Daily Review for May 12, 2022
The market falls sharply as the inflation level continues to rise above 8% per annum despite the Fed’s interest rate hikes.
The crypto market continues to fall sharply as investors panic over the bankruptcy of Terra Luna project. The Crypto has fallen more than 97% in 7 days.
Traders are watching the monthly OPEC and IEA reports. In Europe, Italy, through Prime Minister Mario Draghi, has backed the purchase of Russian natural gas through Rubles.
As market panic continues, traders are concentrating on Eurobunds and gold.
| EUROSTOXX 50 -2.13% |
| The market falls sharply as inflation remains above 8% per annum despite the Fed’s interest rate hikes. In Asia, Europe and the United States, market panic continues. Massive sell-offs are on the rise and are being transferred to all equity instruments. The Eurostoxx 50 is currently down 2.13% and is trading at 3,532 points. Wall Street closed in red yesterday, so investors’ doubts continue. Cryptos continue to decline sharply due to the panic caused by Terra Luna, which has fallen 97% in 7 days. |
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| Support 1: 3,522 Support 2: 3,513 Support 3: 3,501 Resistance 1: 3,543 Resistance 2: 3,555 Resistance 3: 3,564 Pivot Point: 3,534 |
| The index is below the 200-day moving average, trending towards support 2. Expected trading range between 3,501 and 3,564. Pivot point for trend change at 3,534. RSI neutral, so the price may continue to correct. |
| BITCOIN -11.39% |
| The crypto market continues to fall sharply due to investor panic over the Terra Luna project bankruptcy. Crypto has fallen more than 97% in 7 days. Bitcoin is currently down 11.39% and is trading at USD$27,019. The Bitcoin price is at a 17-month low and has broken the important support at USD$28,000, giving the bears a free ride to the USD$3,261 level. However, Hedge Funds see a key point at USD$25,000, where the price could have an inflection point after the exit of short-term investors. |
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| Support 1: 26,595.0 Support 2: 26,244.0 Support 3: 25,571.0 Resistance 1: 27,619.0 Resistance 2: 28,292.0 Resistance 3: 28,643.0 Pivot Point: 27,268.0 |
| Price is below the 200-day moving average, which is a bearish signal for crypto. Expected trading range between USD$25,571 and USD$28,643. Pivot point for trend change at USD$27,268. USD$28,000 support was broken, so the fall is free to fall towards levels below USD$10,000. RSI in oversold zone. |
| WTI -2.15% |
| Traders are watching the monthly OPEC and IEA reports. In Europe, Italy, through Prime Minister Mario Draghi, has backed the purchase of Russian natural gas through Rubles. The difficulty of securing new sources and supplies of natural gas has generated new strategies from the members of the European Union. Germany is trying to secure supply agreements with Qatar. Italy is also proposing a new cartel similar to OPEC but with the USA. |
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| Support 1: 103.79 Support 2: 103.38 Support 3: 102.93 Resistance 1: 104.65 Resistance 2: 105.10 Resistance 3: 105.51 Pivot Point: 104.24 |
| The price is below the 200-day moving average, trying to stay above USD$100 per barrel. Expected trading range between USD$102.93 and USD$105.51. Pivot point for trend change at USD$104.24. RSI neutral so the correction could continue towards USD$98.24 per barrel. |
| GOLD -0.22% |
| The panic in the market continues, so traders are concentrating on Eurobunds, and gold. At the moment the price of gold is correcting 0.22% and is trading at USD$1,849 per Troy ounce. Analysts believe that the Fed has lost control of monetary policy, as inflation continues to rise and well above the 2% annual target. At the moment, corrections in stocks, cryptos, indices and commodities continue. |
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| Support 1: 1,847.43 Support 2: 1,843.88 Support 3: 1,840.77 Resistance 1: 1,854.09 Resistance 2: 1,857.20 Resistance 3: 1,860.75 Pivot Point: 1,850.54 |
| Price is below the 200-day moving average, between support 3 and resistance 1. Expected trading range between USD$1,840 and USD$1,860. Pivot Point for trend change at USD$1,850. RSI neutral, so the price could present sideways before changing trend. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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