Daily Review for May 09, 2022
Potential conflict of interest between the US and the IEA (International Energy Agency) due to the continued release of strategic crude oil reserves by the US.
Bitcoin is at its lowest price in 2022, generated in part by the Fed’s interest rate hike.
Traders are looking ahead to Russia’s victory day, where Vladimir Putin is expected to declare war on Ukraine which could may use the country’s full military capability.
Traders are watching for possible sanctions on the Russian energy market that could be declared by the European Union in Brussels.
| WTI -0.98% |
| Possible conflict of interest between the United States and the IEA (International Energy Agency) due to the continuous release of strategic crude oil reserves by the USA, with the objective of stabilizing international prices. For its part, the US is releasing 1 million barrels per day on the international market. The IEA is composed of 31 industrialized countries. At the moment the US target is to release 180 million barrels, by 1 million barrels per day. WTI is currently down 0.98% and is trading at USD$109.16 per barrel. |
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| Support 1: 108.51 Support 2: 108.24 Support 3: 107.72 Resistance 1: 109.30 Resistance 2: 109.82 Resistance 3: 110.09 Pivot Point: 109.03 |
| The price remains above the 200-day moving average, right between support 1 and resistance 2. Expected trading range between USD$107.72 and USD$110.09. Pivot point for trend change at USD$109.03. RSI neutral, so the price could correct towards support 1. |
| BITCOIN -3.23% |
| Bitcoin is at its lowest price of the year, generated in part by the Fed’s interest rate hike. The crypto is currently trading at a 50% discount to all-time highs. On the other hand, the industry and the market continue to develop, for example, Coinbase received the first loan from Goldman Sachs with Bitcoins as collateral. As for the price, traders are evaluating new support levels before starting buying. |
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| Support 1: 33,438.0 Support 2: 33,285.0 Support 3: 33,192.0 Resistance 1: 33,684.0 Resistance 2: 33,777.0 Resistance 3: 33,930.0 Pivot Point: 33,531.0 |
| The price is below the 200-day moving average, which is a bearish signal for Bitcoin. The price is between support 2 and 3. Expected trading range between USD$33,192 and USD$33,930. Pivot point at USD$33,531. The bears are looking for USD$32,000. RSI leaving the oversold zone. |
| NASDAQ 100 -0.86% |
| As the week begins, global stock markets are in negative territory. Traders are looking forward to Russia’s victory day, where Vladimir Putin is expected to declare war on Ukraine and could use the country’s full military capability. At the moment, traders are looking for the best support for the Nasdaq 100 in order to buy the index and generate profits towards 13,000 points. For the time being, the equity market remains in negative territory and investors keep buying German and US bonds. |
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| Support 1: 12,565.0 Support 2: 12,536.3 Support 3: 12,516.6 Resistance 1: 12,613.4 Resistance 2: 12,633.1 Resistance 3: 12,661.8 Pivot Point: 12,584.7 |
| Price is below the 200-day moving average between resistance 1 and support 3. Expected trading range between 12,516 and 12,661. Pivot point for trend change at 12,584. RSI neutral, so the correction could continue towards the new support levels. |
| NATURAL GAS +1.24% |
| Natural Gas futures start the week in positive territory. Traders are watching for possible sanctions on the Russian energy market that could be declared by the European Union in Brussels. EU members continue to search for new sources and reserves of natural gas to replace Russia as a supplier. Analysts consider a possible rebound in the price of natural gas towards USD$10 per BTU generated by Russia’s supply shock. |
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| Support 1: 8.111 Support 2: 8.076 Support 3: 8.054 Resistance 1: 8.168 Resistance 2: 8.190 Resistance 3: 8.225 Pivot Point: 8.133 |
| The price is above the 200-day moving average. The price is between support 1 and resistance 3. Expected trading range between USD$8.05 and USD$8.22. Pivot point at USD$8.13. RSI neutral, so the price could continue the rally towards the next resistance levels. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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