Daily Review for March 10, 2022
After yesterday’s rally, where the DAX 40 rose 7%, European indices start the day with bearish movements.
Bitcoin corrects 7%. Yesterday the bullish momentum was generated after the announcement of the US Treasury, where it showed its support to the market. The initiative is to create the Digital Central Bank.
Commodities corrected yesterday, after the ceasefire presented in Ukraine. Today, an increase in the buying volume of metals is expected, due to inflation report in the United States.
WTI fell to USD$108 per barrel. At this moment, the rebound started, rising 2%.
| DAX 40 -1.17% |
| Traders are watching the ECB’s interest rate decision. Analysts do not expect a change in rates, so they are expected to remain at -0.50%. The focus will then be on ECB President Christine Lagarde’s statement on monetary policy in times of war. At the moment, the DAX 40 is down 1.17% and is trading at 13,588 points. Yesterday, the index raised 6.91%. Today, the market is watching the development of the meeting between the Russian delegates in Turkey. |
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| Support 1: 13,739.4 Support 2: 13,650.2 Support 3: 13,597.4 Resistance 1: 13,881.4 Resistance 2: 13,934.2 Resistance 3: 14,023.4 Pivot Point: 13,792.2 |
| The price is at the pivot point, so it could generate a change of trend. The Ichimoku cloud projects the price towards 13,584. Expected trading range between 13,597 and 14,023. Bulls are looking to regain the 14,000 level. RSI neutral. |
| BITCOIN -7.04% |
| The statement from the U.S. Treasury Department boosted the cryptocurrency market, driving the Bitcoin price up to USD$45,526. However, traders have started to take profits, so the price is currently down 7.04%. Bitcoin is currently trading at USD$39,102. The Treasury announcement included a project to create the Central Bank Digital Currencies, which would include the USDCoin. |
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| Support 1: 39,173.1 Support 2: 39,071.3 Support 3: 38,925.6 Resistance 1: 39,420.6 Resistance 2: 39,566.3 Resistance 3: 39,668.1 Pivot Point: 39,318.8 |
| The price is at support 1, where a rebound could occur. Expected trading range between 38,925 and 39,668. Pivot point for trend change at 39,318. RSI in oversold zone. Possible rebound towards USD$40,925. |
| GOLD +0.26% |
| Commodities started the day recovering positions after yesterday’s correction. Commodity prices in the energy segment are rebounding after falling towards the USD$107 level. Gold is up 0.26%, trading at USD$1,992 per troy ounce. Possible increase in traders’ buying volume considering the continuation of the war in Ukraine and inflation in the United States. Analysts expect an inflation of 5.9% per year. In developed countries, the inflation target is 2% per year. |
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| Support 1: 1,978.20 Support 2: 1,975.10 Support 3: 1,969.70 Resistance 1: 1,986.70 Resistance 2: 1,992.10 Resistance 3: 1,995.20 Pivot Point: 1,983.60 |
| The price is at support 1. Gold remains above the 200-day moving average. Bulls are looking to keep the price above USD$2,000. Expected trading range between USD$1,969 and USD$1,995. Pivot point at USD$1,983. RSI neutral, so it could present the continuation of the upward movement. |
| WTI +3.40% |
| The WTI price corrected 12.13% yesterday, closing the day at USD$108.70 per barrel. The price drop was generated after the ceasefire in Ukraine. Today the price has started to rebound, rising 3.40% at the moment. WTI is currently trading at USD$111.82 per barrel. The U.S. government is trying to convince its allies to release oil reserves to the market in order to balance prices. |
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| Support 1: 110.13 Support 2: 109.25 Support 3: 108.43 Resistance 1: 111.83 Resistance 2: 112.65 Resistance 3: 113.53 Pivot Point: 110.95 |
| The price is close to the pivot point, so it could confirm or give a change of trend. Expected trading range between USD$108.43 and USD$113.53. Pivot point at USD$110.95. RSI neutral. The price is slightly above the 200-day moving average. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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