Technical Analysis Report – 22 July 2022

Technical Analysis Report – 22 July 2022

Technical Analysis

WALL STREET RALLY DUE TO HEAVY WEIGHT GROWTH STOCKS & TESLA

Asia-Pacific stocks were mostly up on Friday morning. The Shanghai Composite is down 0.59% at 3,252.89. Overall, the Singapore MSCI is up 1.52% at 296.75. Over in Hong Kong, the Hang Seng Index is up 0.08% at 20,591. In Japan, the Nikkei 225 is up 0.40% at 27,890.00, while the Topix index is up 0.28% at 1957.50. South Korea’s Kospi is down 0.66% at 2,393.14. Australia S&P/ASX 200 down 0.04% at 6791.50.

Top News of the Day:

Wall Street’s main indexes rose on Thursday boosted by a late-afternoon rally and gains in heavyweight growth stocks, including Tesla (NASDAQ:TSLA).

The tech-heavy Nasdaq added 1.4% to lead the gains while the S&P 500 closed at its highest level since June 9. The Dow Jones Industrial Average climbed 0.5%.

Market Summary as per 21/07/2022:

European equities Thursday closing. The DAX futures contract in Germany traded down 0.27% at 13,246.64, CAC 40 futures up 0.27% at 6201.12 and the UK 100 futures contract in the U.K. up 0.09% at 7,270.52.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.51% at 32036.91. The S&P 500 up 0.99% at 3998.94 and the Nasdaq 100 up 1.44% at 12619.41, NYSE closes up 0.63% at 14871.13.

Top Market News Today:

In the Forex market, GBPUSD down 0.13% at 1.1969. The USDJPY up 0.31% at 137.771. The USDCHF up 0.14% at 0.9679. EURUSD down 0.28% at 1.0198, EUR/GBP down 0.03% at 0.8519. The USD/CNY down 0.05% at 6.7630 at the time of writing.

In the Commodity market U.S. Gold futures flat at $1,717.77. Elsewhere, Silver futures down 0.16% at $18.797 per ounce, Platinum up 0.17% at $875.50 per ounce, and Palladium up 0.42% at $1897.50.

Crude Oil up on Friday; Brent Crude Oil up 1.43% at $105.35 per barrel while U.S. West Texas Intermediate (CLc1) up 1.10% at $97.02.

In the Cryptocurrency Markets, Bitcoin at 23215.00 down 0.06%, Ethereum up 1.29% at 1596.69, Litecoin at 58.11 up 0.01%, at the time of writing.

Top Market Segment to Watch Out Today:

AMAZON: Amazon.com Inc on Thursday agreed to buy primary care provider One Medical for $3.49 billion, expanding the e-commerce giant’s virtual healthcare and adding brick-and-mortar doctors’ offices for the first time.

The all-cash deal would combine two relatively small players as Amazon (NASDAQ:AMZN) continues a years-long march into U.S. healthcare, seeking to grow at a faster pace.

Economic News:

US: The U.S. labor market appears to be cooling at last.

The number of people making initial claims for jobless benefits rose by more than expected last week to 251,000, its highest level since January, the Labor Department said.

Continuing claims likewise ticked up by about 50,000 to 1.384 million, in a sign that it is starting to get a little harder for the newly laid-off to find another job immediately.

That cooling process was also reflected elsewhere on Thursday as the Philadephia Federal Reserve’s index of manufacturing activity fell much more than expected in July to -12.3, its lowest level since May 2020. Analysts had expected a modest bounce from last month’s reading of -3.3. The index of general business conditions also fell to -18.6.

Eurozone: British retail sales volumes fell by a smaller-than-expected 0.1% in June from May, the Office for National Statistics said on Friday, but the trend remained weak as households struggle with surging inflation.

Economists polled by Reuters had expected a 0.3% monthly fall in retail sales.

“After taking account of rising prices, retail sales fell slightly in June and although they remain above their pre-pandemic level, the broader trend is one of decline,” Heather Bovill, an ONS statistician, said.

A monthly fall in May was estimated to have been more severe than originally thought, showing a drop of 0.8% from April compared with an initially reported decline of 0.5%.

Excluding automotive fuel, which has soared in price and taken a bigger chunk out of household budgets, sales volumes rose by 0.4% on the month, defying the poll forecast for a fall of 0.4%.

Top Economic Releases Today:

  1. U.K. Composite PMI today at 4:30 this time estimated 52.50, previously which was 53.70. 
  2. U.S. Manufacturing PMI (Jul) today at 9:45 this time estimated 52.00, previously which was 52.70.
  3. GERMANY Manufacturing PMI (Jul) today at 03:30 this time estimated 50.60, previously which was 52.00.
  4. EURO ZONE S&P Global Composite PMI (Jul) today at 4:00 this time estimated 51.00, previously which was 52.00.
  5. CANADA Core Retail Sales (MoM) (May) today at 8:30 this time estimated 1.6%, previously which was 1.3%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.1961, TAKE PROFIT AT 1.1932 AND STOP LOSS AT 1.1988

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0142, TAKE PROFIT AT 1.0078 AND STOP LOSS AT 1.0178

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 137.658, TAKE PROFIT AT 137.875 AND STOP LOSS AT 137.426

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.9694, TAKE PROFIT AT 0.9671 AND STOP LOSS AT 0.9713

NIKKEI 225

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 27839.00 TAKE PROFIT AT 27926.00 AND STOP LOSS AT 27807.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 96.03 TAKE PROFIT AT 94.46 AND STOP LOSS AT 96.88

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1717.98, TAKE PROFIT AT 1705.00 AND STOP AT 1723.14

LITECOIN

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 56.64 TAKE PROFIT AT 59.34 AND STOP AT 54.31

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