Daily Review for September 13, 2021
Crude oil prices reached USD$70 per barrel. 80% of Gulf of Mexico production is halted due to Hurricane Ida. Goldman Sachs projects the price at USD$80 per barrel.
Traders are looking forward to Christine Lagarde’s statement as ECB president. Elections continue in Germany, which are favoring Olaf Sholz.
Scientists globally are concerned about the re-emergence of new variants of covid-19. Traders begin to evaluate scenarios for the Nasdaq 100.
Bitcoin starts the week in negative territory. The SEC restricted Coinbase’s Lend product. The company continues to defend its proposal.
| CRUDE OIL +0.73% |
| The price of crude oil reached the USD$70 zone. Goldman Sachs maintains the projection at USD$80 per barrel. At the moment the price is up 0.73% and is trading at USD$70.28 per barrel. The main factor behind the price increase is that 80% of production in the Gulf of Mexico has been halted due to Hurricane Ida. On the other hand, China’s strategy of selling strategic reserves has not affected the market price for the moment. Today we will have OPEC’s monthly report. |
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| Support 1: 69.97 Support 2: 69.70 Support 3: 69.57 Resistance 1: 70.37 Resistance 2: 70.50 Resistance 3: 70.77 Pivot Point: 70.10 |
| The price is above the 200-day moving average. Important rebound from USD$67. Crude oil is at resistance 1. If it manages to overcome this level, the next target is USD$72.77. Pivot point at USD$70.10. RSI in overbought area. |
| EUROSTOXX 50 +0.22% |
| Stock futures in Europe are starting the week mixed, but gradually turning positive. At the moment, the Eurostoxx 50 is up 0.22% and is trading at 4,147. Today, ECB President Christine Lagarde will continue to outline her strategy of reducing purchases of fixed income instruments in Europe. The main objective is to keep inflation at the maximum level of 2% per annum. On the other hand, the market is watching the elections in Germany, as it is one of the main economic engines of the EU. |
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| Support 1: 4,130 Support 2: 4,123 Support 3: 4,120 Resistance 1: 4,140 Resistance 2: 4,143 Resistance 3: 4,150 Pivot Point: 4,133 |
| The index is between support 1 and the pivot point. Expected trading range between 4,120 and 4,150. Pivot point for trend change at 4,133. RSI neutral. Bulls target remains at 4,209. |
| NASDAQ 100 +0.24% |
| Scientists globally are concerned about the increase in covid-19 cases of the new variants. This could lead to new quarantines. Countries are starting to provide the third dose of the vaccine as a booster against the new variants. Traders begin to evaluate the Nasdaq 100, which has had a favorable performance in acute moments of the pandemic. At the moment the index is up 0.24% and is trading at 15,477. |
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| Support 1: 15,427.8 Support 2: 15,402.0 Support 3: 15,388.9 Resistance 1: 15,466.7 Resistance 2: 15,479.8 Resistance 3: 15,505.6 Pivot Point: 15,440.9 |
| Significant drop from the 15,658 level. The price is at support 1 where it is looking to bounce towards the pivot point area. If it succeeds, the change of trend could generate upward movement towards 15,589. Pivot point at 15,440. RSI neutral coming out of the oversold zone. |
| BITCOIN -0.84% |
| Bitcoin starts the week in negative territory, losing 0.84% and trading at USD$44,781. During the weekend, the price moved sideways between USD$47,106 and USD$44,000. At the moment, the bearish trend is due to the restriction imposed by the SEC on Coinbase on its Lend product. The purpose of Coinbase was to make digital loans backed by cryptocurrencies. However, the SEC halted this initiative. The company continues to try to negotiate with the regulator. |
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| Support 1: 44,473.1 Support 2: 44,191.7 Support 3: 43,951.6 Resistance 1: 44,994.7 Resistance 2: 45,234.7 Resistance 3: 45,516.2 Pivot Point: 44,713.2 |
| The price is below the 200-day moving average. It is currently between support 1 and the pivot point. Sideways movement, so if the price reaches the pivot point, a change of trend could occur. If so, the price could bounce from the current level towards USD$48,785. RSI coming out of the oversold zone. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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