Daily Review for June 22, 2022
Heather Boushey, one of Joe Biden’s economic advisors, reported from the White House that the U.S. could avoid a recession due to household savings, which may keep local demand stable.
The price of oil has fallen from USD$123 per barrel to the current level of USD$107.60 per barrel. At the moment the price is falling 1.31%.
Rising energy prices and the bear market in Bitcoin, makes miners lose interest in the crypto. The price rebounded from the USD$17,871 area to USD$21,660.
Wall Street rebounded, the Dow Jones rose 641 points. The S&P500 rose 89 points, and the Nasdaq 100 rose 270 points. Traders are starting to take profits, however, the Bulls’ target is to climb to 33,000 points on the Dow Jones.
| NASDAQ 100 -0.33% |
| Heather Boushey, one of Joe Biden’s economic advisors, reported from the White House that the U.S. could avoid a recession due to household savings, which can keep domestic demand stable. However, inflation remains the main obstacle to avoiding a recession. Even more when industrial commodity prices are also on the rise. Both of the above factors generate less cash flow for households, which may impact domestic demand. At this moment, the Nasdaq 100 as one of the indexes grouping companies oriented to household consumption, is down 0.33% and is trading at 11,511 points. |
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| Support 1: 11526.7 Support 2: 11512.9 Support 3: 11505.1 Resistance 1: 11548.3 Resistance 2: 11556.1 Resistance 3: 11569.9 Pivot Point: 11534.5 |
| Price is slightly below the 200-day moving average, between support 1 and resistance 1. Expected trading range between 11,505 and 11,569. Pivot point for trend change at 11,534. RSI neutral, so the price could continue to correct a few points before generating buying levels. The Bulls are looking to regain 12,000 points. |
| WTI -1.31% |
| The price of oil has fallen from USD$123 per barrel to the current level of USD$107.60 per barrel. At the moment the price is falling 1.31%. Kuwait is analyzing increasing its crude oil production level by July 2022. Namibia is maintaining an aggressive exploration plan in order to increase its production and export crude to Europe. Meanwhile, the United States maintains the volume of crude oil exports to the European Union. |
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| Support 1: 109.07 Support 2: 108.97 Support 3: 108.89 Resistance 1: 109.25 Resistance 2: 109.33 Resistance 3: 109.43 Pivot Point: 109.15 |
| The price is below the 200-day moving average, between support 2 and resistance 1. Expected trading range between USD$108.89 and USD$109.43. Pivot point for trend change at USD$109.15. Neutral RSI, approaching the oversold zone, so traders could begin to take buying positions, expecting a rebound towards the level of USD$120 per barrel again. |
| BITCOIN -0.47% |
| Rising energy prices and a bear market in Bitcoin are causing miners to lose interest in the crypto. The price rebounded from the USD$17,871 area to USD$21,660. At this level traders have taken gains of 23% since the rebound. Meanwhile, the business consulting and auditing firm Deloitte announced the creation of a Blockchain division, which will meet the demand for cryptoasset services. This demonstrates the interest of large companies in Bitcoin. |
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| Support 1: 20,512.2 Support 2: 20,331.6 Support 3: 20,143.2 Resistance 1: 20,881.2 Resistance 2: 21,069.6 Resistance 3: 21,250.2 Pivot Point: 20,700.6 |
| The price is slightly below the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$20,143 and USD$21,250. Pivot point for trend change at USD$20,700. RSI neutral, so you can continue to present sales volume, until the next support level. |
| DOW JONES -0.37% |
| Wall Street rebounded, the Dow Jones rose 641 points. The S&P500 is up 89 points, and the Nasdaq 100 is up 270 points. Traders are starting to take profits, however, the Bulls’ target is to climb to 33,000 points. Wall Street’s two main concerns are inflation and a possible recession. Analysts are evaluating the level of household savings to see if domestic demand will continue to rise. |
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| Support 1: 30385.0 Support 2: 30347.5 Support 3: 30287.4 Resistance 1: 30482.6 Resistance 2: 30542.7 Resistance 3: 30580.2 Pivot Point: 30445.1 |
| The price is below the 200-day moving average, between resistance 1 and support 1. Expected trading range between 30,287 and 30,580. Pivot point for trend change at 30,445. RSI neutral, so the index could correct some additional points. The Ichimoku Cloud projects the index towards 30,425 points. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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