Daily Review for May 13, 2022
Rebound in the market, investors’ panic begins to ease. At the moment the Nasdaq 100 is up 1.15% and is trading at 12,082 points.
The cryptocurrency market is bouncing back after a week of major corrections.
Traders are looking forward to the statements of Luis de Guindos as Vice President of the European Central Bank, who could give indications on the bank’s interest rate hike.
Following Finland’s decision to join NATO, Russia has expressed its disagreement and announced the shutdown of natural gas supplies to the country.
| NASDAQ 100 +1.15% |
| Rebound in the market, investors’ panic begins to ease. At this moment the Nasdaq 100 is up 1.15% and is trading at 12,082 points. The global stock markets are starting to recover some points after the big drop they had during the week. Likewise, the cryptocurrency market is recovering, which generates a bullish momentum in the Nasdaq 100, an index which has a high correlation with cryptos. Most of the companies that make up the index have significant investments in cryptos. |
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| Support 1: 12,078.6 Support 2: 12,046.2 Support 3: 12,024.9 Resistance 1: 12,132.3 Resistance 2: 12,153.6 Resistance 3: 12.186,0 Pivot Point: 12,099.9 |
| Price is below the 200-day moving average, bouncing from support 3. Expected trading range between 12,024 and 12,186. Pivot point for trend change at 12,099. RSI neutral, so the bounce could continue towards resistance 1, even up to the moving average line. |
| BITCOIN +13.17% |
| The cryptocurrency market is bouncing back after a week of significant corrections. Bitcoin is currently up 13.17% and is trading at USD$30,525. The price was as low as USD$25,000 before reversing trend. This was the last support before the opening of the bearish channel towards USD$10,000. One of the factors that caused the fall was the panic caused by Terra Luna, which lost 99.97% of its value in 8 days. |
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| Support 1: 30,322.4 Support 2: 30,197.7 Support 3: 29,990.4 Resistance 1: 30,654.4 Resistance 2: 30,861.7 Resistance 3: 30,986.4 Pivot Point: 30,529.7 |
| Price is below the 200-day moving average, bouncing from support 3. Expected trading range between USD$29,990 and USD$30,986. Pivot point for trend change at USD$30,529. RSI neutral, so the rebound could continue towards the zone of resistance 1 and the moving average line. |
| EUROSTOXX 50 +0.50% |
| Traders are looking forward to the statements of Luis de Guindos as Vice President of the European Central Bank, who could give indications on the bank’s interest rate hike. ECB President Christine Lagarde announced that the bank would raise rates at its June 2022 meeting. It is the last of the major central banks that has not yet raised rates, due to its strategy of supporting market growth. However, the level of inflation in Europe, the war in Ukraine, and the pandemic, have caused the bank to remove some of its economic stimulus, such as bond purchases, for the time being. |
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| Support 1: 3,614 Support 2: 3,607 Support 3: 3,596 Resistance 1: 3,632 Resistance 2: 3,643 Resistance 3: 3,650 Pivot Point: 3,625 |
| The price is below the 200-day moving average, between resistance 1 and support 2. Expected trading range between 3,596 and 3,650. Pivot point for trend change at 3,625. RSI neutral, so the price could start looking for the area of resistance 2. |
| NATURAL GAS +0.72% |
| Following Finland’s decision to join NATO, Russia has expressed its disagreement and announced the shutdown of natural gas supplies to the country. On the other hand, physical commodity traders have reported large financial gains following the rally of commodities in the three segments, agriculture, energy and metals. For its part, the UK is increasing its LNG imports. Ukraine, on the other hand, is trying to gain control over the country’s pipelines to start supplying natural gas to the European Union. |
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| Support 1: 7.677 Support 2: 7.637 Support 3: 7.606 Resistance 1: 7.748 Resistance 2: 7.779 Resistance 3: 7.819 Pivot Point: 7.708 |
| The price is near the same level as the 200-day moving average. Bulls maintain the target at resistance 3, at USD$9 per BTU. Expected trading range between USD$7.60 and USD$7.81. Pivot point for trend change at USD$7.70. RSI near the overbought zone. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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