Technical Analysis Report – 01 March 2021

Technical Analysis Report – 01 March 2021

Asian shares rallied on Monday as some semblance of calm returned to bond markets after last week’s wild ride. The Shanghai Composite is up 0.90% at 3,539.46. Overall, the Singapore MSCI up 0.86% at 341.55. Over in Hong Kong, the Hang Seng Index down 0.86% to 29,209. In Japan, the Nikkei 225 1.26% at 29,620, while the Topix index is up 1.23% at 1899.0. South Korea’s Kospi down 2.80% to 3012.95. Australia S&P/ASX 200 up 1.74% at 6789.6.

European equities Friday closing. The DAX futures contract in Germany traded 0.67% down at 13786.29, CAC 40 futures down 1.39% at 5703.2 and the UK 100 futures contract in the U.K. up 0.68% at 6,538.6.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 1.5% down at 30932.4 the S&P 500 down 0.48% to 3811.2 and the Nasdaq 100 up 1.24% at 13070.7, NYSE closes at 15010.46 down 1.29%.

In the Forex market, GBPUSD up 0.42% at 1.39831. The USDJPY up 0.03% at 106.544. The USDCHF down 0.01% at 0.9084. EURUSD up 0.12% at 1.20848, EUR/GBP down 0.17% at 0.87414. The USD/CNY down 0.17% at 6.4617, at the time of writing.

In the commodity market U.S Gold futures up 1.10% at $1,751.59. Elsewhere, Silver futures up 0.93% to $26.893 per ounce, Platinum up 2.48% at $1217.99 per ounce, and Palladium up 1.16% to $2,345.50.

Crude Oil mix on Monday; Brent crude oil up 1.55% to $65.40 barrel while U.S. West Texas Intermediate (CLc1) is down 3.20% at $62.40.

In the Cryptocurrency Markets, BTCUSD at 46199.34 up 2.12%, Ethereum at 1432.57 up 0.82%, Litecoin at 165.04 up 0.10%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

ETSY Inc. up 11.484% at $220.61, CARNIVAL Corp. up 5.026% at $26.75, MICRON Tech. up 3.87% to $91.53, DISCOVERY Inc. up 3.472% to $45.00, AUTODESK Inc. down 2.827% to $276.00, KRAFT HEINZ Co. down 2.388% at $36.38.

Economic news:

US: The overnight U.S. repurchase agreement (repo) rate and the secured overnight financing rate (SOFR) recovered from roughly nine-month lows on Friday, but should remain under pressure this year as the market digests excess cash in the system.

In the repo market, Wall Street’s financial institutions borrow from money market funds and other investors and pledge their Treasuries and other securities they own as collateral.

The overnight repo rate rose to 0% on Friday after going negative at -0.05 the previous session, the lowest level since late April last year. SOFR, on the other hand, which also measures the cost of borrowing cash overnight using Treasury securities as collateral, also rose to 0.03%, from 0.01% on Thursday, matching the low hit in May 2020.

SOFR has replaced the London interbank offered rate (LIBOR) as an interest rate benchmark for banks.

Eurozone: British finance minister Rishi Sunak said on Sunday he would not rush to fix the public finances as he readied a budget plan which will pile more borrowing on top of almost 300 billion pounds ($418 billion) of COVID-19 spending and tax cuts.

Sunak, who is due to deliver his budget to parliament on Wednesday, promised to help the UK economy through a gradual lifting of lockdown measures that will last at least until late June. But he also said he would “level with people” about how Britain’s 2.1 trillion-pound debt pile would carry on growing without action.

“This is not something that’s going to happen overnight. Given the scale of the shock we’ve experienced, the scale of the damage, this is going to take time to fix,” Sunak told Sky News on Sunday.

Important Data: German Manufacturing PMI (Feb) today at 3:55 this time estimated 60.6, previously which was 57.1. US ISM Manufacturing PMI (Feb) today at 10:00 this time estimated 58.8, previously which was 58.7. JAPAN Capital Spending (YoY) (Q4) today at 18:50 previously which was -10.6%. US Manufacturing PMI (Feb) today at 9:45 previously which was 58.5.

TECHNICAL SUMMARY

GBPUSD

technical analysis of the financial markets
technical analysis of the financial markets

TRADE SUGGESTION- BUY AT 1.3980, TAKE PROFIT AT 1.40129 AND STOP LOSS AT 1.39645

USDJPY

technical analysis of the financial markets
technical analysis of the financial markets

TRADE SUGGESTION- BUY AT 106.550, TAKE PROFIT AT 106.755 AND STOP LOSS AT 106.359

USDCHF

technical analysis of the financial markets
technical analysis of the financial markets

TRADE SUGGESTION- BUY AT 0.90822, TAKE PROFIT AT 0.91221 AND STOP LOSS AT 0.90482

EURGBP

technical analysis of the financial markets
technical analysis of the financial markets

TRADE SUGGESTION- SELL AT 0.86375, TAKE PROFIT AT 0.86354 AND STOP LOSS AT 0.86469

NIKKEI 225

technical analysis of the financial markets
technical analysis of the financial markets

TRADE SUGGESTION- BUY AT 29584 TAKE PROFIT AT 29898 AND STOP LOSS AT 29270

WTI CRUDE OIL

technical analysis of the financial markets
technical analysis of the financial markets

TRADE SUGGESTION- BUY AT 62.53 TAKE PROFIT AT 62.96 AND STOP LOSS AT 62.23

GOLD

technical analysis of the financial markets
technical analysis of the financial markets

TRADE SUGGESTION- SELL AT 1753.76, TAKE PROFIT AT 1739.21 AND STOP AT 1763.16

BTCUSD

technical analysis of the financial markets
technical analysis of the financial markets

TRADE SUGGESTION- SELL AT 46092.00 TAKE PROFIT AT 48142.59 AND STOP AT 45097.36

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