Technical Analysis with Candlestick Charts – 01 December 2021

Technical Analysis with Candlestick Charts – 01 December 2021

 Asia Pacific stocks were mostly up on Wednesday morning. The Shanghai composite is up 0.03% at 3,565.37. Overall, the Singapore MSCI up 1.06% at 347.85. Over in Hong Kong, the Hang Seng Index up 1.00% at 23,710.00. In Japan, the Nikkei 225 up 2.00% at 28,020.00, while the Topix index is up 2.43% at 1942.0. South Korea’s Kospi up 2.13% to 2899.46. Australia S&P/ASX 200 down 0.28% at 7235.9.

European equities Tuesday closing. The DAX futures contract in Germany traded down 1.18% at 15100.13, CAC 40 futures down 0.81% at 6721.17 and the UK 100 futures contract in the U.K. down 0.71% at 7,059.46.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 1.86% at 34483.73. The S&P 500 down 1.90% at 4567.01 and the Nasdaq 100 down 1.61% at 16135.92, NYSE closes down 2.19% at 16318.97.

In the Forex market, GBPUSD up 0.21% at 1.3324. The USDJPY up 0.26% at 113.44. The USDCHF up 0.19% at 0.92011. EURUSD down 0.03% at 1.133, EUR/GBP down 0.13% at 0.85077. The USD/CNY up 0.04% at 6.3665 at the time of writing.

In the commodity market U.S. Gold futures up 0.90% at $1,790.30. Elsewhere, Silver futures up 0.76% to $22.975 per ounce, Platinum up 1.65% at $954.50 per ounce, and Palladium up 2.47% at $1783.00.

Crude Oil mix on Wednesday; Brent crude oil up 1.84% at $71.42 per barrel while U.S. West Texas Intermediate (CLc1) is down 5.09% at $67.08.

In the Cryptocurrency Markets, Bitcoin at 57043.53 up 0.13%, Ethereum up 2.01% at 4723.95, Litecoin at 210.80 up 1.41%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Apple Inc. up 3.158% at $165.30, Dollar Tree Inc. down 5.32% at $133.83,     

Moderna Inc. down 4.364% to $352.43, eBay Inc. down 4.135% to $67.46,

Discovery Inc. down 5.572% to $22.71, Nucor Corp. down 5.184% at $106.26.

Economic news:

US: The nonpartisan Congressional Budget Office on Tuesday echoed a warning by Treasury Secretary Janet Yellen that the federal government could run out of money after mid-December if lawmakers fail to raise the debt limit.

The CBO noted that the Treasury plans to transfer $118 billion to the Highway Trust Fund on Dec. 15 — a move that follows the passage of President Joe Biden’s infrastructure package earlier this month.

“If the debt limit remained unchanged and if the Treasury made that transfer in full, the government’s ability to borrow using extraordinary measures would be exhausted soon after it made the transfer,” the CBO said. “In that case, the Treasury would most likely run out of cash before the end of December.”

Yellen earlier on Tuesday reiterated her call to lawmakers to address the debt limit, saying: “If we do not, we will eviscerate our current recovery.”

Congress passed a short-term increase in the federal debt ceiling last month. The Treasury has been deploying extraordinary measures in recent weeks to avoid breaching the limit. Congressional leaders have yet to agree on a longer-term fix.

Eurozone: Euro zone inflation soared to its highest rate on record this month on surging energy costs, likely peaking before a slow decline that will keep it uncomfortably high for much of the next year, data from Eurostat showed on Tuesday.

Consumer price growth in the 19 countries sharing the euro accelerated to 4.9% in November, by far the highest level in the 25 years since the figure has been compiled, up from 4.1% a month earlier and well ahead of expectations for 4.5%.

Energy prices were up 27% compared with a year earlier as oil prices soared but inflation in services and non-energy industrial goods, a drag on price growth in past years, were both above 2%, suggesting a rapid rise in underlying price pressures.

Although inflation is now more than twice the European Central Bank’s 2% target, it is unlikely to trigger any policy action, even if the data make for uncomfortable reading and could trigger political pressure on the ECB to rein in price growth.

Important Data: US Crude Oil Inventories today at 10:30 this time estimated

-1.237M, previously which was 1.017M. US ADP Nonfarm Employment Change (Nov) at 8:15 this time estimated 525K, previously which was 571K. CANADA Building Permits (MoM) (Oct) today at 8:30 this time estimated -1.0%, previously which was 4.3%. AUSTRALIA Retail Sales (MoM) today at 19:30 this time estimated 4.9%, previously which was 1.3%.   

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- SELL AT 1.3325, TAKE PROFIT AT 1.3284 AND STOP LOSS AT 1.3349

EURUSD

TRADE SUGGESTION- SELL AT 1.13297, TAKE PROFIT AT 1.13079 AND STOP LOSS AT 1.13716

EURGBP

TRADE SUGGESTION- BUY AT 0.85018, TAKE PROFIT AT 0.85224 AND STOP LOSS AT 0.84838

EURJPY

TRADE SUGGESTION- SELL AT 128.671, TAKE PROFIT AT 128.299 AND STOP LOSS AT 129.021.

DAX 30

TRADE SUGGESTION- SELL AT 15241.90 TAKE PROFIT AT 15102.00 AND STOP LOSS AT 15377.50

WTI CRUDE OIL

TRADE SUGGESTION- SELL AT 67.72 TAKE PROFIT AT 66.90 AND STOP LOSS AT 68.38

GOLD

TRADE SUGGESTION- SELL AT 1786.60, TAKE PROFIT AT 1778.36 AND STOP AT 1795.96

ETHEREUM

TRADE SUGGESTION- BUY AT 4750.84 TAKE PROFIT AT 4832.52 AND STOP AT 4638.00

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