Technical Analysis Report – 03 March 2021

Technical Analysis Report – 03 March 2021

Asian shares edged higher on Wednesday. The Shanghai composite is up 1.58% at 3,563.06. Overall, the Singapore MSCI up 0.948% at 343.00. Over in Hong Kong, the Hang Seng Index up 2.14% to 29,548. In Japan, the Nikkei 225 up 0.24% at 29,560, while the Topix index is up 0.05% at 1902.5. South Korea’s Kospi up 1.03% to 3075.17. Australia S&P/ASX 200 up 0.82% at 6818.0.

European equities Tuesday closing. The DAX futures contract in Germany traded 0.19% up at 14039.80, CAC 40 futures up 0.29% at 5809.7 and the UK 100 futures contract in the U.K. up 0.38% at 6,613.8.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.46% down at 31391.5 the S&P 500 down 0.81% to 3870.3 and the Nasdaq 100 up 0.74% at 13156.4, NYSE closes at 15277.02 down 0.33%.

In the Forex market, GBPUSD down 0.06% at 1.39425. The USDJPY up 0.19% at 106.889. The USDCHF up 0.09% at 0.91532. EURUSD down 0.08% at 1.20803, EUR/GBP up 0.03% at 0.86643. The USD/CNY down 0.06% at 6.4664, at the time of writing.

In the commodity market U.S Gold futures down 0.38% at $1,731.35. Elsewhere, Silver futures down 0.68% to $26.569 per ounce, Platinum down 0.39% at $1200.28 per ounce, and Palladium down 0.02% to $2,373.00.

Crude Oil mix on Wednesday; Brent crude oil up 0.75% to $62.88 barrel while U.S. West Texas Intermediate (CLc1) is down 1.32% at $60.72.

In the Cryptocurrency Markets, BTCUSD at 49275.09 up 1.56%, Ethereum at 1553.81 up 4.37%, Litecoin at 192.15 up 7.73%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

CARNIVAL Corp. up 4.865% at $27.59, GENREAL MOTORS up 2.988% at $54.11, TWITTER Inc. down 5.101% to $73.67, TESLA Inc. down 4.453% to $686.44, MICRON Tech. down 3.873% to $91.09, KARFT HEINZ Co. up 0.62% at $37.32.

Economic news:

US: San Francisco Federal Reserve President Mary Daly on Tuesday pushed back against the fear that easy Fed policy could bring on unwanted inflation, arguing that with inflation too low and millions of Americans still out of work, monetary policy must remain accommodative “for some time.”

“Our most important virtue will be patience,” Daly said in remarks prepared for delivery to the Economic Club of New York. “We will need to continually reassess what the labour market is capable of and avoid pre-emptively tightening monetary policy before millions of Americans have an opportunity to benefit.”

Optimism over a sharp drop in COVID-19 infections since January, the U.S. approval of a third vaccine against the scourge, and progress toward passage of a $1.9 trillion pandemic relief package in Congress have led many Wall Street economists to upgrade their economic growth expectations for this year.

Eurozone: Finance minister Rishi Sunak will promise on Wednesday to do “whatever it takes”, including a five-month extension of Britain’s huge jobs rescue plan, to steer the economy through what he hopes will be the final months of COVID restrictions.

Sunak has already racked up Britain’s highest borrowing since World War Two and will turn to the bond markets again in his budget speech, saying the task of fixing the public finances will only begin once a recovery is in sight.

“We’re using the full measure of our fiscal firepower to protect the jobs and livelihoods of the British people,” Sunak will say, according to excerpts of his speech which is due to begin around 1230 GMT.

“First, we will continue doing whatever it takes to support the British people and businesses through this moment of crisis,” he will tell parliament.

Important Data: UK Composite PMI (Feb) today at 4:30 this time estimated 49.8%, previously which was 41.2%. US ADP Nonfarm Employment Change (Feb) today at 8:15 this time estimated 177K, previously which was 174K. US Markit Composite PMI (Feb) today at 9:45 this time estimated 58.8, previously which was 58.7. US Crude Oil Inventories today at 10:30 this time estimated -0.928M, previously which was 1.285M. AUSTRALIA Retail Sales (MoM) (Jan) today at 19:30 this time estimated 0.6%, previously which was 0.6%.

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- BUY AT 1.39540, TAKE PROFIT AT 1.39911 AND STOP LOSS AT 1.39220

EURUSD

TRADE SUGGESTION- SELL AT 1.20789, TAKE PROFIT AT 1.20485 AND STOP LOSS AT 1.21070

USDJPY

TRADE SUGGESTION- BUY AT 106.860, TAKE PROFIT AT 107.208 AND STOP LOSS AT 106.652

USDCHF

TRADE SUGGESTION- BUY AT 0.91519, TAKE PROFIT AT 0.91730 AND STOP LOSS AT 0.91269

FTSEMIB 40 

TRADE SUGGESTION- BUY AT 22130 TAKE PROFIT AT 22376 AND STOP LOSS AT 21977

WTI CRUDE OIL

TRADE SUGGESTION- SELL AT 59.97 TAKE PROFIT AT 59.31 AND STOP LOSS AT 60.34

GOLD

TRADE SUGGESTION- SELL AT 1733.37, TAKE PROFIT AT 1723.91 AND STOP AT 1739.21

ETHEREUM

TRADE SUGGESTION- SELL AT 1567.50 TAKE PROFIT AT 1535.46 AND STOP AT 1590.81

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