Daily Review for April 19, 2022
Energy commodity prices continue to rise. WTI and Brent are again looking for a rise towards USD$120 per barrel. OPEC+ continues with the monthly production increase. The US continues to release 1 million barrels per day of its strategic reserves to stabilize prices.
Natural gas rebounded significantly due to increased demand in Europe and Russia’s announcement that some of its customers have expressed interest in buying gas with rubles.
Bitcoin rebounds significantly driven by hedge funds and large companies such as Microstrategy and Tesla.
Elon Musk and Twitter’s Board of Directors continue the battle for the control of the company. Interesting moves on the Nasdaq 100.
| WTI +0.02% |
| Russian government and Algeria continue its coordination within OPEC+. The organization has expressed its interest in safeguarding the stability of energy commodity prices, including oil and natural gas. For their part, the United States and its allies continue to release strategic crude oil reserves into the market. However, Russia’s supply contraction and the protests in Libya have caused prices to return to the previous level of reserve releases. |
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| Support 1: 107.03 Support 2: 106.72 Support 3: 106.53 Resistance 1: 107.53 Resistance 2: 107.72 Resistance 3: 108.03 Pivot Point: 107.22 |
| The price is above the 200-day moving average. WTI is at resistance 2, where the Bulls are looking to overcome the double top in order to climb towards the next level of USD$117.30 per barrel. Trading range between USD$106.53 and USD$108.03. Pivot point for trend change at USD$107.22. |
| NATURAL GAS +0.86% |
| Natural gas prices continue at the highest level in 14 years. Meanwhile, the EIA reported an increase of 15 trillion cubic feet in natural gas supply in the United States. On the other hand, the Russian government expressed the interest of some buyers to pay for gas in Rubles. The European Union announced to its members that paying for Russian gas in rubles would violate economic sanctions. |
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| Support 1: 7.780 Support 2: 7.753 Support 3: 7.703 Resistance 1: 7.857 Resistance 2: 7.907 Resistance 3: 7.934 Pivot Point: 7.830 |
| The price is above the 200-day moving average. Expected trading range between USD$7.75 and USD$7.93. Pivot point for trend change at USD$7.83. The price overcame the resistance 2, so it could present an early profit taking by traders. Neutral RSI coming out of the overbought zone. |
| BITCOIN +3.25% |
| Bitcoin remains below the USD$40,000 ceiling, which is evidence that the volume of purchases for the moment fails to boost the rally. At the moment it is at one-month lows. Traders continue to pay close attention to central banks’ monetary policy strategies. Bears continue to gain ground. Microstrategy expressed its interest to continue buying as well as hedge funds. |
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| Support 1: 40,719.4 Support 2: 40,617.7 Support 3: 40,486.4 Resistance 1: 40,952.4 Resistance 2: 41,083.7 Resistance 3: 41,185.4 Pivot Point: 40,850.7 |
| The price is looking to defend the support of USD$38,000. Expected trading range between USD$40,486.4 and USD$41,185.4. Pivot point for trend change at USD$40,850.7. RSI in overbought zone. Bitcoin broke above the 200-day moving average, which is a bullish sign. |
| NASDAQ 100 +0.46% |
| Traders are watching Netflix’s financial results for Q4 2021. Earnings per share of 2.95 and sales of USD$7.94 billion are expected. The company has a current market capitalization of USD$148 billion. Traders are also looking to trade the Nasdaq 100 index due to the ongoing corporate battle between Elon Musk and Twitter’s Board of Directors. |
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| Support 1: 13,982.7 Support 2: 13,948.4 Support 3: 13,930.8 Resistance 1: 14,034.6 Resistance 2: 14,052.2 Resistance 3: 14,086.5 Pivot Point: 14,000.3 |
| The index is below the 200-day moving average. Expected trading range between USD$13,930.8 and USD$14,086.5. Pivot point for trend change at USD$14,000.3. RSI neutral. The Bulls are looking for a rebound from the current level to break above the 14,000 level. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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