Technical Analysis with Candlestick Charts – 04 November 2021

Technical Analysis with Candlestick Charts – 04 November 2021

Asia Pacific stocks were up on Thursday morning. The Shanghai composite is up 0.70% at 3,522.49. Overall, the Singapore MSCI up 0.28% at 372.80. Over in Hong Kong, the Hang Seng Index up 0.23% at 25,064.00. In Japan, the Nikkei 225 up 0.81% at 29,740.00, while the Topix index is up 1.23% at 2051.0. South Korea’s Kospi up 0.22% to 2982.12. Australia S&P/ASX 200 up 0.36% at 7419.0.

European equities Wednesday closing. The DAX futures contract in Germany traded up 0.03% at 15959.98, CAC 40 futures up 0.34% at 6950.66 and the UK 100 futures contract in the U.K. down 0.02% at 7,274.7.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.29% at 36157.59. The S&P 500 up 0.01% at 4661.2 and the Nasdaq 100 up 0.18% at 16175.2, NYSE closes up 0.55% at 17209.74.

In the Forex market, GBPUSD down 0.21% at 1.36571. The USDJPY up 0.14% at 114.157. The USDCHF up 0.08% at 0.91243. EURUSD down 0.20% at 1.15885, EUR/GBP up 0.06% at 0.84851. The USD/CNY down 0.19% at 6.3940 at the time of writing.

In the commodity market U.S. Gold futures up 0.34% at $1,774.60. Elsewhere, Silver futures up 0.24% to $23.53 per ounce, Platinum up 0.96% at $1039.30 per ounce, and Palladium up 1.05% at $2024.00.

Crude Oil mix on Thursday; Brent crude oil up 0.28% at $81.54 per barrel while U.S. West Texas Intermediate (CLc1) is down 2.59% at $81.59.

In the Cryptocurrency Markets, BTCUSD at 62562.87 down 0.62%, Ethereum down 0.81% at 4569.75, Litecoin at 203.11 down 1.97%, at the time of writing. 

TOP STOCKS TO WATCH OUT TODAY:

Gap Inc. up 5.415% at $24.53, PVH Corp. up 5.29% at $118.62, Gartner Inc. down 4.142% to $325.62, Dexcom Inc. down 3.111% to $619.74, Autodesk Inc. down 2.08% to $308.37, Workday Inc. down 0.797% at $288.96.

Economic news:

US: A senior U.S. Treasury official said on Wednesday she hoped a dropped requirement for banks to report account information to the Internal Revenue Service can be restored to sweeping social and climate spending legislation that Democrats are trying to finalize.

Natasha Sarin, Treasury deputy assistant secretary for economic policy, told an online forum that the reporting proposal would significantly improve the estimated revenue that could be raised from the measure’s $80 billion in IRS investments over a decade.

The proposal initially would have required reporting on aggregate account inflows and outflows of as little as $600 per year. The threshold was raised to $10,000 but it was dropped from the “reconciliation” bill last week after a strong lobbying effort against it from the financial services industry.

The aim was to allow the IRS to match account activity with reported income, cutting down on the underreporting of business and investment income and allowing the tax agency to more easily find wealthy audit targets.

Eurozone: Euro zone unemployment eased to 7.4% of the workforce in September as expected, the EU’s statistics office said on Wednesday, as the economy continues to recover from the recession caused by the COVID-19 pandemic.

The statistics office said 12.079 million people were without jobs in the 19 countries sharing the euro in September, compared to 12.334 million, or 7.5% of the workforce, in August.

This is the lowest reading since April 2020 when the unemployment rate was 7.3%.

Important Data: US Initial Jobless Claims today at 8:30 this time estimated 275K, previously which was 281K. UK Construction PMI (Oct) at 5:30 this time estimated 52.0, previously which was 52.6. EURO ZONE Markit Composite PMI (Oct) today at 5:00 this time estimated 54.30, previously which was 56.20. CANADA Trade Balance (Sep) today at 8:30 this time estimated 1.55B, previously which was 1.94B.    

TECHNICAL SUMMARY

GBPUSD Technical Analysis

TRADE SUGGESTION- SELL AT 1.36501, TAKE PROFIT AT 1.36333 AND STOP LOSS AT 1.36747

EURUSD Technical Analysis

TRADE SUGGESTION- SELL AT 1.15830, TAKE PROFIT AT 1.15679 AND STOP LOSS AT 1.16088

GBPJPY Technical Analysis

TRADE SUGGESTION- BUY AT 155.917, TAKE PROFIT AT 156.621 AND STOP LOSS AT 155.318

CHFJPY Technical Analysis

TRADE SUGGESTION- BUY AT 125.110, TAKE PROFIT AT 125.220 AND STOP LOSS AT 125.018

NASDAQ 100 Technical Analysis

TRADE SUGGESTION- BUY AT 16163.24 TAKE PROFIT AT 16172.45 AND STOP LOSS AT 16151.96

WTI CRUDE OIL Technical Analysis

TRADE SUGGESTION- SELL AT 80.22 TAKE PROFIT AT 79.40 AND STOP LOSS AT 80.97

GOLD Technical Analysis

TRADE SUGGESTION- SELL AT 1771.54, TAKE PROFIT AT 1764.46 AND STOP AT 1778.02

BITCOIN Technical Analysis

TRADE SUGGESTION-BUY AT 62482.39 TAKE PROFIT AT 63577.66 AND STOP AT 61386.68

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