Daily Review for April 28, 2022
Traders are watching the inflation reports from Spain and Germany. They are also watching the European Central Bank’s Economic Bulletin and Vice President Luis de Guindos’ statements.
Meta exceeded market expectations and the company’s stock rose 18.34% in after market.
MicroStrategy, the world’s largest Bitcoin investor, will offer its employees options on Bitcoin.
Washington approved to increase LNG exports to Europe. Yesterday the price of Natural Gas closed with a 7.14% increase.
| EUROSTOXX 50 +1.31% |
| Traders are keeping an eye on inflation reports in Spain and Germany. In Spain, annual inflation was reported at 8.4%. In Germany, 0.6% monthly inflation is expected. Traders are also watching the European Central Bank’s Economic Bulletin and the statements of Vice President Luis de Guindos. At the moment, the Eurostoxx 50 is up 1.31% and is trading at 3,715 points. Inflation in Spain remains high, so the ECB may signal an early interest rate hike. |
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| Support 1: 3,674 Support 2: 3,669 Support 3: 3,664 Resistance 1: 3,684 Resistance 2: 3,689 Resistance 3: 3,694 Pivot Point: 3,679 |
| The index opened with bullish gap. The price is between support 2 and resistance 2. In the meantime, it remains below the 200-day moving average. Expected trading range between 3,664 and 3,694. Pivot point for trend change at 3,679. RSI neutral, so the index could continue the uptrend. |
| NASDAQ 100 +2.13% |
| Meta exceeded market expectations due to the increase of active users on its platforms, so the company’s stock rose 18.34% in the after market. Traders are now paying attention to the financial results of Apple and Amazon. Both companies have an important share in the Nasdaq 100, so depending on them, the index will set its trend. At the moment the index is up 2.13% and is trading at 13,288 points. |
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| Support 1: 13,197.9 Support 2: 13,159.4 Support 3: 13,137.2 Resistance 1: 13,258.6 Resistance 2: 13,280.8 Resistance 3: 13,319.3 Pivot Point: 13,220.1 |
| Price is between resistance 1 and support 2. It also remains below the 200-day moving average. The Bulls are looking to break above this area in order to regain 14,000 points. Expected trading range between 13,137 and 13,319. Pivot point for trend change at 13,220. Neutral RSI approaching the overbought zone, so the Bulls have additional upside room. |
| BITCOIN +1.29% |
| Mexico inaugurated new Bitcoin ATMs. MicroStrategy, the world’s largest Bitcoin investor, will offer its employees Bitcoin options. In the USA, the city of Fort Worth became the first city in the country to mine Bitcoins. In Africa, the Republic of Central Africa adopted Bitcoin as a legal currency. Bitcoin is currently up 1.29% and is trading at USD$39,532. |
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| Support 1: 39,342.5 Support 2: 39,249.9 Support 3: 39,195.9 Resistance 1: 39,489.2 Resistance 2: 39,543.3 Resistance 3: 39,635.9 Pivot Point: 39,396.6 |
| Price is recovering from support 2. It is likely to break above the 200-day moving average again, which would give a bullish signal for crypto. Expected trading range between USD$39,195 and USD$39,635. Pivot point for trend change at USD$39,396. RSI neutral, so the uptrend could be maintained. |
| NATURAL GAS -0.40% |
| Washington approved to increase LNG exports to Europe. Yesterday the price of natural gas closed with an increase of 7.14%. More private companies are buying natural gas from Russia in Rubles. Russia stopped exports of natural gas to Bulgaria and Poland, both of which are active NATO members. The war in Ukraine continues and intensifies. Higher volumes of the commodity exports from the US to Europe are expected. |
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| Support 1: 7,366 Support 2: 7,320 Support 3: 7,295 Resistance 1: 7,437 Resistance 2: 7,462 Resistance 3: 7,508 Pivot Point: 7,391 |
| The price presented an important rebound from support 3. The price is now near resistance 1, just above the 200-day moving average. Expected trading range between USD$7.29 and USD$7.50 per BTU. Pivot point for trend change at USD$7.39. RSI neutral, so technically it could present a profit taking by traders. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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