Technical Analysis Report Today – 13 May 2021

Technical Analysis

Technical Analysis Report Today – 13 May 2021

ASIAN MARKET:-

Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.74% to 3,437.86. Hong Kong’s Hang Seng Index was down about 0.80% to 27,961.75.

Japan’s benchmark Nikkei average. Nikkei 225 is trading down 1.55 per cent at 27,705.63 on Thursday , while the  Australian Index S&P / ASX 200 fell 0.54 percent to 7,006.71. South Korea’s Kospi was down by 1.29% to 3,141.98.

EUROPEAN MARKET:-

The FTSE MIB climbed  up by 0.23%  to 24,452.46. In the cash markets, the DAX futures Germany was trading 0.20%  higher at 15,150.25. CAC 40 futures in France climbed up by 0.19% to 6,279.57, while the FTSE 100 futures in the U.K was up  by  0.82% to 7,004.63 at the time of writing.

US MARKET:-

In the U.S. on Wall Street, the Dow Jones Industrial Average closed  1.99% down  at 33,587.38  the S&P 500 was down 2.15% to 4,062.56 and the Nasdaq 100 was down 2.67% at 13,031.03.

FOREX MARKET:-

In the Forex market, GBPUSD  was down 0.06% at 1.4062. The USDJPY was up 0.04% at 109.70. The USDCHF was down 0.05% at 0.9086. EURUSD was  up 0.04% at 1.2073, EUR/GBP was down 0.02% at 0.8587, at the time of writing.

 COMMODITY MARKET;-

In the commodity market, U.S. Gold futures fell 0.30% at $1,817.85. Elsewhere, Silver futures fell 0.46% to $27.120 per ounce, Platinum fell 0.43% at $1,220.05 per ounce, and Palladium was up 0.89% at $2,875.50.

Brent crude oil was down  0.94% to $68.67  barrel while U.S. West Texas Intermediate (CLc1) fell  0.98% at $65.43.

 CRYPTO-CURRENCY MARKET:-

In the Cryptocurrency Markets, BTCUSD fell 12.39% at $50,601.9 , Ethereum at 3,916.41 down by 8.42%, Litecoin at 323.582  down 16.18%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Top Stock To buy

AstraZeneca up 2.02% at 7,786.0. Apple Inc. down 2.49% at $122.77 , Amazon.com down 2.23 % at $ 3,151.49, TESLA Inc down 4.42% at $589.04, SAP down 0.50% at 112.540, Microsoft down 2.94% at $239.18 ,  Adidas up  0.97% at 286.65.

Economic news:

USA MARKET

Technical Analysis

The Federal Reserve is exploring the technology that would be required to establish a central bank digital currency, but more research needs to be done before it would move forward with a currency, Boston Fed Bank President Eric Rosengren said on Wednesday.

“It is important to highlight that this is exploratory work, and any decision to move forward with such a currency would depend on a variety of factors beyond the technological feasibility and implementation,” Rosengren said in remarks prepared for a virtual event organized by Harvard Law School.

A central bank digital currency could improve financial inclusion, reduce the cost of cross-border financial transactions and provide more flexibility for implementing monetary policy, he said.

But Fed officials would need to fully consider the policy implications and trade-offs that come with using a digital currency, including possible threats to financial stability, Rosengren said.

The Boston Fed is doing research on the technology that could be used to create a hypothetical digital currency through a joint project with MIT’s Digital Currency Initiative.

They plan to release a white paper and open source code early in the third quarter of this year, and later phases of the research project will focus on privacy, anti-money laundering and other issues.

“It is important to understand what problems a central bank digital currency is being designed to solve, and whether other technologies could more cheaply or efficiently address those problems,” Rosengren said.

EUROZONE:-

Technical Analysis

European banks’ first-quarter earnings have surpassed all expectations in a turnaround from the COVID-19 doldrums of a year ago, yet after a decade of travails more than one season may be needed to win over sceptics.

European bank shares are up 25% already this year, more than double the gains of the underlying STOXX 600 index. Since November, when President Joe Biden won U.S. elections with pledges for big-time spending, the sector has rallied some 66%.

Vaccine rollouts, massive government spending and hopes of a resumption of post-pandemic normality have made investors eager to buy into the recovery; many are rotating portfolios to so-called cyclical stocks, which benefit when the economy looks up.

European banks have become a proxy of choice though some caution the trading frenzy which boosted investment banking revenues may fade over coming months and that non-performing loans could rise once governments cut back on emergency support.

All of Europe’s top 10 lenders by market capitalisation beat forecasts for the January-March period thanks to buoyant revenues from securities trading, lower provisions against bad loans and rising bond yields.

The majority of other big players such as Deutsche Bank , Societe Generale and Unicredit  passed the season with flying colours too.

Refinitiv data shows a rough 200% profit jump off the troughs of a year ago after the markets crashed last March as the COVID-19 pandemic hit Europe.

“We have effectively got 95% of all banks beating expectations, and not only that, beating them by an average of 24%,” said Magdalena Stoklosa, head of European banks research at Morgan Stanley .

While European bank shares already are on course for their best performance since 2009, Stoklosa sees potential for another 10% gains from current levels.

Jerome Legras, head of research at Axiom Alternative Investments, which invests in bank equity and debt, said earnings could improve further if banks trim provisions to cover for any pandemic-related losses.

TECHNICAL SUMMARY

EUR/USD:-

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.20810, TAKE PROFIT AT 1.21010 AND STOP LOSS AT 1.20710

USD/CAD:-

Technical Analysis
Technical Analysis

TRADE SUGGESTION- Sell AT 1.21320, TAKE PROFIT AT 1.21020 AND STOP LOSS  AT 1.21480.

GBP/USD:-

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.4050, TAKE PROFIT AT 1.4150 AND STOP LOSS  AT 1.4000

 NASDAQ 100:-

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 13,020.50, TAKE PROFIT AT 12,820.50 AND STOP LOSS  AT 13,170.50.

Gold:-

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1820.360, TAKE PROFIT AT 1870.360 AND STOP LOSS AT 1795.360

ETHEREUM:-

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 3,990.50, TAKE PROFIT AT 4,190.50 AND STOP LOSS  3,890.50 .

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