Technical Analysis Report – 03 May 2021

Technical Analysis Report – 03 May 2021

ASIAN MARKET:-

Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.01% to 3,446.16. Hong Kong’s Hang Seng Index was down about 1.56% to 28,229.75.

Japan’s benchmark Nikkei average. Nikkei 225 is trading down 0.83 per cent at 28,812.06 on  Monday, while the  Australian Index S&P / ASX 200 rose  0.06 per cent to 7,030.71. South Korea’s Kospi was down by 0.75% to 3,124.91.

EUROPEAN MARKET:-

The FTSE MIB climbed  down by 0.56%  to 24,141.46 In the cash markets, the DAX futures Germany was trading 0.12%  lower at 15,135.25. CAC 40 futures in France climbed down by 0.53% to 6,269.57, while the FTSE 100 futures in the U.K rose  by  0.12% to 6,969.97, at the time of writing.

US MARKET:-

In the U.S. on Wall Street, the Dow Jones Industrial Average closed  0.54% down  at 33,874.38  the S&P 500 was down 0.72% to 4,181.29 and the Nasdaq 100 was down 0.85% at 13,962.03.

FOREX MARKET:-

In the Forex market, GBPUSD  fell 0.06% at 1.3805. The USDJPY was up 0.32% at 109.63. The USDCHF was up 0.05% at 0.9138. EURUSD was  down 0.01% at 1.2017, EUR/GBP was up 0.16% at 0.8703, at the time of writing.

 COMMODITY MARKET;-

In the commodity market, U.S. Gold futures rose 0.35% at $1,773.85. Elsewhere, Silver futures rose 0.54% to $26.012 per ounce, Platinum rose 0.16% at $1,205.05 per ounce, and Palladium was up 0.38% at $2,952.50.

Brent crude oil was down  0.64% to $66.32 barrel while U.S. West Texas Intermediate (CLc1) fell  0.66% at $63.16.

 CRYPTO-CURRENCY MARKET:-

In the Cryptocurrency Markets, BTCUSD is at $58,042 rose 2.00%, Ethereum at 3,093.41 up 6.12%, Litecoin at 276.670  up 1.87%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Technical Analysis

Daimler up 0.58% at 74.165, Apple Inc.  down 1.51% at $131.48, Amazon.com down 0.11% at $ 3,467.31, TESLA Inc up  4.79% at $709.44, SAP down 0.90% at 11.7040, Microsoft down 0.13% at $252.18 ,  Barclays down  7.00% at 175.50.

Economic news:

USA MARKET

Technical Analysis

U.S. Treasury Secretary Janet Yellen on Sunday tamped down concerns that President Joe Biden’s plans for infrastructure, jobs and families will cause inflation, saying the spending will be phased in over a decade.

“It’s spread out quite evenly over eight to 10 years,” Yellen, former Federal Reserve chair, said in an interview with NBC’s “Meet the Press.”

She said the Federal Reserve will monitor inflation carefully and has the tools to address it if necessary.

“I don’t believe that inflation will be an issue but if it becomes an issue, we have tools to address it. These are historic investments that we need to make our economy productive and fair.”

Biden’s pandemic stimulus and recovery plans total around $6 trillion and will be paid for in part by a series of tax increases on the wealthiest Americans, less than 1% of the population, and on raising corporate taxes.

Cecilia Rouse, chair of the White House National Economic Council, said there is no evidence that portends runaway inflation.

“So when we get to the other side of this pandemic, I fully expect that our labor market will come back and be flourishing,” Rouse said on “Fox News Sunday.”

“But for the time being, we expect at most transitory inflation, that is what we expect coming out of a big recession.”

Some Democratic lawmakers have expressed concerns that the tax increases would slow economic growth.

EUROZONE:-

Technical Analysis

One in four European funds have classified themselves as sustainable under new EU environmental, social and governance rules, Morningstar said on Friday, as managers try to appeal to investors pouring cash into sustainable assets.

Demand for ESG-compliant investment products is surging but confusion over what ESG claims mean in practice has spurred European policymakers to try and codify the sector to arm investors with more information and stamp out ‘greenwashing’, where lofty sustainability claims are not backed up by action.

The European Union’s Sustainable Finance Disclosure Regulation, the first part of which went live in March, aims to harmonise standards and increase transparency in the growing market for sustainable financial products.

Fund managers can classify their products as either Article 9, which means fully focused on sustainable objectives, or Article 8, which means fully or partly focused on environmental, social or sustainability issues. Investments classed as Article 6 means they are not focused on sustainability.

Data provider Morningstar said close to 24% of the ESG open-end funds and exchange-traded funds domiciled in Europe it had examined are now Article 8 or 9 based on preliminary data, representing combined assets of 2.16 trillion euros ($2.61 trillion).

Hortense Bioy, Morningstar’s Global Director of Sustainability Research, said the proportion of funds classifying themselves as sustainable less than two months after the rules went live was “surprising” given many managers are still analysing what the extra disclosure requirements entail.

She expects the number to grow in 2021.

“Some distributors say that they only want to distribute Article 8 or Article 9 funds. That is putting pressure on funds,” she told Reuters.

Just over half of all investment flows in Europe in the first three months of 2021 went into sustainable funds, swelling sustainable fund assets by 17.5% over the quarter to a record 1.3 trillion euros, Morningstar said.

It was only the second time sustainable funds have pulled in more cash in a quarter than conventional funds, the first time being early 2020, Morningstar said in its quarterly report.

TECHNICAL SUMMARY

EUR/USD:-

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.2020, TAKE PROFIT AT 1.2060 AND STOP LOSS AT 1.2000.

USD/CAD:-

Technical Analysis
Technical Analysis

TRADE SUGGESTION- Sell AT 1.3000, TAKE PROFIT AT 1.2260 AND STOP LOSS  AT 1.3020.

GBP/USD:-

Technical Analysis
Technical Analysis

TRADE SUGGESTION- Sell AT 1.3810, TAKE PROFIT AT 1.3760 AND STOP LOSS  AT 1.385.

CAC 40:-

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 6270.50, TAKE PROFIT AT 6370.50 AND STOP LOSS  AT 6220.50.

GOLD:-

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1770.30, TAKE PROFIT AT 1820.30 AND STOP LOSS AT 1745.30

ETHEREUM:-

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 3,100.50, TAKE PROFIT AT 3,300.50 AND STOP LOSS  3,000.50 .

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