Technical Analysis with Candlestick Charts – 04 March 2022

Technical Analysis with Candlestick Charts – 04 March 2022

Technical Analysis

Asia Pacific stocks were down on Friday morning. The Shanghai composite is down 1.18% at 3,439.91. Overall, the Singapore MSCI down 2.16% at 312.50. Over in Hong Kong, the Hang Seng Index down 2.57% at 21,796.00. In Japan, the Nikkei 225 down 2.10% at 26,100.00, while the Topix index is down 1.78% at 1852.00. South Korea’s Kospi down 1.22% to 2713.43. Australia S&P/ASX 200 down 0.57% at 7110.80.

European equities Thursday closing. The DAX futures contract in Germany traded down 2.16% at 13698.40, CAC 40 futures down 1.84% at 6378.38 and the UK 100 futures contract in the U.K. down 2.57% at 7,238.84.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.29% at 33794.67. The S&P 500 down 0.53% at 4363.50 and the Nasdaq 100 down 1.46% at 14035.21, NYSE closes down 0.57% at 16287.49.

In the Forex market, GBPUSD down 0.07% at 1.3335. The USDJPY up 0.05% at 115.510. The USDCHF up 0.19% at 0.9188. EURUSD down 0.44% at 1.1017, EUR/GBP down 0.29% at 0.8262. The USD/CNY flat at 6.3199 at the time of writing.

In the commodity market U.S. Gold futures down 0.02% at $1,935.10. Elsewhere, Silver futures down 0.21% at $25.093 per ounce, Platinum up 0.56% at $1085.50 per ounce, and Palladium up 0.29% at $2791.00.

Crude Oil up on Friday; Brent crude oil up 1.06% at $111.56 per barrel while U.S. West Texas Intermediate (CLc1) up 1.06% at $107.529.

In the Cryptocurrency Markets, Bitcoin at 41414.17 down 2.50%, Ethereum down 3.87% at 2725.00, Litecoin at 107.13 down 4.25%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Dollar Tree Inc. up 4.688% at $146.48, Mosaic Co. up 3.534% at $55.66, Tractor Supply Co. up 3.351% to $214.66, Match Group Inc. down 5.713% at $102.99, Advanced Micro Devices Inc. down 5.326% to $111.98, PVH Corp. down 4.867% at $89.52.

Economic news:

US: The U.S. Treasury Department has reached out to cryptocurrency companies about their cybersecurity controls amid concerns that Russia could wage retaliatory cyber-attacks in response to Western sanctions, according to a person familiar with the situation.

The United States and its allies have unleashed a slew of sanctions targeting Russia’s banks, state-owned entities, and elites, among others, following the country’s invasion of Ukraine

Governments have warned for weeks that Russia or its allies could carry out cyber-attacks in retribution for sanctions, leading banks to increase monitoring, scenario-planning and line up extra staff in case hostile activity surges.

In sign U.S. regulators see the ballooning cryptocurrency industry as a growing source of systemic risk, U.S. Treasury officials have also been in discussions with cryptocurrency exchanges and trade groups to ensure U.S. digital assets are safe, said the person familiar with the matter.

Eurozone: Companies returned to Europe’s corporate bond market to issue debt on Thursday after it remained frozen for a week following Russia’s invasion of Ukraine.

U.S. medical device company Boston Scientific (NYSE:BSX) American launched three, six, nine and 12-year bonds for a total of 3 billion euros to buy back U.S. dollar bonds. Bazalgette Finance, a special purpose financing vehicle backing the Thames Tideway Tunnel, launched a 300 million pound, 12-year green bond, according to Refinitiv’s IFR. Both marked the first deals in the market since last Wednesday.

Marco Stoeckle, head of corporate credit research at Commerzbank (DE:CBKG), noted that the first issuers came from safer sectors, as would be expected after the market effectively froze.

“It’s really hard to say this is the beginning of a longer-term trend because (issuance) could dissipate within minutes if we see the wrong headlines.”

Reverse Yankees – U.S. companies like Boston Scientific issuing bonds in European markets – also offer investors a higher yield as they are not eligible for European Central Bank bond purchases, while green bonds tend to attract additional demand from ESG-focused investors chasing a limited pool of assets.

Important Data: UK Construction PMI (Feb) today at 4:30 this time estimated 54.30, previously which was 56.30. US Nonfarm Payrolls (Feb) today at 8:30 this time estimated 400K, previously which was 467K. US Unemployment Rate (Feb) today at 8:30 this time estimated 3.9%, previously which was 4.0%. CANADA Labor Productivity (QoQ) (Q4) today at 8:30 this time estimated -0.8%, previously which was -1.5%. CANADA Building Permits (MoM) (Jan) today at 8:30 this time estimated -1.5%, previously which was -1.9%.

Technical Summary

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3328, TAKE PROFIT AT 1.3312 AND STOP LOSS AT 1.3359

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.1010, TAKE PROFIT AT 1.1000 AND STOP LOSS AT 1.1015

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 153.944, TAKE PROFIT AT 153.050 AND STOP LOSS AT 154.402

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 125.668, TAKE PROFIT AT 125.850 AND STOP LOSS AT 125.344

HANG SENG

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 21811.00 TAKE PROFIT AT 21760.00 AND STOP LOSS AT 21860.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 109.44 TAKE PROFIT AT 112.37 AND STOP LOSS AT 107.69

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1936.96, TAKE PROFIT AT 1949.00 AND STOP AT 1921.11

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 41321.93 TAKE PROFIT AT 42496.32 AND STOP AT 40324.17

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