Daily Review for September 28, 2021
The price of crude oil and commodities in the energy segment (Brent, Natural Gas, Thermal coal), continue with an upward trend.
WTI is close to USD$80 per barrel. Brent is looking for USD$83 per barrel.
Possible rebound of the Nasdaq 100. The index closed yesterday with a 0.52% drop. Treasury yields continue to rise. Traders are holding fixed income positions in anticipation of excessive volatility due to Evergrande.
Scholz won German elections. He is now seeking to consolidate an alliance with the Green party, with the objective of obtaining a majority in the congress.
Gold prices are moving slightly sideways. Traders are waiting for the statements of the FED and the ECB.
| WTI +0.87% |
| Crude oil price continues its upward trend. At this moment, the price is up 0.87% and is trading at USD$76.11 per barrel. The price of energy continues to rise. In the United Kingdom, a fuel crisis is being witnessed. Parliament has called in the army to reinforce fuel stations while the fuel shortage is being resolved. Another factor affecting the supply chain is the lack of truck drivers. Brent oil benchmark is close to USD$80 per barrel. |
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| Support 1: 75.88 Support 2: 75.63 Support 3: 75.43 Resistance 1: 76.33 Resistance 2: 76.53 Resistance 3: 76.78 Pivot Point: 76.08 |
| 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$77.60. Expected trading range between USD$75.43 and USD$76.78. Pivot point at USD$76.08. RSI in overbought zone. |
| NASDAQ 100 -0.14% |
| Possible rebound of the Nasdaq 100. The index closed yesterday in the spot market down 0.52%. In futures, the index is currently down 0.14% and is trading at 15,172. Treasury bond yields continue to rise, up 1.61% for the 10-year bond and 1.40% for the 30-year bond. This is evidence of investors’ interest in fixed income. Despite the above, traders could begin to take long positions in the index, as the index has retreated but still maintains the formation of a bullish channel. |
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| Support 1: 15,148.2 Support 2: 15,134.2 Support 3: 15,106.3 Resistance 1: 15,190.1 Resistance 2: 15,218.0 Resistance 3: 15,232.0 Pivot Point: 15,176.1 |
| The price is below the 200-day moving average. At the moment, it is between the pivot point and support 1. Expected trading range between 15,106 and 15,232. Pivot point at 15,176. RSI neutral. |
| DAX 40 -0.03% |
| Scholz begins the search for alliances, mainly with the Green party in Germany, in order to consolidate his position in the government. In the federal elections, Scholz has won and seeks to generate a new policy in Germany. Meanwhile, the DAX 40 is down 0.03% and is trading at 15,575. Today we will have statements from ECB President Chirstine Lagarde, who will present the bank’s analysis on inflation in the Euro Zone, tapering, and the financial contagion that could create Evergrande. |
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| Support 1: 15,566.5 Support 2: 15,550.5 Support 3: 15,542.5 Resistance 1: 15,590.5 Resistance 2: 15,598.5 Resistance 3: 15,614.5 Pivot Point: 15,574.5 |
| The price maintains a sideways position above the 15,577 zone. At the moment it is at the pivot point, so it could present a change of trend. Trading range between 15,542 and 15,614. RSI neutral. If the Bulls win the day, the price could climb towards 15,807 points. |
| GOLD -0.03% |
| Today we will have statements from Fed Chairman Jerome Powell and ECB President Christine Lagarde. The Fed is focused on inflation, while the ECB is focused on economic recovery. Traders are evaluating the current level of gold before taking positions in the metal. At the moment the price of gold is down 0.03% and is trading at USD$1,751 per Troy ounce. Treasury yields remain in positive territory. As a result, traders have begun to take interest in fixed income. This in anticipation of a possible financial contagion due to Evergrande. |
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| Support 1: 1,749.71 Support 2: 1,748.38 Support 3: 1,747.61 Resistance 1: 1,751.81 Resistance 2: 1,752.58 Resistance 3: 1,753.91 Pivot Point: 1,750.48 |
| The price is below the 200-day moving average. At this moment it is at the pivot point, so it could generate a change of trend. Trading range between USD$1,747 and USD$1,753. Pivot point at USD$1,750. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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