Technical Analysis with Candlestick Charts – 09 March 2022

Technical Analysis with Candlestick Charts – 09 March 2022

Technical Analysis

Asia Pacific stocks were mostly down on Wednesday morning. The Shanghai composite is down 1.16% at 3,255.43. Overall, the Singapore MSCI up 1.69% at 300.55. Over in Hong Kong, the Hang Seng Index down 1.97% at 20,447.00. In Japan, the Nikkei 225 up 0.24% at 24,750.00, while the Topix index is up 0.14% at 1761.50. South Korea’s Kospi down 1.09% to 2622.40. Australia S&P/ASX 200 up 1.04% at 7053.00.

European equities Tuesday closing. The DAX futures contract in Germany traded down 0.02% at 12831.51, CAC 40 futures down 0.32% at 5962.97 and the UK 100 futures contract in the U.K. up 0.07% at 6,964.10.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.56% at 32632.65. The S&P 500 down 0.72% at 4170.69 and the Nasdaq 100 down 0.39% at 13267.61, NYSE closes down 0.52% at 15625.93.

In the Forex market, GBPUSD up 0.11% at 1.3114. The USDJPY up 0.16% at 115.810. The USDCHF down 0.01% at 0.9275. EURUSD up 0.17% at 1.0914, EUR/GBP up 0.06% at 0.8322. The USD/CNY up 0.02% at 6.3188 at the time of writing.

In the commodity market U.S. Gold futures down 0.32% at $2,035.30. Elsewhere, Silver futures up 0.87% at $26.606 per ounce, Platinum up 1.13% at $1168.50 per ounce, and Palladium up 1.57% at $3225.50.

Crude Oil up on Wednesday; Brent crude oil up 0.92% at $130.30 per barrel while U.S. West Texas Intermediate (CLc1) up 0.61% at $122.74.

In the Cryptocurrency Markets, Bitcoin at 41606.16 up 7.28%, Ethereum up 5.60% at 2722.24, Litecoin at 106.42 up 5.66%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Caterpillar Inc. up 6.762% at $210.00, Expedia Group Inc. up 5.528% at $165.69,

Quanta Services Inc. up 8.166% to $116.83, Brown & Brown Inc. down 7.70% at $61.13, Edwards Lifesciences Corp. down 5.861% to $102.00, General Mills Inc. down 5.778% at $63.76.

Economic news:

US: Any increased capital spending by U.S. oil and gas producers in response to the surge in crude price should help soften the blow to the economy from an expected pullback in consumer spending. It just won’t be anytime soon.

Americans in the last week have witnessed an unprecedented weekly surge in gasoline prices, now up to $4.17 a gallon based on American Automobile Association data. Prices are likely to go up even more as President Joe Biden details plans to ban imports of Russian energy.

Economists at Credit Suisse (SIX:CSGN) Group AG and Barclays (LON:BARC) Plc say that’ll incentivize greater domestic production, which should help alleviate some of the economic fallout.

Before the start of war in Ukraine, producers were gradually adding to rig counts amid shareholder demands of capital discipline and government policy geared toward green energy. Moreover, supply and labor constraints have also been headwinds to a faster pace of production.

Eurozone: Russia’s central bank announced on Tuesday a series of steps to help financial market players such as private pension funds and management companies cope with the current “crisis situation,” including relaxing some regulations.

Russia’s financial markets have been thrown into turmoil by severe economic sanctions over its invasion of Ukraine.

The central bank has more than doubled its key interest rate to 20% and provided extra liquidity to banks, and the government has rolled out some support measures, but the rouble has tanked and securities like bonds have sold off heavily.

The central bank said its new measures included adapting regulatory requirements to the new economic conditions, waiving penalties for some regulatory violations if they are linked to the current market situation, and extending timeframes for market players to implement some rules.

Important Data: US Crude Oil Inventories today at 10:30 this time estimated -0.657M, previously which was -2.597M. US JOLTs Job Openings (Jan) today at 10:00 this time estimated 10.925M, previously which was 10.925M. AUSTRALIA Building Approvals (MoM) today at 19:30 this time estimated -27.9%, previously which was 8.2%. Russian Forex Intervention (Mar) today at 8:00 this time estimated 550.00B, previously which was 634.70B. RUSSIA CPI (MoM) (Feb) today at 11:00 this time estimated 1.1%, previously which was 1.0%.

Technical Summary

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3134, TAKE PROFIT AT 1.3100 AND STOP LOSS AT 1.3169

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0945, TAKE PROFIT AT 1.0882 AND STOP LOSS AT 1.1007

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 152.019, TAKE PROFIT AT 151.434 AND STOP LOSS AT 152.607

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 124.752, TAKE PROFIT AT 124.398 AND STOP LOSS AT 125.029

DOW JONES

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 32956.00 TAKE PROFIT AT 32759.00 AND STOP LOSS AT 33117.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 124.84 TAKE PROFIT AT 126.64 AND STOP LOSS AT 121.87

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 2032.74, TAKE PROFIT AT 2047.08 AND STOP AT 2020.56

BITCOIN USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 42076.70 TAKE PROFIT AT 42858.43 AND STOP AT 41389.25

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