Technical Analysis with Candlestick Charts – 15 February 2022

Technical Analysis with Candlestick Charts – 15 February 2022

Technical Analysis

Asia Pacific stocks were mostly down on Tuesday morning. The Shanghai composite is flat at 3,428.73. Overall, the Singapore MSCI down 1.95% at 346.40. Over in Hong Kong, the Hang Seng Index down 0.81% at 24,239.00. In Japan, the Nikkei 225 down 1.00% at 26,830.00, while the Topix index is down 0.93% at 1914.00. South Korea’s Kospi down 1.03% to 2676.53. Australia S&P/ASX 200 down 0.51% at 7206.90.

European equities Monday closing. The DAX futures contract in Germany traded down 2.02% at 15113.97, CAC 40 futures down 2.27% at 6852.21 and the UK 100 futures contract in the U.K. down 1.69% at 7,531.58.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.49% at 34566.18. The S&P 500 down 0.38% at 4401.66 and the Nasdaq 100 up 0.10% at 14268.59, NYSE closes down 0.80% at 16531.31.

In the Forex market, GBPUSD up 0.07% at 1.3532. The USDJPY down 0.21% at 115.275. The USDCHF down 0.03% at 0.9238. EURUSD up 0.14% at 1.13216, EUR/GBP up 0.18% at 0.8366. The USD/CNY down 0.11% at 6.3498 at the time of writing.

In the commodity market U.S. Gold futures up 0.41% at $1,878.70. Elsewhere, Silver futures down 0.17% at $23.804 per ounce, Platinum down 0.05% at $1027.50 per ounce, and Palladium down 1.18% at $2341.50.

Crude Oil up on Tuesday; Brent crude oil up 0.30% at $95.99 per barrel while U.S. West Texas Intermediate (CLc1) up 0.02% at $92.96.

In the Cryptocurrency Markets, Bitcoin at 43633.85 up 2.57%, Ethereum up 3.42% at 3036.58, Litecoin at 127.59 up 2.33%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Expedia Group Inc. up 2.629% at $197.17, Carmax Inc up 2.286% at $110.96, Tesla Inc. up 1.833% to $875.76, Moderna Inc. down 11.685% at $142.47, APA Corp. down 5.858% to $32.14, Mosaic Co. down 4.801% at $44.62.

Economic news:

US: U.S. short-term interest rate futures on Monday reflected a reduced chance of an interest rate increase by the Federal Reserve before its two-day March policy meeting.

St. Louis Fed President James Bullard, a voter on the policy-setting Federal Open Market Committee, told Bloomberg last Thursday that he was open to the idea of an inter-meeting interest rate hike.

He did not repeat that notion in an interview with CNBC on Monday, however. Instead, he doubled down on the need for 100 basis points or a full percentage point of policy-tightening by July 1, slightly faster than he suggested before. That implies at least one hike of a half-percentage point at one of those meetings instead of the quarter-point increases that the Fed used in recent years.

In early afternoon trading on Monday, futures on the fed funds rate using February contracts implied just a 3% chance of a rate hike of 25 basis points by the Fed before the March meeting. That was as high as 30% on Thursday after Bullard spoke.

Eurozone: The European Central Bank will raise its deposit rate in the second half of this year, and not wait until 2023 as previously expected, according to a Reuters poll of economists who also sharply upgraded their inflation forecasts for this year.

The change in view followed a shift in the ECB Governing Council to concerns about consumer price inflation, rising rapidly across much of the world and which hit a record high of 5.1% in the 19-member euro zone in January on a year earlier.

While a majority of ECB watchers polled between Feb. 7 and 14 expected the central bank to lift the deposit rate to -0.25% by end-year from a record low of -0.50%, financial markets are already pricing in a return to zero by that time.

Even that would leave the ECB well behind the U.S. Federal Reserve, expected to raise its federal funds rate from a range of 0%-0.25% in March, possibly by half a point, with some banks expecting as many as seven Fed rate rises by the end of 2022.

Poll respondents were split on when the first ECB rate rise would take place, with one economist expecting a move in the second quarter, 16 of 51 forecasting a hike in Q3, and another 21 expecting it to come in Q4.

Important Data: GERMANY ZEW Economic Sentiment (Feb) today at 5:00 this time estimated 55.00, previously which was 51.70. EURO ZONE GDP (YoY) (Q4)   today at 5:00 this time estimated 4.60%, previously which was 4.60%. US Core PPI (MoM) (Jan) today at 8:30 this time estimated 0.5%, previously which was 0.5%. JAPAN Tertiary Industry Activity Index (MoM) today at 23:30 previously which was 0.4%. CHINA CPI (MoM) (Jan) today at 20:30 this time estimated 0.5%, previously which was -0.3%.

Technical Summary

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.35350, TAKE PROFIT AT 1.35642 AND STOP LOSS AT 1.35116

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.13231, TAKE PROFIT AT 1.12996 AND STOP LOSS AT 1.13392

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 156.046, TAKE PROFIT AT 156.476 AND STOP LOSS AT 155.710

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 124.713, TAKE PROFIT AT 124.405 AND STOP LOSS AT 124.956

NASDAQ 100

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 14294.39 TAKE PROFIT AT 14177.59 AND STOP LOSS AT 14396.14

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 92.18 TAKE PROFIT AT 92.93 AND STOP LOSS AT 91.67

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1870.01, TAKE PROFIT AT 1878.77 AND STOP AT 1865.67

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 43760.00 TAKE PROFIT AT 45339.06 AND STOP AT 42520.64

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