Technical Analysis with Candlestick Charts – 10 November 2021

Technical Analysis

Technical Analysis with Candlestick Charts – 10 November 2021

Asia Pacific stocks were mostly down on Wednesday morning. The Shanghai composite is down 1.08% at 3,468.99. Overall, the Singapore MSCI down 0.47% at 369.80. Over in Hong Kong, the Hang Seng Index down 1.21% at 24,479.00. In Japan, the Nikkei 225 down 0.58% at 29,130.00, while the Topix index is down 0.59% at 2010.0. South Korea’s Kospi down 1.00% to 2932.81. Australia S&P/ASX 200 down 0.14% at 7423.9.

European equities Tuesday closing. The DAX futures contract in Germany traded down 0.04% at 16040.47, CAC 40 futures down 0.06% at 7043.28 and the UK 100 futures contract in the U.K. down 0.36% at 7,274.03.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.31% at 36319.99. The S&P 500 down 0.35% at 4685.26 and the Nasdaq 100 down 0.17% at 16180.2, NYSE closes down 0.14% at 17286.91.

In the Forex market, GBPUSD down 0.02% at 1.35523. The USDJPY up 0.04% at 112.89. The USDCHF up 0.19% at 0.91279. EURUSD down 0.13% at 1.15786, EUR/GBP down 0.05% at 0.85433. The USD/CNY up 0.03% at 6.3935 at the time of writing.

In the commodity market U.S. Gold futures down 0.36% at $1,825.12. Elsewhere, Silver futures down 0.02% to $24.270 per ounce, Platinum down 0.80% at $1052.00 per ounce, and Palladium up 0.37% at $2030.50.

Crude Oil up on Wednesday; Brent crude oil up 0.08% at $85.18 per barrel while U.S. West Texas Intermediate (CLc1) is up 1.45% at $83.46.

In the Cryptocurrency Markets, BTCUSD at 66415.77 down 0.79%, Ethereum down 0.54% at 4707.67, Litecoin at 264.29 up 0.78%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Gap Inc. up 4.167% at $25.50, Lennar Corp. up 3.093% at $107.66, Tesla Inc. down 11.99% to $1,023.5, Visa Inc. down 3.22% to $213.39, Moderna Inc. down 3.2% to $236.85, Nucor Corp. down 2.443% at $113.40.

Economic news:

US: U.S. Treasury Secretary Janet Yellen said on Tuesday that the bipartisan infrastructure package approved by Congress and President Joe Biden’s proposed social and climate spending plan would increase U.S. productivity and the size of its labor force.

Yellen said in prepared remarks to a University of Nevada-Las Vegas economic conference that together, the two bills would increase long-term U.S. economic output without increasing the national debt, and their revenue-raising measures would reduce deficits over time.

“I do believe that the passage of these pieces of legislation will lead not only to higher rates of productivity but to positive changes across a wide array of metrics. They will increase the size of our labor force and expand the productive capacity of our economy,” Yellen said.

The “Build Back Better” bill’s investments in child care would allow many American mothers to return to the work force, she said, citing studies showing that from 2018 to 2019 some 2 million parents of young children had to quit a job, forego a job or greatly change their job to deal with child care issues.

Eurozone: European Central Bank policy cannot ignore a surge in property prices that has led to a potentially dangerous overvaluation, ECB board member Isabel Schnabel said on Tuesday.

House prices are rising quickly across much of the euro zone and low interest rates, combined with a particularly high savings rate, has led to a surge in property investments, especially among the bloc’s wealthiest households.

“Monetary policy cannot turn a blind eye on such developments in an institutional setting in which macroprudential policies are, in principle, the first line of defence but are not yet fully effective,” Schnabel said.

Schnabel, the head of the ECB’s market operations, said that house prices are currently overvalued relative to fundamentals in the euro zone as a whole, making them vulnerable to future price corrections.

Gradually shifting away from bond purchases would mitigate financial risks and lower the wealth distributional impact of monetary policy, Schnabel argued.

Important Data: US Core CPI (MoM) (Oct) today at 8:30 this time estimated 0.4%, previously which was 0.2%. US Initial Jobless Claims at 8:30 this time estimated 265K, previously which was 269K. US     Crude Oil Inventories today at 10:30 this time estimated 2.125M, previously which was 3.291M. AUSTRALIA Employment Change (Oct) today at 19:30 this time estimated 50.0K, previously which was

-138.0K.     

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- SELL AT 1.35489, TAKE PROFIT AT 1.35264 AND STOP LOSS AT 1.35776

EURUSD

TRADE SUGGESTION- SELL AT 1.15791, TAKE PROFIT AT 1.15669 AND STOP LOSS AT 1.16060

EURGBP

TRADE SUGGESTION- BUY AT 0.85347, TAKE PROFIT AT 0.85466 AND STOP LOSS AT 0.85245

EURJPY


TRADE SUGGESTION- SELL AT 130.780, TAKE PROFIT AT 130.460 AND STOP LOSS AT 130.953.

HANG SENG

TRADE SUGGESTION- SELL AT 24950 TAKE PROFIT AT 24791 AND STOP LOSS AT 25079

WTI CRUDE OIL

TRADE SUGGESTION- BUY AT 84.17 TAKE PROFIT AT 84.84 AND STOP LOSS AT 83.38

GOLD

TRADE SUGGESTION- BUY AT 1823.01, TAKE PROFIT AT 1826.93 AND STOP AT 1819.05

ETHEREUM

TRADE SUGGESTION- BUY AT 4717.76 TAKE PROFIT AT 4790.57 AND STOP AT 4634.99

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