Daily Review for February 14, 2022
Geopolitical tensions continue. European stock indices continue to correct. European Bonds are also in negative territory.
Metals continue to trend higher. Palladium is up 6.50%. Gold and silver buying volume increases. Investors seek to hedge portfolios from geo-political tensions and inflation.
Bitcoin tries to defend USD$42,000. The correlation of cryptos with equities increases. Still, traders evaluate the best support level to start buying again.
The WTI price could reach USD$100 per barrel and in the scenario of a conflict, it could reach USD$120 per barrel.
| DAX 40 -2.48% |
| Geopolitical tensions continue between Ukraine and Russia. Financial markets continue to fall globally. The DAX 40 is down 2.48% and is trading at 15,017 points. Today, German Chancellor Olaf Scholz will travel to Moscow to try to negotiate a cessation of tensions with his Russian counterpart. Traders are also watching the ECB’s statements on monetary policy due to high inflation, and rate hikes. Central banks globally are watching the economic and political analysis, as a recession could be on the horizon. |
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| Support 1: 15,072.9 Support 2: 15,019.7 Support 3: 14,968.9 Resistance 1: 15,176.9 Resistance 2: 15,227.7 Resistance 3: 15,280.9 Pivot Point: 15,123.7 |
| The index is below the 200-day moving average. At the moment the price is at support 1, where it has a double bottom, which could present a buying point of interest. However, if the sell-off continues, the next floor could be at 14,865 points. Pivot point at 15,123. |
| PALLADIUM +6.50% |
| Metals are gaining important space in investors’ portfolios due to the high level of inflation and geo-political tensions. Palladium is currently up 6.50% and is trading at USD$2,327 per Troy Ounce. Gold is up 0.85% and is trading at USD$1,857 per Troy Ounce. Silver is up 1.47% and is trading at USD$23.70 per Troy Ounce. Prices are expected to continue to rise as a result of the scarcity effect in the physical market, which could arise in the event of an armed conflict. |
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| Support 1: 2,342.43 Support 2: 2,336.85 Support 3: 2,330.93 Resistance 1: 2,353.93 Resistance 2: 2,359.85 Resistance 3: 2,365.43 Pivot Point: 2,348.35 |
| The price bounced from support 1 to resistance 1, where traders began to take profit. Expected trading range between USD$2,330 and USD$2,365. Pivot point for trend change at USD$2,348. RSI neutral. |
| BITCOIN -0.68% |
| Traders evaluate the support and resistance levels and the upside potential of Bitcoin during the year. At the moment the expected trading range is between USD$100,000 and USD$35,000. Bitcoin as a safe haven asset against inflation has broken down, as cryptos have gained correlation with the equities market, mainly with the Nasdaq 100. Traders are keeping an eye on geo-political tensions and Bitcoin’s performance. On the other hand, Intel is developing a chip to enable efficient mining of Bitcoins. |
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| Support 1: 42,207.0 Support 2: 42,071.0 Support 3: 41,984.5 Resistance 1: 42,429.5 Resistance 2: 42,516.0 Resistance 3: 42,652.0 Pivot Point: 42,293.5 |
| The price remains above the 200-day moving average, which is a bullish signal for Bitcoin. Expected trading range between USD$42,432 and USD$43,929. Pivot point for trend change at USD$43,259. Neutral RSI, which could lead to higher trading volume. |
| WTI -0.08% |
| OPEC maintains the demand outlook. Europe’s natural gas imports continue to increase. The continent’s dependence on the commodity is 80%. If geopolitical tensions increase, the price of WTI could reach USD$100 per barrel. In this scenario JP Morgan projects the price at USD$120 per barrel. In the conflict scenario, the demand for commodities would increase much more and in all categories, agro, metals and energy. |
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| Support 1: 94.11 Support 2: 93.74 Support 3: 93.50 Resistance 1: 94.72 Resistance 2: 94.96 Resistance 3: 95.33 Pivot Point: 94.35 |
| The price is above the 200-day moving average. Expected trading range between USD$93.50 and USD$95.33. Pivot point for trend change at USD$95.33. RSI neutral. If the rally continues, the next target level is USD$108 per barrel. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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