Daily Review for February 2, 2022
OPEC meets today to discuss monthly production increase of 400,000 barrels per day.
Fidelity announced that Bitcoin is the crypto best regarded as a currency. All other cryptos are backed by projects. Bitcoin, on the other hand, because of its protocol is scalable, portable, and works as a means of payment.
European stock indices continue to rise. Traders are paying close attention to macroeconomic results in Europe. Among the most important are inflation in Italy and the Euro Zone.
Natural Gas demand increases, as well as LNG exports from the United States. Gazprom’s exports decreased 41% in January 2022.
| WTI +0.02% |
| Today we will have the OPEC meeting, where the main topic is to increase daily production by 400,000 barrels. This could balance prices, as it means an increase in supply. WTI remains sideways, currently up 0.02% and trading at USD$88.36 per barrel. Traders are paying attention to the inventories report in the United States, where an increase of 1.5 million barrels is expected. According to Goldman Sachs, OPEC could increase production above the target of 400,000 barrels per day. |
 |
| Support 1: 88.42 Support 2: 88.32 Support 3: 88.26 Resistance 1: 88.58 Resistance 2: 88.64 Resistance 3: 88.74 Pivot Point: 88.48 |
| The price is above the 200-day moving average. At the moment it is between resistance 1 and the pivot point. The bullish channel is holding, but it is starting to turn sideways. Expected trading range between USD$88.26 and USD$88.74. Pivot point for trend change at USD$88.48. RSI neutral. |
| BITCOIN -0.45% |
| According to Fidelity, Bitcoin is a superior form of money to all other cryptos. According to the company, all other cryptos are project-based, while Bitcoin is considered a currency. According to Goldman Sachs, the Bitcoin will continue to undercut gold as a store of value and could reach USD$100,000 in value within the next five years. Bitcoin is currently down 0.45% and is trading at USD$38,398. The value of Bitcoin is driven by the scarcity derived from its protocol. |
 |
| Support 1: 38,422.6 Support 2: 38,363.3 Support 3: 38,289.6 Resistance 1: 38,555.6 Resistance 2: 38,629.3 Resistance 3: 38,688.6 Pivot Point: 38,496.3 |
| The price remains above the 200-day moving average, which is a positive technical signal for cryptos. Possible bullish channel formation. Expected trading range between USD$38,289 and USD$38,688. Pivot point for trend change at USD$38,496. Neutral RSI. |
| DAX 40 +1.80% |
| European stock indices are in positive territory awaiting macroeconomic data. Traders are watching the unemployment rate in Spain, the budget balance in France and inflation data in Italy and the Euro Zone. At the moment, the DAX 40 is up 1.80% and is trading at 15,673 points. The focus is on economic data and the ADP nonfarm employment change, where 207,000 new jobs are expected to be created. |
 |
| Support 1: 15,691.0 Support 2: 15,684.5 Support 3: 15,680.5 Resistance 1: 15,701.5 Resistance 2: 15,705.5 Resistance 3: 15,712.0 Pivot Point: 15,695.0 |
| The index is above the 200-day moving average. It is currently at resistance 1. Expected trading range between 15,680 and 15,712. Pivot point for trend change at 15,695. RSI leaving the overbought zone. |
| NATURAL GAS +3.56% |
| LNG exports from the United States continue to increase. On the other hand, Gazprom’s exports fell 41% in January 2022. Natural Gas is currently up 3.56% and is trading at USD$4.92 per BTU. Likewise, physical demand for natural gas continues to increase and weather forecasts support this. Winter in Europe and the Northern Hemisphere continues to be colder than expected. On the other hand, geopolitical tensions continue. |
 |
| Support 1: 4.919 Support 2: 4.889 Support 3: 4.869 Resistance 1: 4.969 Resistance 2: 4.989 Resistance 3: 5.019 Pivot Point: 4.939 |
| The commodity price remains above the 200-day moving average. Triple top in the zone of resistance 1. Expected trading range between USD$4.86 and USD$5.01. Traders are aware for the pivot point for trend change. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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