Daily review for December 02, 2021
OPEC meets to assess winter and Omicron. Energy demand continues to increase; however, energy commodity prices are controlled by market supply.
Omicron could impact physical trade globally, so OPEC will review its current strategy.
Markets in Europe correct. Omicron expands rapidly globally. The DAX 40 is currently down 1.18%.
Omicron arrives in the United States. Wall Street indexes closed with significant losses. Futures are looking to rebound at the moment.
Bitcoin sideways at the moment. Bulls look to close the year at record highs. Analysts assess Omicron’s impact on cryptos.
| WTI +0.57% |
| Traders are looking forward to the OPEC meeting. The focal points of the meeting are winter and Omicron. Weather forecasts point to a stronger than expected winter, which should increase demand for energy commodities, including WTI, Brent and Natural Gas. Omicron is the other major item on the agenda. The variant is rapidly expanding globally. Moderna’s CEO commented that a new vaccine would need to be developed to cope with this variant of the virus. At the moment, the market is mixed globally. WTI is up 0.57% and is trading at USD$66.63 per barrel. |
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| Support 1: 66.39 Support 2: 66.23 Support 3: 66.13 Resistance 1: 66.65 Resistance 2: 66.75 Resistance 3: 66.91 Pivot Point: 66.49 |
| The price is below the 200-day moving average. At this moment it is at the pivot point, where a change of trend could occur. Trading range between USD$66.13 and USD$66.91. Pivot point at USD$66.49. RSI neutral. |
| DAX 40 -1.07% |
| European Commission President Ursula von der Leyen announced that the Omicron variant is a threat to Europe. Central bankers are closely analyzing the impact of the variant on markets. The scenarios point to keeping economic stimulus a bit longer, shifting the tapering execution. So far, the ECB has not made any announcement on the above. The FED keeps the focus on tapering. European stock indices are in negative territory. The VIX is currently at -7.94%. Austria’s ATX is up 1.91%, as it was the first country in Europe to anticipate and close borders. |
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| Support 1: 15,303.5 Support 2: 15,251.5 Support 3: 15,223.5 Resistance 1: 15,383.5 Resistance 2: 15,411.5 Resistance 3: 15,463.5 Pivot Point: 15,331.5 |
| The index is below the 200-day moving average. The price is between resistance 1 and the pivot point. If the index continues to fall, the bears would look for support 2 and consequently the level of 14,928 points. RSI neutral. Pivot point at 15,331. |
| NASDAQ 100 +0.24% |
| The market discounted the finding of the first Omicron case in the United States. The Nasdaq 100 declined from 16,443 to 15,843. From the support, the index has tried to bounce, however, traders are still evaluating the scenarios. During the pandemic, the Nasdaq 100 has evidenced a great performance, even better than the S&P500 and the DJIA. The market’s main concern is whether the current vaccines can combat the variant. If not, global confinements and border closures are expected. |
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| Support 1: 15,910.9 Support 2: 15,890.3 Support 3: 15,850.7 Resistance 1: 15,971.1 Resistance 2: 16,010.7 Resistance 3: 16,031.3 Pivot Point: 15,950.5 |
| The index is below the 200-day moving average. Price is between the pivot point and support 1. Trading range between 15,850 and 16,031. Pivot point at 15,950. Possible bounce from the current area. If the Bulls buy the dip, the index could bounce towards resistance 1. |
| BITCOIN +0.06% |
| Bitcoin is showing the lowest level since October 2021. The price is currently up 0.06% and is trading at USD$56,861. Traders are evaluating the crypto’s performance for the year-end. Bulls expect to reach all-time highs during December. Analysts however, review Omicron’s impact on investor appetite. At the moment, the crypto is presenting a trading range between USD$59,197 and USD$56,586. Possible buying volume above the current level. |
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| Support 1: 56,649.2 Support 2: 56,474.2 Support 3: 56,320.4 Resistance 1: 56,977.9 Resistance 2: 57,131.7 Resistance 3: 57,306.7 Pivot Point: 56,802.9 |
| Bitcoin is above the 200-day moving average, which is a bullish signal for the crypto. If it bounces from the current level, the price could reach USD$59,197 again. From there, everything will depend on the buying volume of institutions. Pivot point at USD$56,802. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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