Daily Review for February 3, 2022
Traders are keeping an eye on the Bank of England and the ECB. Rate hikes are expected from the BoE.
Corporate earnings season continues. Today, Amazon presents its results. Meta, did not exceed market expectations.
Cryptos correct. Traders are looking forward to the Bitcoin for Corporations event. Demand for Bitcoin decreases. However, the price remains at the support point, due to the scarcity of its protocol.
The price of Natural Gas and commodities in the energy segment correct. The United States seeks to increase NG exports to the European Union. Geopolitical tensions continue.
| DAX 40 -0.31% |
| Traders are looking ahead to the Bank of England (BoE) and ECB meetings. Analysts expect the BoE to raise interest rates by 0.25 points, which would bring rates to 0.50%. On the other hand, the ECB is expected to keep rates stable. The focus is on the banks’ stance on monetary policy and inflation. At the moment, European indices are turning negative. It could be a day of correction in the market, due to the BoE decision. |
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| Support 1: 15,531.0 Support 2: 15,500.5 Support 3: 15,481.0 Resistance 1: 15,581.0 Resistance 2: 15,600.5 Resistance 3: 15,631.0 Pivot Point: 15,550.5 |
| The index is above the 200-day moving average. The bullish channel is resting above support 1. Expected trading range between 15,481 and 15,631. Pivot point for trend change at 15,550. RSI neutral. Possible sideways movement while confirming or changing trend. |
| NASDAQ 100 -1.99% |
| The season of corporate financial results continues. Today Amazon reports. Earnings per share of 3.71, sales of USD$137.75 Billion and a market capitalization of USD$1.53 Trillion are expected. Yesterday Meta Platforms (Facebook) presented results. The company did not reach the market expectations, reaching an EPS of 3.67 against the 3.85 expected. One of the main causes was the decrease of users. On the other hand, traders are waiting for Google’s stock split. |
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| Support 1: 14,814.7 Support 2: 14,762.6 Support 3: 14,733.6 Resistance 1: 14,895.8 Resistance 2: 14,924.8 Resistance 3: 14,976.9 Pivot Point: 14,843.7 |
| The index is above the 200-day moving average. At the moment the price is at support 1. Expected trading range between 14,733 and 14,976. Pivot point for trend change at 14,843. RSI neutral. Possible bounce from the current level. |
| BITCOIN -3.78% |
| Traders are paying attention to the Bitcoin for Corporations virtual event. Michael Saylor, director of Microstrategy discussed with Jack Dorsey, about the functionalities and potential of Bitcoin. Among them, the option of micropayments with the crypto. At the moment, Bitcoin is showing a reduction in demand. However, the scarcity effect derived from its protocol, has managed to keep prices at the support of USD$ 36,944. At the moment, the Bitcoin is down 3.78% and is trading at USD$36,966. |
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| Support 1: 36,973.4 Support 2: 36,889.7 Support 3: 36,817.4 Resistance 1: 37,129.4 Resistance 2: 37,201.7 Resistance 3: 37,285.4 Pivot Point: 37,045.7 |
| The price is below the 200-day moving average, which is a bearish signal for Bitcoin. However, the price is between support 1 and the pivot point, where a trend reversal could occur. RSI neutral, moving out of the oversold zone. |
| NATURAL GAS -4.76% |
| The United States began negotiating with Asia to obtain a larger volume of natural gas to sell to Europe. At the moment, domestic natural gas prices in the United States have risen 10%. At the moment the commodity is down 4.76% and is trading at USD$5.22 per BTU. Commodity traders are keeping an eye on the development of geopolitical tensions in Europe. At the moment, energy commodities are correcting. Metals as well. |
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| Support 1: 5.194 Support 2: 5.157 Support 3: 5.101 Resistance 1: 5.287 Resistance 2: 5.343 Resistance 3: 5.380 Pivot Point: 5.250 |
| Despite the fall, the commodity is above the 200-day moving average. The bullish channel remains in place. Expected trading range between USD$5.10 and USD$5.38. Pivot point for trend change at USD$5.25. RSI neutral. The price is at the pivot point. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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