Daily Review for May 31, 2022
Traders are keeping an eye on the Euro Zone inflation report. A consolidated figure of 7.7% y/y is expected, which remains well above the 2% y/y inflation target.
Bitcoin’s uptrend continues. The cryptocurrency is currently up 2.83% and is trading at USD$31,564.
Traders are watching inflation and GDP data from France, Italy, Portugal, Germany and Eurozone consolidated.
Qatar is looking to replace Russian natural gas exports to Germany. On the other hand, shale gas companies in the US continue to increase as they take advantage of the current price level.
| EUROSTOXX 50 -0.63% |
| Traders are watching the Euro Zone inflation report. A consolidated figure of 7.7% y/y is expected, which remains well above the inflation target of 2% y/y, so the market is beginning to anticipate the European Central Bank’s first interest rate hike for the July 2022 meeting. Global stock markets are currently mixed. The Eurostoxx 50 is down 0.63% and is trading at 3,812 points. On the other hand, the summit of European leaders continues, where the main objective is to increase sanctions against Russia. |
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| Support 1: 3,816 Support 2: 3,811 Support 3: 3,805 Resistance 1: 3,827 Resistance 2: 3,833 Resistance 3: 3,838 Pivot Point: 3,822 |
| Price is above the 200-day moving average, between resistance 2 and support 1. Expected trading range between 3,805 and 3,838. Pivot point for trend change at 3,822. RSI in overbought zone, so the index could continue the correction. |
| BITCOIN +2.83% |
| Bitcoin’s uptrend continues. The crypto is currently up 2.83% and is trading at USD$31,564. Bitcoin’s bullish momentum is mainly due to the increased risk appetite of investors who saw the USD$28,000 level as an attractive buying point. Bulls maintain the target at USD$40,000. At the moment it is at three-week highs. Bitcoin maintains a high correlation with the Nasdaq 100, which is at 0.82. |
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| Support 1: 31,389.4 Support 2: 31,297.7 Support 3: 31,164.4 Resistance 1: 31,614.4 Resistance 2: 31,747.7 Resistance 3: 31,839.4 Pivot Point: 31,522.7 |
| The price is above the 200-day moving average, between resistance 2 and support 1. Expected trading range between USD$31,164 and USD$31,839. Pivot point for trend change at USD$31,522. RSI near the overbought zone, so traders could wait for the price to rise additional points before initiating profit taking. |
| DAX 40 -0.77% |
| Traders are watching inflation and GDP data from France, Italy, Portugal, Germany and the consolidated Eurozone. Yesterday Germany and Spain presented inflation levels close to 9%, which is still too high with respect to the European Central Bank’s inflation target of 2% per annum. At the moment, European stock indices are correcting. The DAX 40 is down 0.77% and is trading at 14,463 points. |
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| Support 1: 14,474.0 Support 2: 14,457.0 Support 3: 14,435.5 Resistance 1: 14,512.5 Resistance 2: 14,534.0 Resistance 3: 14,551.0 Pivot Point: 14,495.5 |
| Price is above the 200-day moving average, between resistance 2 and support 1. Expected trading range between 14,435 and 14,551. Pivot point at 14,495. RSI neutral, so the index could continue to correct towards the next supports. |
| WTI +1.51% |
| Qatar is looking to replace Russian natural gas exports to Germany. On the other hand, shale gas companies in the USA continue to increase, taking advantage of the current price level. Analysts assess a possible stagflation scenario generated by the energy sanctions against Russia. In China, the demand for oil is on the rise, due to the termination of confinements. For its part, Gazprom has terminated the supply of natural gas to Netherlands. Denmark is preparing for the same. Russia’s Lukoil said that Russia would have to reduce oil production by 30% for prices to rise. |
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| Support 1: 118.74 Support 2: 118.47 Support 3: 118.13 Resistance 1: 119.35 Resistance 2: 119.69 Resistance 3: 119.96 Pivot Point: 119.08 |
| The price is above the 200-day moving average, between resistance 2 and support 1. Expected trading range between USD$118.13 and USD$119.96. Pivot point for trend change at USD$119.08. RSI in overbought zone, so traders could start to take profits, so the price could start to give up some points. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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