Technical Analysis with Candlestick Charts – 16 March 2022

Technical Analysis with Candlestick Charts – 16 March 2022

Technical Analysis

Asia Pacific stocks were mostly up on Wednesday morning. The Shanghai composite is up 0.04% at 3,065.12. Overall, the Singapore MSCI up 2.85% at 310.75. Over in Hong Kong, the Hang Seng Index up 2.99% at 18,859.00. In Japan, the Nikkei 225 up 1.43% at 25,490.00, while the Topix index is up 1.33% at 1831.00. South Korea’s Kospi up 0.84% to 2643.34. Australia S&P/ASX 200 up 0.96% at 7165.50.

European equities Tuesday closing. The DAX futures contract in Germany traded down 0.09% at 13917.27, CAC 40 futures down 0.23% at 6355.01 and the UK 100 futures contract in the U.K. down 0.25% at 7,175.71.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.82% at 33544.35. The S&P 500 up 2.14% at 4262.44 and the Nasdaq 100 up 3.16% at 13458.56, NYSE closes up 1.28% at 15895.66.

In the Forex market, GBPUSD up 0.08% at 1.3052. The USDJPY down 0.05% at 118.229. The USDCHF down 0.14% at 0.9398. EURUSD up 0.10% at 1.0966, EUR/GBP up 0.05% at 0.8402. The USD/CNY down 0.13% at 6.3609 at the time of writing.

In the commodity market U.S. Gold futures down 0.04% at $1,917.88. Elsewhere, Silver futures down 0.25% at $24.810 per ounce, Platinum up 0.66% at $996.50 per ounce, and Palladium up 1.28% at $2459.00.

Crude Oil up on Wednesday; Brent crude oil up 2.19% at $100.82 per barrel while U.S. West Texas Intermediate (CLc1) up 1.96% at $95.38.

In the Cryptocurrency Markets, Bitcoin at 39178.61 down 0.32%, Ethereum up 0.36% at 2629.06, Litecoin at 106.70 down 0.22%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Delta Air Lines Inc. up 8.70% at $34.86, NVIDIA Corp. up 7.70% at $229.73, ETSY Inc. up 5.629% to $124.98, Chevron Corp. down 5.062% at $158.28, Marathon Oil Corp. down 2.39% to $21.65, APA Corp (US) down 2.342% at $36.70.

Economic news:

US: Net foreign inflows into Treasuries rose for a third straight month in January in the amount of $74.36 billion, data from the U.S. Treasury department showed on Tuesday.

Private overseas investors bought $62.22 billion in Treasuries and foreign official institutions bought $12.29 billion in January, according to Treasury International Capital (TIC) data.

Foreigners have bought Treasuries in eight of the last 12 months, including a record net monthly purchase of $118 billion in March 2021.

Overall, the data showed a net TIC inflow of $294.2 billion. Of this, net foreign private inflows were $270.8 billion, and net foreign official inflows were $23.4 billion.

But total foreign holdings actually fell, as yields rose.

U.S. benchmark 10-year Treasury yields peaked at 1.9020% in January and ended the month at 1.7838%, up about 27 basis points from the end of December.

Eurozone: Rules forcing Britain’s banks to wrap their retail arms with a bespoke cushion of capital should be retained for now, though they could “ossify” the sector in the longer term if left unchanged, an independent review for the finance ministry said on Tuesday.

The’ring-fencing’ rules were introduced for banks with deposits of over 25 billion pounds ($32.6 billion) to insulate accounts from any blow-ups in separate investment banking activities, a lesson from the financial crisis when taxpayers had to bail out banks.

Banks wanted the rules, applied by seven lenders, including HSBC, Barclays (LON:BARC), Lloyds (LON:LLOY) and NatWest, to be dismantled, saying they risk harming competitiveness.

The review, chaired by Keith Skeoch, said the rules have improved resilience of retail banking, though they need to be more adaptable for simpler lenders.

The 25-billion-pound threshold should remain but its application made more flexible so that less complex banks would be exempt from ring-fencing, even if they hold deposits above this amount, the review said.

Important Data: US Core Retail Sales (MoM) (Feb) today at 08:30 this time estimated 0.9%, previously which was 3.3%. CANADA Core CPI (MoM) (Feb) today at 8:30 previously which was 0.8%. US Crude Oil Inventories today at 10:30 this time estimated -1.375M, previously which was -1.863M. AUSTRALIA Employment Change (Feb) today at 20:30 this time estimated 37.0K, previously which was 12.9K. AUSTRALIA Unemployment Rate (Feb) today at 20:30 this time estimated 4.1%, previously which was 4.2%.

Technical Summary

GBP/USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3052, TAKE PROFIT AT 1.3025 AND STOP LOSS AT 1.3080

EUR/USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0965, TAKE PROFIT AT 1.0929 AND STOP LOSS AT 1.0991

EUR/GBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.8400, TAKE PROFIT AT 0.8415 AND STOP LOSS AT 0.8383

EUR/JPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 129.635, TAKE PROFIT AT 130.178 AND STOP LOSS AT 129.266

DOW JONES

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 33491.00 TAKE PROFIT AT 33671.00 AND STOP LOSS AT 33202.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 97.08 TAKE PROFIT AT 93.06 AND STOP LOSS AT 98.86

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1917.18, TAKE PROFIT AT 1903.83 AND STOP AT 1923.22

LITECOIN USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 104.48 TAKE PROFIT AT 99.92 AND STOP AT 110.65

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