Daily Review for May 30, 2022
The week begins with a significant rebound in Bitcoin. At the moment the crypto is up 5.53% and is trading at USD$30,530.
Wall Street futures start the week with bullish movements. Today the NY stock market is closed, however index futures are open for trading.
European Union leaders continue to work on a sanctions package targeting Russian crude oil.
Global stock markets are in positive territory, boosted by the end of China’s confinements.
| BITCOIN +5.53% |
| The week begins with a significant rebound in Bitcoin. At the moment the crypto is up 5.53% and is trading at USD$30,530. Meanwhile, for Deutsche Bank, Bitcoin will continue to rise mainly due to its scarcity effect and regulation. This is also supported by JP Morgan. On the other hand, Microstrategy CEO Michael Saylor, stated that the company continues buying Bitcoins. Analysts expect a week of recovery and rallies in the Bitcoin. Bitcoin’s correlation with Wall Street is high, and US stock indexes are in positive territory. |
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| Support 1: 30,477.9 Support 2: 30,249.1 Support 3: 30,052.5 Resistance 1: 30,903.3 Resistance 2: 31,099.9 Resistance 3: 31,328.8 Pivot Point: 30,674.5 |
| The price is above the 200-day moving average, which is a bullish sign. The price is between resistance 2 and support 1. Expected trading range between USD$30,052 and USD$31,328. Pivot point for trend change at USD$30,674. RSI in overbought zone, so it could be a first take profit from traders. The next target for the Bulls is USD$40,000. |
| NASDAQ 100 +1.33% |
| Wall Street futures start the week with upward movements. Today the NY stock market is closed, however index futures are open for trading. Traders are looking ahead to the European Union leaders’ summit. They are also watching the inflation reports from Spain and Germany, which will give an initial idea of the inflation level in the Euro Zone. At the moment the Nasdaq 100 is up 1.33% and is trading at 12,854 points. |
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| Support 1: 12,833.8 Support 2: 12,821.9 Support 3: 12,805.1 Resistance 1: 12,862.5 Resistance 2: 12,879.3 Resistance 3: 12,891.2 Pivot Point: 12,850.6 |
| The price is above the 200-day moving average, between resistance 2 and support 1. Expected trading range between 12,805 and 12,891. Pivot point for trend change at 12,850. RSI in overbought zone, so the index could change trend due to profit taking by traders, or continue to the next target of 13,548 points. |
| WTI +0.39% |
| European Union leaders continue to work on a sanctions package targeting Russian crude oil. For its part, Russia continues to supply natural gas to Austria and continues to sell the commodity in rubles. On the other hand, Europe’s largest LNG unit, Equinor’s Hammerfest LNG in Norway has restarted operations. On the other hand, the U.S. has embargoed a Russian tanker near Greece. WTI is currently up 0.39% and is trading at USD$115.52 per barrel. |
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| Support 1: 115.57 Support 2: 115.37 Support 3: 115.08 Resistance 1: 116.06 Resistance 2: 116.35 Resistance 3: 116.55 Pivot Point: 115.86 |
| The price is above the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$115.08 and USD$116.55. Pivot point for trend change at USD$115.86. Neutral RSI coming out of the overbought zone, so the trading zone may remain above USD$115 per barrel. |
| EUROSTOXX 50 +1.02% |
| Global stock markets are in positive territory, boosted by the end of China’s confinements. The Eurostoxx 50 is currently up 1.02% and is trading at 3,848 points. Traders are watching inflation reports from Spain and Germany, in order to forecast the inflation level in the Euro Zone. The European Central Bank has announced the first interest rate hike for the July 2022 meeting. |
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| Support 1: 3,834 Support 2: 3.824 Support 3: 3,818 Resistance 1: 3,850 Resistance 2: 3,856 Resistance 3: 3,866 Pivot Point: 3,840 |
| Price is above the 200-day moving average, between resistance 2 and support 1. Expected trading range between 3,818 and 3,866. Pivot point for trend change at 3,840. RSI in overbought zone, so it could present a first profit taking by traders, before continuing the uptrend. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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