. |
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| Support 1: 2,149.59 Support 2: 2,061.66 Support 3: 1,971.82 Resistance 1: 2,327.36 Resistance 2: 2,417.20 Resistance 3: 2,505.13 Pivot Point: 2,239.43 |
| The price is below the 200-day moving average, and at the support line of USD$ 2,282. Possible rebound from this area, if traders increase the buying volume in metals. Expected trading range between USD$1,971 and USD$2,505. Pivot point for trend change at USD$2,239. RSI in oversold zone. |
| DAX 40 +1.30% |
| European Stock Exchanges open the week higher, with main movements in the DAX 40 +1.30% and in the Eurostoxx 50 +1.27%. Traders are paying attention to the ECB statement. They are also watching the development of the war in Ukraine, where the conflict continues to escalate, and the supply of raw materials from Ukraine and Russia continues to impact global supply. In the United States, Wall Street indices are in negative territory. Treasury bonds are also in negative territory. |
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| Support 1: 14,404.0 Support 2: 14,311.5 Support 3: 14,243.0 Resistance 1: 14,565.0 Resistance 2: 14,633.5 Resistance 3: 14,726.0 Pivot Point: 14,472.5 |
| Price is above the 200-day moving average. Expected trading range between 14,243 and 14,726. Pivot point for trend change at 14,472. RSI approaching the overbought zone. Resistance to overcome for trend continuation at 14,599. |
| WTI -4.25% |
| The oil market starts the week with a 4.25% drop in the price of crude oil. At the moment, WTI is trading at USD$109.25 per barrel. Traders continue to pay attention to the possible sanctions on Russia’s energy sector. Meanwhile, analysts are concerned about a possible measure of this type as it would impact market supply, which would push prices to new highs. |
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| Support 1: 108.92 Support 2: 108.43 Support 3: 108.00 Resistance 1: 109.84 Resistance 2: 110.27 Resistance 3: 110.76 Pivot Point: 109.35 |
| Despite the fall, the price remains above the 200-day moving average. Expected trading range between USD$108 and USD$110.76. Pivot point for trend change at USD$109.35. The bears are at an important support point, therefore, overcoming this, could generate a fall to USD$102 per barrel. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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