Daily Review for September 06, 2021
Labor Day in the United States. Traders focus on commodities and European markets.
Saudi Aramco reduced crude oil sales prices to its clients in Asia. This was a strategy to mitigate the OPEC+ production increase and to gain market share.
Bulls managed to push the Bitcoin price above USD$50,000. The next target is USD$55,000.
As of September 20, the DAX 30 will become the DAX 40. 10 new companies will be included in the index. That in order to seek diversification and stability.
Central Banks continue to analyze economic data and evaluate projections. Gold moves sideways. Investors are still not selling, and are looking to increase purchases of the metal.
| CRUDE OIL -1.41% |
| The market continues to be concerned about the level of demand. This time, Saudi Arabia reduced the price of crude oil for October delivery to its customers in Asia. Saudi Arabia’s strategy, specifically Saudi Aramco’s, is to be prepared for the recovery in demand, to counteract the increase in OPEC+ production and to gain market share. At this moment the price of crude oil is falling 1.41% and is trading at USD$68.31. |
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| Support 1: 68.18 Support 2: 68.07 Support 3: 67.87 Resistance 1: 68.49 Resistance 2: 68.69 Resistance 3: 68.80 Pivot Point: 68.38 |
| The price is slightly below the 200-day moving average. Crude oil descended from the double top that formed at resistance 2 at USD$70. The fall reached support 2 at USD$68.39, which is the actual level. Expected trading range between USD$67.87 and USD$68.80. Pivot point at USD$68.38. RSI in oversold zone. |
| BITCOIN +3.80% |
| Bitcoin overcame the USD$50,000 resistance, and is now up 3.80% and is trading at USD$51,731. The most immediate support for the price is at USD$50.000. According to the supply shock analysis, the next target level is USD$55,000. On the other hand, the crypto platform Binance, is going to reduce its presence in Singapore, due to regulation. For the time being, the Bulls continue with bullish positions. |
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| Support 1: 51,669.9 Support 2: 51,574.7 Support 3: 51,523.0 Resistance 1: 51,816.8 Resistance 2: 51,868.5 Resistance 3: 51,963.6 Pivot Point: 51,721.6 |
| The price is above the 200-day moving average. At the moment it is at resistance 2. If it manages to overcome this zone, the next target is USD$53,257. Expected trading range between USD$51,523 and USD$51,963. Pivot point at USD$51,721. RSI in overbought zone. |
| DAX 30 +0.42% |
| Deutsche Boerse will grow from 30 to 40 members. That is, from DAX 30 to DAX 40. The main objective is to have a more diversified and stable stock market index. On September 20, the DAX 40 will start trading. Among the requirements for issuers are the reporting of quarterly financial statements and positive Ebitda in the last two financial statements, among others. At the moment, the DAX 30 is up 0.42% and is trading at 15,833. |
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| Support 1: 15,778.4 Support 2: 15,761.7 Support 3: 15,750.9 Resistance 1: 15,805.9 Resistance 2: 15,816.7 Resistance 3: 15,833.4 Pivot Point: 15,789.2 |
| The index is at resistance 1 awaiting more buying volume to push the price towards 15,997. From the current point, the price has several important resistances, therefore, a major rally is needed to reach 16,000. Pivot point at 15,789. RSI neutral. |
| GOLD -0.26% |
| Lateral phase of Central Banks. The ECB has maintained a monetary policy aimed at supporting markets through economic stimulus. However, inflation data from the European Union are making the Bank rethink its strategy. Analysts estimate that the ECB could start tapering in December 2021. On the other hand, the FED has warned about global inflation, but has not dared to raise interest rates because of the effect it could have on the economic recovery, especially with the new virus variants emerging. For example, the NFP was much lower than expected. Gold is currently down 0.26% and is trading at USD$1,828. |
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| Support 1: 1,828.35 Support 2: 1,827.00 Support 3: 1,826.25 Resistance 1: 1,830.45 Resistance 2: 1,831.20 Resistance 3: 1,832.55 Pivot Point: 1,829.10 |
| Price is at resistance 1. Expected trading range between USD$1,826 and USD$1,832. Pivot point at USD$1,829. RSI neutral. The price could show a sideways movement, since the holders are not selling yet and investors are contemplating to continue buying the metal. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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