Daily review for November 09, 2021
The European market is presenting mixed movements, awaiting the statements of Christine Lagarde as president of the European Central Bank.
OPEC+ announced that it could increase production depending on the increase in the current level of demand.
Coinbase, Biontech and NIO present results. Traders are aware of Coinbase’s financial results.
Cryptos confirm the rally. Bitcoin approaches USD$70,000. Whales continue in the market.
| DAX 40 -0.06% |
| The market in Europe is aware of European Central Bank President Christine Lagarde’s statements on monetary policy and tapering. Traders are waiting to see whether the ECB will continue with a pro-market strategy, or seek to align itself with the Fed’s strategy of keeping inflation at the maximum level of 2% per annum. Meanwhile, indices in Europe are mixed, with major rises in the ATX and declines in the MIB. At the moment the DAX 40 is down 0.06% and is trading at 16.010. |
 |
| Support 1: 15,990.4 Support 2: 15,980.2 Support 3: 15,972.9 Resistance 1: 16,007.9 Resistance 2: 16,015.2 Resistance 3: 16,025.4 Pivot Point: 15,997.7 |
| The index remains above the 200-day moving average. At the moment it is looking to bounce off support 1, looking for the pivot point to change the trend. Likewise, the price is moving sideways. Bulls are looking to keep the index above 16,000 points. |
| WTI +0.01% |
| New announcement from OPEC+, in which they state that they could increase production if demand increases in the same way. On the other hand, Shale production in the United States returns to the market. With the current price level, producers are operating in every possible way to sell as much volume as possible. Similarly, the opening of air borders continues, and airlines begin hedging on jet fuel futures prices. In the meantime, Russia assures that the price above USD$80 per barrel reflects the current market situation. |
 |
| Support 1: 81.74 Support 2: 81.06 Support 3: 80.39 Resistance 1: 82.78 Resistance 2: 83.39 Resistance 3: 84.13 Pivot Point: 82.04 |
| The price is slightly below the 200-day moving average. At the moment, it is at the same level of the pivot point. If the market changes trend, it could look for resistance 2 or support 3. Pivot point at USD$82.04. RSI neutral. |
| NASDAQ 100 -0.05% |
| Today Coinbase, Biontech and NIO present results. The market is focus on Coinbase’s results, a company that has presented liquidity pressure, but the performance of cryptos in the last quarter may have favored its finances. The market expects EPS of 1.73 and Operating Income of USD$1.57 billion. Traders are also revising BionTech performance, which sales performed based on the supply of vaccines. Finally, NIO, as a possible competitor of Tesla, presents results. The company’s sales are expected to reach USD$9.24 billion. |
 |
| Support 1: 16,321.5 Support 2: 16,316.1 Support 3: 16,308.9 Resistance 1: 16,334.1 Resistance 2: 16,341.3 Resistance 3: 16,346.7 Pivot Point: 16,328.7 |
| The index continues above the 200-day moving average. Since yesterday it has been moving sideways. Possible market reaction to the ECB statements. Expected trading range between 16,308 and 16,346. Pivot point at 16,328. RSI neutral. |
| BITCOIN +3.11% |
| Crypto rally is confirmed. Bitcoin is currently up 3.11% and is trading at USD$67,973. Bulls continue to look for USD$70,000. The rally has been driven by the Whales, which have come in with significant volume over the last week. Ethereum continues to set record highs. Traders are keeping an eye on Coinbase’s results. The more optimistic ones, project the price of Bitcoin at USD$98,000 by the end of the year. |
 |
| Support 1: 63,700 Support 2: 62,507 Support 3: 60,558 Resistance 1: 66,205 Resistance 2: 67,398 Resistance 3: 69,904 Pivot Point: 65,012 |
| The price continues above the 200-day moving average which is a bullish signal for Bitcoin. Expected trading range between USD$60,558 and USD$69,904. Pivot point for trend change at USD$65,012. RSI in overbought zone. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
Risk Disclaimer
Any information/articles/materials/content provided by Capitalix or displayed on its website is intended to be used for educational purposes only and does not constitute investment advice or a consultation on how the client should trade.
Although Capitalix has ensured that the content of such information is accurate, it is not responsible for any omission/error/miscalculation and cannot guarantee the accuracy of any material or any information contained herein.
Therefore, any reliance you place on such material is strictly at your own risk. Please note that the responsibility for using or relying on such material rests with the client and Capitalix accepts no liability for any loss or damage, including without limitation, any loss of profit which may arise directly or indirectly from the use of or reliance on such information.
Risk Warning: Forex/CFDs trading involves significant risk to your invested capital. Please read and make sure that you fully understand our Risk Disclosure Policy.
You should ensure that, depending on your country of residence, you are allowed to trade Capitalix.com products. Please ensure that you are familiar with the company’s risk disclosure.