Technical Analysis with Candlestick Charts – 06 December 2021

Technical Analysis with Candlestick Charts – 06 December 2021

Asia Pacific stocks were mixed on Monday morning. The Shanghai composite is down 0.48% at 3,590.16. Overall, the Singapore MSCI up 0.98% at 345.15. Over in Hong Kong, the Hang Seng Index down 1.96% at 23,319.00. In Japan, the Nikkei 225 down 0.78% at 27,850.00, while the Topix index is down 0.97% at 1943.0. South Korea’s Kospi up 0.17% to 2973.25. Australia S&P/ASX 200 up 0.05% at 7245.1.

European equities Friday closing. The DAX futures contract in Germany traded down 0.61% at 15169.98, CAC 40 futures down 0.44% at 6765.53 and the UK 100 futures contract in the U.K. up 0.55% at 7,174.30.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.17% at 34580.09. The S&P 500 down 0.84% at 4538.44 and the Nasdaq 100 down 1.74% at 15712.04, NYSE closes down 0.77% at 16347.87.

In the Forex market, GBPUSD down 0.03% at 1.3227. The USDJPY up 0.29% at 113.09. The USDCHF up 0.39% at 0.92124. EURUSD down 0.21% at 1.12829, EUR/GBP down 0.04% at 0.8530. The USD/CNY down 0.07% at 6.3716 at the time of writing.

In the commodity market U.S. Gold futures up 0.10% at $1,784.66. Elsewhere, Silver futures down 0.36% to $22.43 per ounce, Platinum up 0.70% at $937.00 per ounce, and Palladium down 0.50% at $1804.50.

Crude Oil mix on Monday; Brent crude oil up 2.28% at $71.46 per barrel while U.S. West Texas Intermediate (CLc1) is down 0.27% at $67.05.

In the Cryptocurrency Markets, Bitcoin at 48306.34 down 2.34%, Ethereum down 2.59% at 4090.02, Litecoin at 149.00 down 4.81%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Discovery Inc. up 3.183% at $23.99, Nucor Corp. up 2.733% at $110.5, Adobe Inc. up 8.238% to $616.53, ETSY Inc. down 7.305% to $231.33, Tesla Inc. down 6.42% to $1,014.97, NetEase Inc. down 6.904% at $100.05.

Economic news:

US: U.S. employment growth slowed considerably in November amid job losses at retailers and in local government education, but the unemployment rate plunged to a 21-month low of 4.2%, suggesting the labor market was rapidly tightening.

The four-tenths-of-a-percentage-point drop in the jobless rate from October reported by the Labor Department in its closely watched employment report on Friday occurred even as 594,000 people entered the labor force, the most in 13 months. Workers put in more hours, boosting aggregate wages, which should help to underpin consumer spending.

“Don’t be fooled by the measly payroll jobs gain this month because the economy’s engines are actually in overdrive as shown by the plunge in joblessness,” said Christopher Rupkey, chief economist at FWDBONDS in New York.

The survey of businesses showed nonfarm payrolls increased by 210,000 jobs last month, the fewest since last December. But the economy created 82,000 more jobs than initially reported in September and October, a sign of strength. That left employment 3.9 million jobs below the peak in February 2020.

Eurozone: Britain’s economy looks set to grow more slowly than previously thought this year and in 2023 due to global supply chain problems and the government must encourage longer-term business investment, an employers group said on Monday.

The Confederation of British Industry cut its forecasts for economic growth to 6.9% in 2021 and 5.1% in 2022 from previous estimates of 8.2% and 6.1%.

It said the downgrade mostly reflected weaker growth since its last forecasts in June and the supply chain problems that have slowed the recovery from last year’s coronavirus slump were likely to end in mid-2022.

With exports still weak, household spending would drive 90% of growth next year and two-thirds of it in 2023 thanks to a strong jobs market and savings racked up during the pandemic.

Business investment looked set to grow by 8.2% next year and go above its pre-pandemic level but the bounce would probably prove short-lived with corporate investment falling back in mid-2023 when a tax incentive is due to expire.

Important Data: UK Construction PMI (Nov) today at 4:30 this time estimated 52.0, previously which was 54.6. JAPAN Household Spending (MoM) (Oct) at 18:30 this time estimated 3.6%, previously which was 5.0%. AUSTRALIA House Price Index (QoQ) (Q3) today at 19:30 this time estimated 6.0%, previously which was 6.7%. AUSTRALIA RBA Interest Rate Decision (Dec) today at 22:30 this time estimated 0.10%, previously which was 0.10%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.32276, TAKE PROFIT AT 1.32196 AND STOP LOSS AT 1.32394

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.12784, TAKE PROFIT AT 1.12602 AND STOP LOSS AT 1.13112

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.8528, TAKE PROFIT AT 0.8547 AND STOP LOSS AT 0.8508

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 127.595, TAKE PROFIT AT 127.471 AND STOP LOSS AT 127.758.

EURO STOXX 50

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 4103.00 TAKE PROFIT AT 4068.00 AND STOP LOSS AT 4129.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 67.76 TAKE PROFIT AT 66.62 AND STOP LOSS AT 68.34

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1782.13, TAKE PROFIT AT 1775.52 AND STOP AT 1788.86

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 48479.00 TAKE PROFIT AT 47352.23 AND STOP AT 49804.38

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