Daily review for October 11, 2021
Commodities in the energy segment continue to rise. Energy prices rise 5% in Europe. WTI rises above USD$80 per barrel. Economists project the price at USD$90 per barrel by the end of the year.
Global stock markets show mixed movements. In Asia, markets show optimism and bullishness, driven by Japan’s rally. In Europe, a sideways opening is expected as long as the trend is confirmed. In the US, the unemployment rate improves, but the GDP growth outlook decreases according to Goldman Sachs.
Bitcoin seeks USD$57,000. Bulls continue buying to push the price to USD$60,000. Companies show interest in cryptos as investment assets and also to improve business services.
| WTI +1.88% |
| The price of WTI reached USD$80 per barrel. At the moment the price is up 1.88% and is trading at USD$80.83 per barrel. The price of energy continues to rise. In Europe, have increased 5% today. Demand for crude oil continues to rise. Cities and countries that were more restrictive with the pandemic are beginning to open borders, reopening the economy and thus increasing crude oil consumption for the industrial sector. Airline stocks are rising. Energy commodities are trending higher. |
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| Support 1: 80.76 Support 2: 80.64 Support 3: 80.51 Resistance 1: 81.01 Resistance 2: 81.14 Resistance 3: 81.26 Pivot Point: 80.89 |
| The price remains above the 200-day moving average. Rebound from USD$74.80 support. Expected trading range between USD$80.51 and USD$81.26. Pivot point for trend change at USD$80.89. RSI in overbought zone. |
| DOW JONES -0.10% |
| Stock markets start the week with mixed movements, but with an upward trend, driven by the Asian markets. At the moment, the Nikkei 225 is up 1.45% and China’s A50 is up 0.96%. On the other hand, Wall Street indexes are showing negative movements. On Friday, the NFP data was released, and did not exceed market expectations, presenting 194,000 new non-farm jobs, compared to 500,000 expected. However, the unemployment rate improved to 4.8% versus the expected 5.1%. The Dow Jones is currently down 0.10% and is trading at 34,711 points. |
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| Support 1: 34,679.0 Support 2: 34,642.7 Support 3: 34,617.6 Resistance 1: 34,740.4 Resistance 2: 34,765.5 Resistance 3: 34,801.8 Pivot Point: 34,704.1 |
| The price continues above the 200-day moving average. At this moment, it is entering the Ichimoku cloud, which projects a trading range between 34,686 and 34,306. Pivot point for trend change at 34,704. RSI neutral. |
| BITCOIN +1.17% |
| The rally continues in the cryptocurrency market. Over the weekend, Bitcoin reached USD$56,000. At the moment, it is up 1.17% and is trading at USD$56,426. Companies continue to show interest in investing in Bitcoin and Ethereum. They are also beginning to show interest in the use of decentralized contracts, which allow more agile transactions and lower costs in the market. Likewise, the Ethereum project to be the next internet, has traders on the lookout. |
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| Support 1: 55,894.6 Support 2: 55,283.8 Support 3: 54,890.3 Resistance 1: 56,898.9 Resistance 2: 57,292.4 Resistance 3: 57,903.1 Pivot Point: 56,288.1 |
| The price remains above the 200-day moving average, which is a bullish signal for Bitcoin. Bulls are targeting the USD$60,000 level. A bullish candle reached USD$57,000. Trading range between USD$54,890 and USD$57,903. Pivot point at USD$56,288. RSI in overbought zone. |
| DAX 40 +0.08% |
| European markets are moving sideways with slight upward movements. At the moment the DAX 40 is up 0.08% and is trading at 15,202 points. Today we will have statements from the BUBA (German Central Bank) and also from the ECB on monetary policy and economic outlook for the week. On the other hand, traders continue to pay attention to the US debt ceiling and the plan approved by the Senate. Treasury Secretary Janet Yellen said she is confident that a global minimum corporate income tax will be approved. Inflation remains on economists’ radar. |
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| Support 1: 15,172.0 Support 2: 15,153.0 Support 3: 15,140.0 Resistance 1: 15,204.0 Resistance 2: 15,217.0 Resistance 3: 15,236.0 Pivot Point: 15,185.0 |
| Sideways movement above the 15,204 point zone. Expected trading range between 15,140 and 15,236. Pivot point for trend change at 15,185. RSI neutral. If the uptrend is confirmed, the index could reach 15,500 points. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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