Technical Analysis with Candlestick Charts – 01 February 2022

01 Feb 2022

Asia Pacific stocks were mostly up on Tuesday morning. The Shanghai Composite is down 0.97% at 3,361.43. Overall, the Singapore MSCI up 0.53% at 334.30. Over in Hong Kong, the Hang Seng Index up 1.91% at 23,862.00. In Japan, the Nikkei 225 up 0.04% at 27,060.00, while the Topix index is down 0.21% at 1894.50. South Korea’s Kospi up 1.87% to 2663.34. Australia S&P/ASX 200 up 0.49% at 7006.00.

European equities Monday closing. The DAX futures contract in Germany traded up 0.99% at 15471.20, CAC 40 futures up 0.48% at 6999.21 and the UK 100 futures contract in the U.K. down 0.31% at 7,503.00.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.17% at 35131.87. The S&P 500 up 1.89% at 4515.54 and the Nasdaq 100 up 3.29% at 14930.05, NYSE closes up 1.60% at 16659.77.

In the Forex market, GBPUSD up 0.05% at 1.34499. The USDJPY down 0.11% at 115.019. The USDCHF down 0.14% at 0.92572. EURUSD up 0.03% at 1.12369, EUR/GBP up 0.07% at 0.83551. The USD/CNY flat at 6.3605 at the time of writing.

In the commodity market U.S. Gold futures up 0.34% at $1,802.74. Elsewhere, Silver futures up 0.35% at $22.537 per ounce, Platinum up 0.88% at $1029.00 per ounce, and Palladium up 0.40% at $2358.50.

Crude Oil mix on Tuesday; Brent crude oil up 0.22% at $89.40 per barrel while U.S. West Texas Intermediate (CLc1) down 0.90% at $87.85.

In the Cryptocurrency Markets, Bitcoin at 38314.37 down 0.46%, Ethereum up 1.79% at 2737.06, Litecoin at 110.45 up 0.77%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Enphase Energy Inc. up 13.41% at $140.47, Netflix Inc. up 11.13% at $427.14,

Tesla Inc. up 10.678% to $936.72, ETSY Inc. up 7.626% at $157.08, Pfizer Inc. down 3.019% to $52.69, Kellogg Co. down 3.463% at $63.00.

Economic news:

US: U.S. inflationary pressures should ease in 2022 due to weaker demand for goods, easing supply bottlenecks and a receding coronavirus pandemic, the U.S. Treasury’s top economist said on Monday.

In a statement released alongside the Treasury’s quarterly borrowing estimates, Assistant Secretary for Economic Policy Ben Harris said he expects energy prices to stabilize in 2022, but geopolitical instability could push prices higher.

Harris said the course of the pandemic remains a primary downside risk to the U.S. economic outlook, along with supply chain disruptions, high energy prices and housing costs.

Future coronavirus variants “may have worse symptoms or fatality rates or may be fully resistant to current vaccines and present a significant risk to the economic outlook. On the other hand, given the level of vaccinations and prior infection, the U.S. population may be nearing herd immunity.”

He also said that the pandemic continues to endanger the recovery of supply chains due to continued lockdowns in China and southeast Asia, which could keep goods prices elevated.

Eurozone: German annual inflation slowed in January but was still higher than expected by analysts and well above the European Central Bank’s price stability target of 2% for the euro zone as a whole, preliminary data showed on Monday.

Consumer prices, harmonised to make them comparable with inflation data from other European Union countries (HICP), rose 5.1% year on year compared with 5.7% in December, the Federal Statistics Office said.

The national consumer price index (CPI) rose by 4.9% on an annual basis, easing from 5.3% in December. A Reuters poll of analysts had forecast the CPI rate at 4.3% and the HICP figure at 4.7%.

At the same time, supply bottlenecks and high energy prices significantly reduced the expected positive effect, analysts said. As surveys of German and foreign companies have so far shown no significant easing of supply chain disruption, the year-on-year CPI rates are likely to stay above 4.5% for a few more months, said Michael Heise, chief economist at HQ Trust.

Important Data: UK Manufacturing PMI (Jan) today at 4:30 this time estimated 56.9, previously which was 57.9. CANADA GDP (MoM) (Nov) today at 8:30 this time estimated 0.3%, previously which was 0.8%. US Manufacturing PMI (Jan) today at 09:45 this time estimated 55.0, previously which was 57.7. US ISM Manufacturing PMI (Jan) today at 10:00 this time estimated 57.50, previously which was 58.70.