Daily review for October 06, 2021
Crude oil is trending sideways as the Bulls search for the USD$80 area.
Oil Supply increases as Gulf of Mexico production re-enters the market, and new OPEC production focus to cover energy demand.
Bitcoin is trading at USD$51,300. Bulls seek USD$56,000. The SEC reassured institutions by announcing that it does not plan to restrict the crypto market.
Traders begin to evaluate scenarios for the NFP. Stock indexes on Wall Street are in negative territory. Traders are looking for the best time to enter.
Bulls look for another rebound in the Nasdaq 100. Traders await ADP data ahead of NFP.
The New Zealand central bank held interest rates steady at 0.50%.
| WTI -0.11% |
| According to API, weekly crude oil stocks in the United States increased by 951,000 barrels. Analysts’ expected a decrease of 300,000 barrels. The increase in supply from the Gulf of Mexico and OPEC has resulted in a sideways price movement above the USD$79.27 resistance. At the moment, the WTI price is down 0.11% and is trading at USD$78.84 per barrel. On the other hand, the price of energy continues to rise. Natural Gas closed yesterday with a 9.47% increase. Today we will have the IEA inventories report. A reduction of 418,000 barrels is expected. |
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| Support 1: 78.77 Support 2: 78.71 Support 3: 78.64 Resistance 1: 78.90 Resistance 2: 78.97 Resistance 3: 79.03 Pivot Point: 78.84 |
| The price remains above the 200-day moving average. Expected trading range between USD$78.64 and USD$79.03. Pivot point for trend change at USD$79.03. RSI neutral. Possible sideways movement above USD$79. Bulls are looking to take the price to the USD$80 area. |
| BITCOIN +4.40% |
| Bitcoin price broke through the USD$50,000 resistance and is currently trading at USD$51,308, rising 4.40%. The next target for the Bulls is USD$56,000. One of the factors that boosted the rally was the SEC’s announcement that it does not intend to restrict the crypto market. This gave institutions the green light to enter the market again, as it provides legal certainty. In addition, crypto mining has been able to exit favorably from China, and the operation is starting to take off in the United States. |
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| Support 1: 51,376.8 Support 2: 51,216.2 Support 3: 51,102.2 Resistance 1: 51,651.3 Resistance 2: 51,765.4 Resistance 3: 51,925.9 Pivot Point: 51,490.8 |
| The price is above the 200-day moving average, which is a bullish signal for Bitcoin. At the moment, it is at resistance 1. If the Bulls maintain bullish strength, the next target is USD$56,000. Trading range between USD$51,102 and USD$51,925. Pivot point at USD$51,490. RSI in overbought zone. |
| DOW JONES -0.38% |
| Traders are keeping an eye on the NFP result. Analysts expect the creation of at least 473,000 new jobs. Meanwhile, the focus is on the ADP nonfarm employment change. According to analysts, at least 428,000 new jobs are expected. Meanwhile, traders are evaluating the performance of the U.S. economy. The latest unemployment rate stood at 5.2%. Analysts project the rate this time around at 5.1%. If the forecast comes true, the NFP could exceed expectations. Meanwhile, the Dow Jones is down 0.38% and is trading at 34,223. |
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| Support 1: 34,152.4 Support 2: 34,100.5 Support 3: 34,058.0 Resistance 1: 34,246.8 Resistance 2: 34,289.3 Resistance 3: 34,341.2 Pivot Point: 34,194.9 |
| The price is below the 200-day moving average. The index is descending from the triple top formed at resistance 1. At this moment, the index is at the pivot point where it could generate a change of trend. Pivot point at 34,194. RSI neutral. |
| NASDAQ 100 -0.50% |
| The index showed an interesting rebound yesterday, closing the day up 1.25%. The upward momentum was generated by the rally of Netflix +5.21%, Nvidia +3.64%, Baidu +2.33%. Facebook shares closed up 2.06%. The index is currently down 0.50% and is trading at 14,607. Index futures are mixed. On Wall Street, indices are in negative territory. Bond yields are in positive territory. This is because traders are evaluating the best buying level in the equity market to trade the NFP. |
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| Support 1: 14,567.2 Support 2: 14,545.1 Support 3: 14,524.8 Resistance 1: 14,609.6 Resistance 2: 14,629.9 Resistance 3: 14,652.0 Pivot Point: 14,587.5 |
| The price is below the 200-day moving average. It is currently at the pivot point, where a change of trend could occur. Expected trading range between 14,524 and 14,652. Pivot point at 14,587. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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