Daily Review for February 21, 2022

Holiday in the USA. Traders are focused on European markets. Geo-political tensions continue. Biden seeks to meet with Putin to clarify interest in de-escalating tensions. European stock indices start the week in positive territory.

Commodities start the week with mixed movements. Metals and oil prices correct. Meanwhile, Natural Gas continues to rise. The price is approaching USD$5 per BTU.

Cryptos bounce. Ethereum is up close to 5%. Bitcoin seeks to regain USD$40,000. Warren Buffett invested a billion USD in a Neo Bank.

Silver corrects about 1%. However, metals remain on traders’ radar due to geo-political tensions.


DAX 40 +0.65%
Holiday in the United States, corresponding to President’s Day. Traders are thus concentrating on the European stock exchanges. Meanwhile, geo-political tensions continue. President Biden is arranging a face-to-face meeting with Putin. However, it seems that this could not take place before Thursday of this week. Italy, for its part, commented that it would exclude the energy market from the sanctions against Russia. Meanwhile, the president of the European Commission, Ursula Von der Leyen, announced that Russia would be banned from the global financial market if it decide to invade Ukraine.
Support 1: 15,145.0
Support 2: 15,103.0
Support 3: 15,062.5
Resistance 1: 15,227.5
Resistance 2: 15,268.0
Resistance 3: 15,310.0
Pivot Point: 15,185.5
The index is at the pivot point, where a change of trend could occur. Expected trading range between 15,062 and 15,310. Pivot point at 15,185. The ichimoku cloud projects the price above 15,219. RSI neutral, however, if the trend changes, the price could enter the descending channel.

NATURAL GAS +4.68%
Commodities start the week with mixed movements. At the moment, metals and oil are showing bearish movements. Natural Gas is up 4.68% and is trading at USD$4.58 per BTU. The geo-political tensions continue, and one of the main issues in focus is the impact that could be generated in the energy markets due to the implementation of sanctions against Russia. For example, one of Europe’s most ambitious energy projects, Nordstream 1 and 2, would be shut off. Meanwhile, US LNG exports to Europe continue to increase.
Support 1: 4.525
Support 2: 4.506
Support 3: 4.492
Resistance 1: 4.558
Resistance 2: 4.572
Resistance 3: 4.591
Pivot Point: 4.539
The price is above the 200-day moving average. At the moment it is at resistance 2, where it could present sideways movement, before generating more buying volume to reach USD$4.81 per BTU. Pivot point at USD$4.53. RSI neutral, approaching the overbought zone.

ETHEREUM +4.19%
Continued pressure on the crypto market, mainly stemming from geo-political tensions. The correlation between cryptos and equities is high. Ethereum is currently up 4.19% and is trading at USD$2,396. In terms of business moves, Warren Buffet invested USD$1 billion in Nubank, a Neo bank with a high exposure to Bitcoin. Bitcoin is up 2.15% and is trading at USD$39,050.
Support 1: 2,384.56
Support 2: 2,374.34
Support 3: 2,354.12
Resistance 1: 2,415.00
Resistance 2: 2,435.22
Resistance 3: 2,445.44
Pivot Point: 2,404.78
The price is at support 1. The crypto started to bounce from support 3. However, the price is below the 200-day moving average. Bearish channel. Bulls are looking to turn the market around. However, traders are still holding metals instead of cryptos. Funds may start buying at these levels, looking for a rebound in Bitcoin towards USD$60,000.

SILVER -0.85%
The week begins and metals show bearish movements, derived from the upward trend that the equity market is showing at the moment. The price of silver is down 0.85% and is trading at USD$23.78 per Troy ounce. Gold is down 0.12% and is trading at USD$1,897 per Troy ounce. Traders remain attentive to the development of geo-political tensions. For the time being, the portfolio allocation includes metals and energy commodities.
Support 1: 23.776
Support 2: 23.735
Support 3: 23.693
Resistance 1: 23.859
Resistance 2: 23.901
Resistance 3: 23.942
Pivot Point: 23.818
The price remains in the bullish channel, above the 200-day moving average. Expected trading range between USD$23.69 and USD$23.94. Pivot point at USD$23.81. RSI neutral. The Ichimoku cloud projects the price towards USD$23.76 per Troy ounce.

Sources
Reuters
Market watch
Bloomberg
InvestFW Market Research

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