Technical Analysis Report – 30 March 2021

Technical Analysis Report – 30 March 2021

Asian shares were mixed early Tuesday. The Shanghai composite is up 0.61% at 3,456.60. Overall, the Singapore MSCI up 0.82% at 362.85. Over in Hong Kong, the Hang Seng Index up 0.93% to 28,650. In Japan, the Nikkei 225 up 1.13% at 29,410, while the Topix index is up 0.74% at 1976.5. South Korea’s Kospi up 1.07% to 3068.45. Australia S&P/ASX 200 down 1.33% at 6730.1.

European equities Monday closing. The DAX futures contract in Germany traded 0.47% up at 14817.72, CAC 40 futures up 0.45% at 6015.5 and the UK 100 futures contract in the U.K. down 0.15% at 6,761.1.

In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.30% at 33171.4, the S&P 500 down 0.09% to 3971.1 and the Nasdaq 100 down 0.30% at 12941.7, NYSE closes at 15611.88 down 0.45%.

In the Forex market, GBPUSD up 0.14% at 1.37769. The USDJPY up 0.16% at 109.957. The USDCHF up 0.06% at 0.93952. EURUSD down 0.01% at 1.17628, EUR/GBP down 0.09% at 0.85382. The USD/CNY up 0.02% at 6.5709, at the time of writing.

In the commodity market U.S Gold futures down 0.29% at $1,707.04. Elsewhere, Silver futures down 0.19% to $24.585 per ounce, Platinum down 0.06% at $1172.85 per ounce, and Palladium up 0.12% to $2,539.00.

Crude Oil mix on Tuesday; Brent crude oil down 0.29% to $64.97 barrel while U.S. West Texas Intermediate (CLc1) is up 0.99% at $62.13.

In the Cryptocurrency Markets, BTCUSD at 57407.61 down 0.33%, Ethereum at 1798.35 down 1.04%, Litecoin at 190.54 down 1.63%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

FACEBOOK Inc. up 2.756% at $290.82, TWITTER Inc. up 2.742% at $62.94, KRAFT HEINZ Co. up 1.874% at $40.78, PEPSI Co Inc. up 1.479% at $144.81, OKTA Inc. up 1.586% at $215.82, MODERNA Inc. down 7.398% at $123.42, WORKDAY Inc. down 2.62% at $243.12, DOCUSIGN Inc. down 2.258% at $197.4.

Economic news:

US: The U.S. Customs has found forced labour practices in Top Glove Corp Bhd’s production of disposable gloves and directed its ports to seize goods from the manufacturer, it said on Monday.

In a statement overnight, U.S. Customs and Border Protection (CBP) said it has sufficient information to determine labour abuses at the world’s largest medical glove maker.

CBP issued an order in July last year that barred imports from two of Top Glove’s subsidiaries on suspicion of labour abuses.

The ban now extends “to all disposable gloves originating in Top Glove factories in Malaysia,” it told Reuters.

Top Glove shares fell nearly 5% in early morning trade.

Top Glove told Reuters its U.S. counsels are liaising with representatives from the CBP to obtain more clarity and information on the matter.

Eurozone: The European Central Bank must be cautious when it shifts away from its emergency stimulus even if the economy rebounds from the pandemic as predicted, according to outgoing policy maker Vitas Vasiliauskas.

The Governing Council member and head of Lithuania’s central bank, who steps down from those roles next month, said in an interview that the ECB should draw on its earlier experiences of tightening too soon. That means switching back to more-standard monetary tools only gradually.

Even after inflation is back to its pre-pandemic trajectory, policy makers will need to keep quantitative easing in place for “quite a while,” he predicted.

“I don’t think we can allow ourselves to make very sharp changes to our monetary policy, especially having in mind our historic experience,” Vasiliauskas said on Monday. “It would be better to live a little bit longer in the transitional situation.”

ECB officials have been forced to backtrack in the past decade after capping or withdrawing monetary support too soon. They halted bond purchases at the end of 2018 — only to restart buying within a year as the economy deteriorated — and were forced to reverse two interest-rate increases in 2011.

Important Data: US API Weekly Crude Oil Stock today at 16:30 previously which was 2.927M. US S&P/CS HPI Composite – 20 n.s.a. (YoY) (Jan) today at 9:00 this time estimated 11.0%, previously which was 10.1%. US CB Consumer Confidence (Mar)         today at 10:00 this time estimated 96.9, previously which was 91.3. JAPAN Industrial Production (MoM) (Feb) today at 19:50 this time estimated -1.2%, previously which was 4.3%.

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- SELL AT 1.37671, TAKE PROFIT AT 1.37141 AND STOP LOSS AT 1.38503

EURUSD

TRADE SUGGESTION- SELL AT 1.17572, TAKE PROFIT AT 1.17179 AND STOP LOSS AT 1.17993

GBPJPY

TRADE SUGGESTION- BUY AT 151.390, TAKE PROFIT AT 152.121 AND STOP LOSS AT 150.754

CHFJPY

TRADE SUGGESTION- SELL AT 116.981, TAKE PROFIT AT 116.765 AND STOP LOSS AT 117.215

DOW JONES 

TRADE SUGGESTION- BUY AT 33074 TAKE PROFIT AT 33164 AND STOP LOSS AT 32993

WTI CRUDE OIL

TRADE SUGGESTION- SELL AT 61.37 TAKE PROFIT AT 61.02 AND STOP LOSS AT 61.73

GOLD

TRADE SUGGESTION- SELL AT 1703.85, TAKE PROFIT AT 1699.61 AND STOP AT 1709.27

LITECOIN USD

TRADE SUGGESTION- SELL AT 192.55 TAKE PROFIT AT 186.23 AND STOP AT 199.47

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