Technical Analysis with Candlestick Charts – 02 March 2022

Technical Analysis with Candlestick Charts – 02 March 2022

Technical Analysis

Asia Pacific stocks were mostly down on Wednesday morning. The Shanghai composite is down 0.34% at 3,477.05. Overall, the Singapore MSCI down 3.46% at 323.90. Over in Hong Kong, the Hang Seng Index down 0.55% at 22,435.00. In Japan, the Nikkei 225 down 1.75% at 26,410.00, while the Topix index is down 1.89% at 1864.00. South Korea’s Kospi up 0.34% to 2708.41. Australia S&P/ASX 200 up 0.28% at 7116.70.

European equities Tuesday closing. The DAX futures contract in Germany traded down 3.85% at 13904.85, CAC 40 futures down 3.94% at 6396.49 and the UK 100 futures contract in the U.K. down 1.72% at 7,330.19.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 1.76% at 33294.96. The S&P 500 down 1.55% at 4306.27 and the Nasdaq 100 down 1.63% at 14005.99, NYSE closes down 1.50% at 16069.15.

In the Forex market, GBPUSD down 0.10% at 1.3305. The USDJPY up 0.16% at 115.051. The USDCHF up 0.01% at 0.9189. EURUSD down 0.08% at 1.1111, EUR/GBP up 0.13% at 0.8351. The USD/CNY down 0.01% at 6.3112 at the time of writing.

In the commodity market U.S. Gold futures down 0.57% at $1,933.53. Elsewhere, Silver futures down 1.36% at $25.010 per ounce, Platinum down 0.24% at $1051.50 per ounce, and Palladium up 1.26% at $2619.50.

Crude Oil up on Wednesday; Brent crude oil up 2.17% at $109.58 per barrel while U.S. West Texas Intermediate (CLc1) up 1.39% at $106.35.

In the Cryptocurrency Markets, Bitcoin at 44235.28 down 0.41%, Ethereum up 0.57% at 2993.37, Litecoin at 112.71 up 0.13%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Target Corp. up 9.841% at $219.43, Paramount Global up 5.39% at $32.26, Chevron Corp. up 3.972% to $149.72, PVH Corp. down 8.632% at $89.44, American Express Co. down 8.471% to $178.06, KeyCorp. down 8.297% at $22.99.

Economic news:

US: U.S. Senate Republican leader Mitch McConnell said on Tuesday that Republicans largely support President Joe Biden’s actions toward Russia over its invasion of Ukraine, but that lawmakers have hit a snag in efforts to agree on aid to Kyiv.

“I think there’s broad support for the president in what he’s doing now. Our biggest complaint is, what took him so long?” McConnell told a press conference after the Biden administration ratcheted up sanctions against Russia and its central bank.

“Much of this might have deterred the aggression in advance. But, yes, we’re all together behind the Ukrainian people. We’re thrilled at the changes that have occurred within NATO, and I think I’ve seen our country pretty unified. As a matter of fact, the whole world seems to be unified,” McConnell said.

The White House is seeking $6.4 billion in humanitarian and security aid from Congress for Ukraine. Democrats intend to include the funding in an omnibus spending bill that lawmakers in the House of Representatives expect to vote on next week.

Eurozone: The European arm of Sberbank, Russia’s biggest lender, has been closed by order of the European Central Bank, which had warned it faced failure due to a run-on deposit after Russia invaded Ukraine, Austria’s Financial Market Authority said.

The European Central Bank’s Single Resolution Board (SRB) determined earlier this week that Sberbank Europe, which is based in Vienna, was failing or likely to fail. That prompted Austria’s FMA on Monday to impose a moratorium on the bank’s activities.

The FMA’s announcement late on Tuesday that it was ordering the bank to close came just over an hour before that moratorium was due to expire.

“By order of the European Central Bank (ECB), the Austrian Financial Market Authority (FMA) issued a decision today banning the licensed credit institution ‘Sberbank Europe AG’ … from continuing business operations in their entirety with immediate effect,” the FMA said in a statement at 10:45 p.m. (2145 GMT).

The European Union and United States have responded to Russia’s invasion of Ukraine with a battery of sanctions including moving to ban big Russian banks from SWIFT, the main global payments system.

Important Data: US Crude Oil Inventories today at 10:30 this time estimated 2.748M, previously which was 4.515M. AUSTRALIA Building Approvals (MoM) (Jan) today at 19:30 previously which was 8.2%. AUSTRALIA Trade Balance (Jan) today at 19:30 previously which was 8.356B. RUSSIA Retail Sales (YoY) (Jan) today at 11:00 this time estimated 3.4%, previously which was 5.4%. CANADA BoC Interest Rate Decision today at 10:00 this time estimated 0.50%, previously which was 0.25%.

Technical Summary

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3307, TAKE PROFIT AT 1.3299 AND STOP LOSS AT 1.3320  

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.1096, TAKE PROFIT AT 1.1087 AND STOP LOSS AT 1.1118

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 115.107, TAKE PROFIT AT 114.983 AND STOP LOSS AT 115.218

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.9194, TAKE PROFIT AT 0.9168 AND STOP LOSS AT 0.9217

DOW JONES 

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 33146.00 TAKE PROFIT AT 33072.00 AND STOP LOSS AT 33284.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 109.57 TAKE PROFIT AT 110.10 AND STOP LOSS AT 109.27

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1940.75, TAKE PROFIT AT 1943.75 AND STOP AT 1935.28

ETHEREUM

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 2960.21 TAKE PROFIT AT 3035.69 AND STOP AT 2845.64

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