Daily Review for July 20, 2022
The Nasdaq 100 closed up 3.1% yesterday. The uptrend continues, driven by good corporate results, mainly from technology companies. Netflix outperformed market expectations.
Bitcoin continues the uptrend, reaching the USD$23,000 level. At the moment the crypto is up 6.22% and is trading at USD$23,459. Bulls are starting to think about the next resistance level at USD$32,000.
A slight rebound in US crude inventories pushed the price back above the USD$100 per barrel resistance. On the other hand, Russia and Iran have agreed on an oil cooperation agreement for USD$40 billion.
Traders are watching the European Central Bank’s interest rate decision. Inflation in the Euro Zone was reported at 8.6% y/y, keeping the market’s outlook on track.
| NASDAQ 100 +0.55% |
| The Nasdaq 100 closed up 3.1% yesterday. The uptrend continues, driven by good corporate results, mainly from technology companies. Netflix outperformed market expectations, so the company’s stock rose 5.61% to trade at USD$201.63. Twitter shares rose 3% after the court in Delaware agreed to expedite the case and could face trial with Elon Musk in October this year. Traders are watching the inflation report in Europe. |
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| Support 1: 12293.5 Support 2: 12277.1 Support 3: 12265.1 Resistance 1: 12321.9 Resistance 2: 12333.9 Resistance 3: 12350.3 Pivot Point: 12305.5 |
| Price is above the 200-day moving average, between resistance 2 and support 1. Expected trading range between 12,265 and 12,350. Pivot point for trend change at 12,305. RSI in overbought zone, so the price could start to correct mainly by an interesting level for profit taking by traders. |
| BITCOIN +6.22% |
| Bitcoin continues its uptrend, reaching the USD$23,000 level. At the moment the crypto is up 6.22% and is trading at USD$23,459. Bulls are starting to think about the next resistance level at USD$32,000. The main concern for investors is the inflation data in Europe, the first rate hike by the European Central Bank, and the Fed rate hike. All three events will take place before the end of the month, which is why analysts have seen the crypto rebound as a prelude to upcoming corrections. |
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| Support 1: 23023.6 Support 2: 22801.8 Support 3: 22651.6 Resistance 1: 23395.6 Resistance 2: 23545.8 Resistance 3: 23767.6 Pivot Point: 23173.8 |
| The price is above the 200-day moving average, between support 1 and resistance 2. Expected trading range between USD$22,651 and USD$23,767. Pivot point for trend change at USD$23,173. RSI neutral, so the price could continue to climb. Traders are attentive to the inflation report in Europe. |
| WTI -0.26% |
| A slight rebound in crude inventories in the US caused the price to again exceed the resistance of USD$100 per barrel. On the other hand, Russia and Iran have agreed on an oil cooperation agreement for USD$40 billion. Again in the USA, the average price of gasoline has dropped below USD$4.50 per gallon. Traders and world leaders are watching the outcome of the meeting between Erdogan and Putin. Libya may finally stop the force majeure and start crude oil exports again. |
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| Support 1: 99.69 Support 2: 99.38 Support 3: 98.95 Resistance 1: 100.43 Resistance 2: 100.86 Resistance 3: 101.17 Pivot Point: 100.12 |
| The price is above the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$98.95 and USD$101.17. RSI neutral, so the price could remain sideways before confirming the trend. |
| EUROSTOXX 50 +0.45% |
| Traders are watching the European Central Bank’s interest rate decision. Inflation in the Euro Zone was reported at 8.6% y/y, keeping the market’s outlook on track. Investors are now watching UK inflation, which is expected to come in at 9.3% YoY. The market is anticipating an ECB rate hike of 25 basis points. At the moment the Eurostoxx 50 is up 0.45% and is trading at 3,582 points. |
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| Support 1: 3598 Support 2: 3591 Support 3: 3586 Resistance 1: 3610 Resistance 2: 3615 Resistance 3: 3622 Pivot Point: 3603 |
| The price is above the 200-day moving average, between resistance 1 and support 1. Expected trading range between 3,586 and 3,622. Pivot point for trend change at 3,603. RSI in overbought zone, so there could be a correction in the price towards the moving average line. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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