Technical Analysis with Candlestick Charts – 08 March 2022

Technical Analysis with Candlestick Charts – 08 March 2022

Technical Analysis

 Asia Pacific stocks were mostly down on Tuesday morning. The Shanghai composite is down 2.01% at 3,305.14. Overall, the Singapore MSCI down 2.72% at 293.60. Over in Hong Kong, the Hang Seng Index down 1.27% at 20,632.00. In Japan, the Nikkei 225 down 2.06% at 24,690.00, while the Topix index is down 1.81% at 1759.00. South Korea’s Kospi down 1.09% to 2622.40. Australia S&P/ASX 200 down 0.83% at 6980.30.

European equities Monday closing. The DAX futures contract in Germany traded down 1.98% at 12834.65, CAC 40 futures down 1.31% at 5982.28 and the UK 100 futures contract in the U.K. down 0.40% at 6,959.49.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 2.37% at 32817.39. The S&P 500 down 2.95% at 4201.10 and the Nasdaq 100 down 3.75% at 13319.38, NYSE closes down 2.61% at 15708.23.

In the Forex market, GBPUSD down 0.01% at 1.3103. The USDJPY up 0.19% at 115.481. The USDCHF up 0.02% at 0.9255. EURUSD up 0.06% at 1.0859, EUR/GBP up 0.09% at 0.8287. The USD/CNY down 0.05% at 6.3163 at the time of writing.

In the commodity market U.S. Gold futures up 1.07% at $2,018.23. Elsewhere, Silver futures up 2.26% at $26.231 per ounce, Platinum up 2.40% at $1152.00 per ounce, and Palladium up 6.50% at $3195.00.

Crude Oil up on Tuesday; Brent crude oil up 2.22% at $126.81 per barrel while U.S. West Texas Intermediate (CLc1) up 1.59% at $120.09.

In the Cryptocurrency Markets, Bitcoin at 38273.91 up 0.72%, Ethereum up 1.09% at 2520.37, Litecoin at 99.13 up 0.50%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

FirstEnergy Corp. up 3.941% at $44.57, Exxon Mobil Corp. up 3.603% at $87.12, Tractor Supply Co. up 2.501% to $227.48, PVH Corp. down 15.374% at $66.99, Fortinet Inc. down 13.143% to $291.37, Delta Air Lines Inc. down 12.775% at $30.11.

Economic news:

US: With inflation at a four-decade high, a U.S. government report shows corporate America has used its clout in the labor market to keep wages 20% lower than they should be, the White House said on Monday.

The report, prepared by the Treasury Department with help from the Justice Department, Labor Department and Federal Trade Commission (FTC), found companies had the upper hand in setting wages because they generally knew more about the labor market than workers do.

Further, workers may not be able to move or to afford an extended job search in order to find better-paid work.

“These conditions can enable firms to exert market power, and consequently offer lower wages and worse working conditions, even in labor markets that are not highly concentrated,” the report said.

U.S. Treasury Secretary Janet Yellen told a White House forum highlighting the report that workers are often at a disadvantage due to required non-compete or non-disclosure agreements; collusion between employers to keep wages low; or a lack of transparency that keeps workers unaware of prevailing wage rates.

Eurozone: Investor morale in the euro zone plunged in March in the wake of the Russian invasion of Ukraine and its implications for the global economy, a survey showed on Monday.

Sentix’s index for the euro zone fell to -7.0 in March from 16.6 the previous month, hitting its lowest level since November 2020. A Reuters poll of analysts had pointed to a March reading of 5.3.

An expectations sub-index fell to -20.8 in March from 14.0 in February, the lowest reading in nearly a decade and the biggest drop in the Sentix index’s 20-year history.

A current conditions sub-index, meanwhile, fell to 7.8 in March from 19.3 in February.

Sentix said the euro zone economy was being dramatically hit by the Ukraine crisis, adding that the eastern European region was particularly suffering.

“The U.S. economy is also being hit by the crisis shock, although not quite as hard.”

Important Data: EURO ZONE GDP (YoY) (Q4) today at 5:00 this time estimated 4.6%, previously which was 3.9%. Germany Industrial Production (MoM) (Jan) today at 2:00 this time estimated 0.5%, previously which was 1.1%. US Exports today at 8:30 previously which was 228.10B. CANADA Trade Balance (Jan) today at 8:30 this time estimated 1.60B, previously which was -0.14B. JAPAN GDP (QoQ) (Q4) today at 18:50 this time estimated 1.4%, previously which was 1.3%.

Technical Summary

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3090, TAKE PROFIT AT 1.3087 AND STOP LOSS AT 1.3115

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0869, TAKE PROFIT AT 1.0846 AND STOP LOSS AT 1.0888

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.8293, TAKE PROFIT AT 0.8276 AND STOP LOSS AT 0.8310

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 125.473, TAKE PROFIT AT 125.201 AND STOP LOSS AT 125.637

FTSE 100

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 6913.40 TAKE PROFIT AT 6873.80 AND STOP LOSS AT 6934.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 120.80 TAKE PROFIT AT 122.01 AND STOP LOSS AT 120.11

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 2005.84, TAKE PROFIT AT 2020.75 AND STOP AT 2002.43

LITECOIN USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 99.66 TAKE PROFIT AT 94.75 AND STOP AT 106.25

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