Technical Analysis with Candlestick Charts – 08 December 2021

Technical Analysis with Candlestick Charts – 08 December 2021

Asia Pacific stocks were mostly up on Wednesday morning. The Shanghai composite is up 0.86% at 3,626.11. Overall, the Singapore MSCI down 0.04% at 344.70. Over in Hong Kong, the Hang Seng Index down 0.26% at 23,951.00. In Japan, the Nikkei 225 up 1.54% at 28,893.22, while the Topix index is up 0.98% at 2006.5. South Korea’s Kospi up 0.78% to 3015.15. Australia S&P/ASX 200 up 1.66% at 7435.3.

European equities Tuesday closing. The DAX futures contract in Germany traded up 2.82% at 15813.94, CAC 40 futures up 2.91% at 7065.40 and the UK 100 futures contract in the U.K. up 1.49% at 7,339.91.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.40% at 35719.44. The S&P 500 up 2.07% at 4686.76 and the Nasdaq 100 up 3.03% at 16325.66, NYSE closes up 1.58% at 16853.57.

In the Forex market, GBPUSD up 0.11% at 1.3257. The USDJPY down 0.02% at 113.51. The USDCHF down 0.15% at 0.92352. EURUSD up 0.21% at 1.12906, EUR/GBP up 0.16% at 0.8516. The USD/CNY down 0.18% at 6.3540 at the time of writing.

In the commodity market U.S. Gold futures up 0.26% at $1,788.14. Elsewhere, Silver futures up 0.03% to $22.483 per ounce, Platinum up 1.05% at $962.53 per ounce, and Palladium up 0.30% at $1856.50.

Crude Oil up on Wednesday; Brent crude oil up 0.27% at $75.32 per barrel while U.S. West Texas Intermediate (CLc1) is up 2.52% at $71.19.

In the Cryptocurrency Markets, Bitcoin at 50339.91 down 0.57%, Ethereum up 0.10% at 4316.57, Litecoin at 160.19 down 1.22%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Fortinet Inc. up 8.629% at $317.24, NVIDIA Corp. up 7.957% at $324.27, Autozone Inc. up 7.637% to $2,023.57, Comcast Corp. down 5.291% to $49.58, Western Union Co. down 2.913% to $17.33, Merck & Co Inc. down 1.553% at $72.28.

Economic news:

US: U.S. lawmakers included efforts to push back against Russia and China in a compromise version of a massive annual defence bill released on Tuesday, proposing $300 million for Ukraine’s military and a statement of support for the defense of Taiwan.

But they omitted some measures that had strong support in Congress, including a proposal to impose mandatory sanctions over the Russian Nord Stream 2 gas pipeline and a plan to subject women to the military draft for the first time.

The fiscal 2022 National Defence Authorization Act, or NDAA, authorizes $770 billion in military spending, $25 billion more than requested by President Joe Biden and about 5% more than last year’s budget.

The bill – the result of intense negotiations between House of Representatives and Senate Democrats and Republicans – includes a 2.7% pay increase for the troops, and more aircraft and Navy ship purchases, in addition to strategies for dealing with geopolitical threats.

The NDAA normally passes with strong bipartisan support, and the House of Representatives backed the compromise measure by 363-70 later on Tuesday.

Eurozone: The European Central Bank said on Tuesday it had picked Spain’s Oscar Arce as the director general of its economics department, a key position that involves preparing the ECB’s growth and inflation forecasts.

He will replace Belgian economist Frank Smets, a key aide to former President Mario Draghi, who will now go on unpaid leave for one year before coming back as an adviser.

Arce, who will take up his new role in the first quarter of next year, is currently the director for Economics, Statistics and Research at the Banco de España.

He took up that role in 2018, when his predecessor Pablo Hernández de Cos was promoted to governor of the Spanish central bank.

Important Data: CANADA Ivey PMI (Nov) today at 10:00 previously which was 59.3. JAPAN GDP (QoQ) (Q3) at 18:50 this time estimated -0.8%, previously which was 0.5%. US Trade Balance (Oct) today at 8:30 this time estimated -66.8B, previously which was -81.40B. US Nonfarm Productivity (QoQ) (Q3) today at 8:30 this time estimated -4.9%, previously which was -5.0%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.32507, TAKE PROFIT AT 1.32052 AND STOP LOSS AT 1.32836

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.12866, TAKE PROFIT AT 1.12624 AND STOP LOSS AT 1.13113

USDJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 113.472, TAKE PROFIT AT 113.220 AND STOP LOSS AT 113.728

USDCHF

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.92364, TAKE PROFIT AT 0.92215 AND STOP LOSS AT 0.92523.

S&P 500

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 4698.24 TAKE PROFIT AT 4719.49 AND STOP LOSS AT 4675.79

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 71.63 TAKE PROFIT AT 70.56 AND STOP LOSS AT 72.80

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1788.84, TAKE PROFIT AT 1781.05 AND STOP AT 1795.80

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 50453.76 TAKE PROFIT AT 51825.83 AND STOP AT 49414.34

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