Daily Review for February 18, 2022
Traders are relying on gold, silver and other metals. Geo-political tensions again impact the bond and equity markets. Wall Street stock index futures try to rebound from yesterday’s drop.
Geo-political tensions impact cryptos. Bitcoin falls to USD$40,000. Traders assess the best support level to buy. Bulls’ target remains at USD$60,000.
Nasdaq 100 rebounds from the double bottom at 14,143 points. A day of high volatility is expected, derived from the geo-political events.
WTI and energy commodities correct. Traders and producers are selling in the spot market taking advantage of backwardation.
| GOLD -0.29% |
| Geopolitical tensions are back again in the market, this time through accusations between Russia and the United States. This is generating significant volatility in the equity and fixed income markets. The Nasdaq 100 is looking for a rebound, currently up 0.67%, as is the S&P500 +0.59% and the Dow Jones +0.53%. Meanwhile, investors continue to punish Russia’s stock index, the RTS, which is currently down 4.22%. At the moment, the price of gold is down 0.29% and is trading at USD$1,897 per Troy ounce. |
 |
| Support 1: 1,892.46 Support 2: 1,890.88 Support 3: 1,889.46 Resistance 1: 1,895.46 Resistance 2: 1,896.88 Resistance 3: 1,898.46 Pivot Point: 1,893.88 |
| Despite the profit taking, gold remains above the 200-day moving average. It is currently between resistance 1 and the pivot point. If the trend is confirmed, the price could reach USD$1,943 per Troy ounce. Expected trading range between USD$1.889 and USD$1.893. RSI approaching the overbought zone. |
| BITCOIN -6.32% |
| Following the increase in tensions, the crypto market is showing a significant correction, due to its correlation with the equity market. Bitcoin is currently down 6.32% and is trading at USD$40,768. On the other hand, traders are watching for the Fed’s monetary policy report, where a full analysis between the interest rate hike, in order to fight inflation, can be seen. For the time being, investors have opted for traditional safe havens assets such as gold and silver. |
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| Support 1: 40,592.0 Support 2: 40,502.1 Support 3: 40,398.1 Resistance 1: 40,785.9 Resistance 2: 40,889.9 Resistance 3: 40,979.7 Pivot Point: 40,696.0 |
| The price is below the 200-day moving average. Bulls are evaluating the USD$38,219 support as a bounce point towards USD$60,000. In the meantime, higher trading volume is expected. Pivot point at USD$40,696. RSI in oversold zone. |
| NASDAQ 100 +0.79% |
| The Nasdaq 100 closed yesterday with a loss of 2.88% due to the increase in geo-political tensions between the United States and Russia. On the one hand, Russia had announced the beginning of the de-escalation, while the United States accused Russia of lack of commitment. At the moment, the index is bouncing 0.79%, seeking to break out of the double bottom formed at 14,143 points. At the moment, the trend is bullish, however, traders are keeping an eye on the day’s developments regarding geopolitical tensions. |
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| Support 1: 14,235.4 Support 2: 14,220.9 Support 3: 14,205.1 Resistance 1: 14,265.7 Resistance 2: 14,281.5 Resistance 3: 14,296.0 Pivot Point: 14,251.2 |
| The index found a double bottom at 14,301, right at the pivot point. From there it marked a change of trend, looking for the resistance 1 levels. For the moment the index remains below the 200-day moving average. RSI neutral. Trading range between 14,205 and 14,296. |
| WTI -1.12% |
| WTI price is correcting 1.12% at the moment. As for the energy market, in Europe, France’s nuclear power production has decreased significantly, while market demand continues to increase. Russia, for its part, is interested in supplying oil and gas directly to Italy. At the moment, WTI is down 1.12% and is trading at USD$90.44 per barrel. The oil market is in backwardation, where the spot price is higher than the futures price, so traders and producers try to sell as much volume as possible in the spot. |
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| Support 1: 90.73 Support 2: 90.48 Support 3: 90.12 Resistance 1: 91.34 Resistance 2: 91.70 Resistance 3: 91.95 Pivot Point: 91.09 |
| The WTI is below the 200-day moving average. It is currently at support 1, where there is a triple bottom, so a rebound from this area could occur. Expected trading range between USD$90.12 and USD$91.95. Pivot point at USD$91.09. Neutral RSI approaching the oversold zone. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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