Daily Review for July 4, 2022
Despite the sharp drop in natural gas prices, Algeria increased its sales prices to Spain.
According to Rystad Energy, total global recoverable oil reserves stand at 1,572 Billion barrels by 2022.
Bitcoin’s new support is at USD$18,556. Investors remain fearful in the short term. Despite this, large investors and holders are holding positions waiting for a major rebound.
The New York Stock Exchange is closed due to US Independence Day. However, stock index futures are open to trade.
| NATURAL GAS +1.49% |
| Despite the sharp fall in natural gas prices during the past week, Algeria increased its sales prices to Spain. On the other hand, the German government announced to its population, austerity in the use of the raw material, due to the cuts in the supply of Russian gas. At the moment, natural gas is up 1.49% and is trading at USD$5.70 per BTU. In Germany, the start of shale gas exploitation is also under review. Apparently, there are about 2 Billion cubic meters of gas in the country’s reserves. |
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| Support 1: 5,689 Support 2: 5,669 Support 3: 5,655 Resistance 1: 5.723 Resistance 2: 5.737 Resistance 3: 5,757 Pivot Point: 5.703 |
| The price is below the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$5.65 and USD$5.75. Pivot point for trend change at USD$5.70. RSI neutral, so the price could continue rising towards resistance 1. |
| WTI -0.48% |
| According to Rystad Energy, total global recoverable oil reserves stand at 1,572 billion barrels by 2022. 152 billion barrels less compared to 2021. The decrease is due to lower findings during exploration campaigns. At the moment the WTI price is falling 0.48% and is trading at USD$107.88 per barrel. On the other hand, Russia’s domestic oil demand has caused local prices to increase. For its part, the Indian government has begun to limit fuel exports. |
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| Support 1: 108.03 Support 2: 107.86 Support 3: 107.58 Resistance 1: 108.48 Resistance 2: 108.76 Resistance 3: 108.93 Pivot Point: 108.31 |
| The price is at the same level of the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$107.58 and USD$108.93. Pivot point for trend change at USD$108.31. RSI neutral, so the price could continue correcting towards support 1. |
| BITCOIN +0.23% |
| Bitcoin’s new support is at USD$18,556. Investors remain fearful in the short term. Despite this, large investors and holders are holding positions waiting for a major rebound, as the stablecoins who hold the Bitcoin reserves have only lost 11%. Bulls are waiting for an initial rebound towards USD$21,500 resistance. Fibonacci indicates a USD$10,000 support if the sell-off continues. However, the medium to long term trend is bullish. |
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| Support 1: 19,231.5 Support 2: 19,154.2 Support 3: 19,104.4 Resistance 1: 19,358.6 Resistance 2: 19,408.4 Resistance 3: 19,485.7 Pivot Point: 19,281.3 |
| The price is below the 200-day moving average, which is a bearish signal. Price is between resistance 1 and support 1. Expected trading range between USD$19,104 and USD$19,485. Pivot point for trend change at USD$19,281. RSI neutral, so the price could continue to seek to overcome the resistance 1. |
| DOW JONES -0.62% |
| The New York Stock Exchange is closed due to the U.S. Independence Day holiday. However, stock index futures are trading. At the moment, the Dow Jones is down 0.62% and is trading at 30,904 points. Traders are paying close attention to macroeconomic data in Europe. Also the statement of the Vice President of the European Central Bank, De Guindos, on monetary policy and strategies to reduce inflation without generating an economic recession. |
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| Support 1: 30,876.6 Support 2: 30,845.8 Support 3: 30,794.6 Resistance 1: 30,958.6 Resistance 2: 31,009.8 Resistance 3: 31,040.6 Pivot Point: 30,927.8 |
| The price is at the same level of the 200-day moving average, between support 1 and resistance 1. Expected trading range between 30,794 and 31,040. Pivot point for trend change at 30,927. RSI neutral, so the price could continue to correct towards support 1. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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