Technical Analysis with Candlestick Charts – 11 March 2022

Technical Analysis with Candlestick Charts – 11 March 2022

Technical Analysis

Asia Pacific stocks were down on Friday morning. The Shanghai composite is up 0.33% at 3,307.35. Overall, the Singapore MSCI up 0.11% at 309.10. Over in Hong Kong, the Hang Seng Index down 1.30% at 20,513.00. In Japan, the Nikkei 225 down 2.53% at 25,090.00, while the Topix index is down 2.67% at 1786.00. South Korea’s Kospi down 0.71% to 2661.28. Australia S&P/ASX 200 down 0.94% at 7063.60.

European equities Thursday closing. The DAX futures contract in Germany traded down 2.93% at 13442.10, CAC 40 futures down 2.83% at 6207.21 and the UK 100 futures contract in the U.K. down 1.27% at 7,099.08.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.34% at 33174.08. The S&P 500 down 0.43% at 4259.51 and the Nasdaq 100 down 1.10% at 13591.00, NYSE closes down 0.30% at 15929.56.

In the Forex market, GBPUSD up 0.12% at 1.3099. The USDJPY up 0.53% at 116.752. The USDCHF up 0.15% at 0.9307. EURUSD up 0.21% at 1.0054, EUR/GBP up 0.12% at 0.8401. The USD/CNY flat at 6.3204 at the time of writing.

In the commodity market U.S. Gold futures down 0.71% at $1,982.53. Elsewhere, Silver futures down 0.63% at $25.721 per ounce, Platinum down 0.42% at $1066.00 per ounce, and Palladium up 0.77% at $2960.50.

Crude Oil up on Friday; Brent crude oil up 1.48% at $110.76 per barrel while U.S. West Texas Intermediate (CLc1) up 1.40% at $104.70.

In the Cryptocurrency Markets, Bitcoin at 39086.57 down 0.91%, Ethereum down 0.57% at 2594.76, Litecoin at 103.04 up 0.37%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Mosaic Co. up 7.744% at $62.19, Amazon.com Inc. up 5.413% at $2,936.35,   

APA Corp (US) up 3.463% to $40.04, ETSY Inc. down 5.348% at $136.98, MSCI Inc. down 4.685% to $465.26, Micron Technology Inc. down 4.683% at $75.72.

Economic news:

US: The U.S. Senate on Thursday approved legislation providing $1.5 trillion to fund the federal government through Sept. 30 and to allocate $13.6 billion to aid Ukraine.

The 2,700-page bill passed in a bipartisan 68-31 vote, one day after the House of Representatives approved the package.

President Joe Biden is expected to sign the bill into law, averting agency shutdowns ahead of the midnight Friday deadline when existing U.S. government funds expire.

“We’re keeping our promises to support Ukraine as they fight for their lives against the evil Vladimir Putin,” Senate Majority Leader Chuck Schumer said, referring to Russia’s president who has orchestrated a massive attack against its neighbor.

The aid for Ukraine is designed to finance ammunition and other military supplies, as well as humanitarian support.

The legislation’s passage follows months of negotiations over the federal government’s funding and therefore policy priorities.

It also comes as lawmakers jostle to show support of Ukraine in its battle against Russian forces, with Democrats and Republicans saying the Biden administration must do more to help Kyiv.

Eurozone: The European Central Bank will stop pumping money into financial markets this summer, it said on Thursday, paving the way for an increase in interest rates as soaring inflation outweighs concerns about the fallout from Russia’s invasion of Ukraine.

With price growth in the euro zone at a record high even before Moscow began its assault on Feb. 24, the ECB was under pressure to at least stop adding fuel to the fire through its long-running asset-purchase programme.

While a handful of policy doves at Thursday’s meeting argued the war justified a pause for thought, they were outnumbered as worries about inflation, which hit a record 5.8% in February and is seen rising further, dominated the debate.

ECB President Christine Lagarde said the conflict was a “watershed for Europe”, which would curb growth but boost inflation.

Important Data: UK Manufacturing Production (MoM) (Jan) today at 2:00 this time estimated 0.2%, previously which was 0.2%. Germany CPI (MoM) (Feb) today at 2:00 this time estimated 0.9%, previously which was 0.4%. CANADA Employment Change (Feb) today at 8:30 this time estimated 160.0K, previously which was -200.1K. UK Trade Balance (Jan) today at 2:00 this time estimated -12.60B, previously which was -12.35B. UK GDP (YoY) today at 2:00 this time estimated 9.3%, previously which was 6.0%  

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- SELL AT 1.3068, TAKE PROFIT AT 1.3065 AND STOP LOSS AT 1.3076

EURUSD

TRADE SUGGESTION- SELL AT 1.0966, TAKE PROFIT AT 1.0928 AND STOP LOSS AT 1.1005

EURGBP

TRADE SUGGESTION- BUY AT 0.8404, TAKE PROFIT AT 0.8447 AND STOP LOSS AT 0.8380

EURJPY

TRADE SUGGESTION- SELL AT 128.381, TAKE PROFIT AT 127.948 AND STOP LOSS AT 128.907

HANG SENG

TRADE SUGGESTION- SELL AT 20489.00 TAKE PROFIT AT 20405.00 AND STOP LOSS AT 20606.00

WTI CRUDE OIL

TRADE SUGGESTION- BUY AT 107.78 TAKE PROFIT AT 111.46 AND STOP LOSS AT 104.48

GOLD

TRADE SUGGESTION- BUY AT 1992.91, TAKE PROFIT AT 2001.36 AND STOP AT 1973.48

LITECOIN USD

TRADE SUGGESTION- SELL AT 102.187 TAKE PROFIT AT 95.157 AND STOP AT 110.39

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