Daily Review for February 23, 2022
The Reserve Bank of New Zealand raised interest rates by 25 basis points to 1%.
Metals are moving sideways as traders are taking profits, and again generating buying volume, due to geo-political tensions.
Stock indexes bounce globally. The market deals with the sanctions imposed on Russia. The RTS corrects. Nordstream 2 becomes inoperative.
Cryptos bounce, as does the Nasdaq 100. Bitcoin seeks to regain USD$40,000.
Crude oil and energy commodities correct. Energy traders liquidate positions in spot. Prices could see a further rebound as geo-political tensions escalate.
| GOLD -0.49% |
| The first package of economic sanctions against Russia starts in the market. For the time being, Russia’s main banks have been the main target. The country has also been banned from international financing through Western liquidity generators. At the moment, the stock market indexes are showing bullish movements, due to the fact that there has been no armed conflict so far. Meanwhile, the price of gold is currently falling 0.49% and is trading at USD$1,898 per Troy ounce. Silver is down 0.67% and is trading at USD$24.14 per Troy ounce. |
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| Support 1: 1,895.10 Support 2: 1,893.85 Support 3: 1,891.35 Resistance 1: 1,898.85 Resistance 2: 1,901.35 Resistance 3: 1,902.60 Pivot Point: 1,897.60 |
| The price is above the 200-day moving average. The ascending channel is maintained. Sideways movement above USD$1,900, as long as the trend is confirmed. The price is between support 1 and the pivot point. Expected trading range between USD$1,891 and USD$1,902. RSI neutral. |
| EUROSTOXX 50 +1.25% |
| The Eurostoxx 50 is currently up 1.25% and is trading at 4,023 points, in the wake of the implementation of EU sanctions on Russia. The market welcomes the decision for the time being. As part of the sanctions, Germany has stopped the certification of the Nordstream 2 project, which was intended to transport natural gas from Russia to Europe. Russia’s stock index RTS is currently down 0.30% and is trading at 120,345. Natural gas futures are up 0.20% and are trading at USD$4.47 per BTU. Traders are keeping an eye on the Euro Zone CPI. |
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| Support 1: 3,983 Support 2: 3,970 Support 3: 3,962 Resistance 1: 4,004 Resistance 2: 4,012 Resistance 3: 4,025 Pivot Point: 3,991 |
| Price is at resistance 1. Bulls target is to reach 4,160 points. Expected trading range between 3,962 and 4,025. Pivot point for trend change at 3,991. Possible continuation of the rebound. To confirm it, the price should exceed the 200-day moving average line. |
| ETHEREUM +6.02% |
| The co-founder of Ethereum, Vitalik Buterin, has commented on the bear market that have shown cryptos during 2022. According to him, the downtrend in prices will allow the market to see which crypto projects are sustainable in the long term. At the moment, the market is reacting to the sanctions on Russia. Ethereum is up 6.02% and is trading at USD$2,697. Bitcoin is up 4.15% and is trading at USD$38,692. |
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| Support 1: 2,360.15 Support 2: 2,339.84 Support 3: 2,329.68 Resistance 1: 2,390.62 Resistance 2: 2,400.78 Resistance 3: 2,421.09 Pivot Point: 2,370.31 |
| The price is currently at resistance 2, where the bullish momentum continues to build. If the Bulls manage to overcome resistance 2 at USD$2,754, the price could reach USD$2,848, right at the line of the 200-day moving average. Pivot point for trend change at USD$2,370. RSI approaching the overbought zone. |
| WTI -0.62% |
| The price of crude oil fell from USD$94.91 to the current level of USD$91.32. Energy commodity prices react to the economic sanctions package against Russia. According to Bank of America, crude oil could rise to USD$110 per barrel due to geo-political tensions. Similarly, analysts see a possible rebound of gold above the USD$2,000 per Troy ounce zone. Investors continue to shelter investments in bonds and metals. Energy commodity traders are trying to liquidate deals in spot as a result of their exposure to Russian assets. |
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| Support 1: 91.70 Support 2: 91.45 Support 3: 91.23 Resistance 1: 92.17 Resistance 2: 92.39 Resistance 3: 92.64 Pivot Point: 91.92 |
| Price is at support 1. Traders have taken profits at USD$94.91. Pivot point for trend change at USD$91.92. Expected trading range between USD$91.23 and USD$92.64. RSI neutral. If tensions continue, the price could climb towards USD$97.88 per barrel. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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