Technical Analysis with Candlestick Charts – 16 November 2021

Technical Analysis

Technical Analysis with Candlestick Charts – 16 November 2021

Asia Pacific stocks were mostly up on Tuesday morning. The Shanghai composite is down 0.13% at 3,528.56. Overall, the Singapore MSCI up 0.08% at 372.00. Over in Hong Kong, the Hang Seng Index down 1.08% at 25,650.00. In Japan, the Nikkei 225 up 0.24% at 29,800.00, while the Topix index is up 0.17% at 2049.5. South Korea’s Kospi down 0.02% to 2998.84. Australia S&P/ASX 200 down 0.67% at 7420.4.

European equities Monday closing. The DAX futures contract in Germany traded up 0.34% at 16148.64, CAC 40 futures up 0.53% at 7128.64 and the UK 100 futures contract in the U.K. up 0.05% at 7,351.87.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.04% at 36087.46. The S&P 500 flat at 4682.81 and the Nasdaq 100 down 0.07% at 16194.3, NYSE closes down 0.07% at 17285.55.

In the Forex market, GBPUSD up 0.11% at 1.34247. The USDJPY up 0.07% at 114.195. The USDCHF flat at 0.92512. EURUSD up 0.08% at 1.13760, EUR/GBP up 0.04% at 0.84735. The USD/CNY down 0.16% at 6.3725 at the time of writing.

In the commodity market U.S. Gold futures up 0.27% at $1,866.82. Elsewhere, Silver futures up 0.13% to $25.090 per ounce, Platinum down 0.09% at $1087.01 per ounce, and Palladium down 0.60% at $2138.00.

Crude Oil up on Tuesday; Brent crude oil up 0.95% at $82.83 per barrel while U.S. West Texas Intermediate (CLc1) is up 0.05% at $81.91.

In the Cryptocurrency Markets, Bitcoin at 60630.16 down 4.77%, Ethereum down 5.40% at 4315.91, Litecoin at 244.95 down 6.88%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Dollar Tree Inc. up 14.282% at $129.23, Boeing Co. up 5.49% at $233.09, Qualcomm Inc. up 2.164% to $168.51, Electronic Arts. down 2.86% to $141.28, Tesla Inc. down 1.938% to $1,013.39, American Tower Corp. down 4.263% at $260.5.

Economic news:

US: Speculators’ net bearish bets on U.S. 5-year Treasury note futures rose to their largest since November 2020, according to Commodity Futures Trading Commission data released on Monday.

Futures on U.S. five-year notes, which have come to reflect rate hike expectations, showed net shorts of 407,485 contracts based on CFTC data in the week ended Nov. 9.

Meanwhile, U.S. 10-year Treasury note futures fell in the latest week. The number of speculators’ bearish, or short, positions in 10-year Treasury futures exceeded bullish, or long, positions by 267,332 contracts last week. A week earlier, speculators held 268,669 net short positions in 10-year T-note futures, the most since February 2020.

Eurozone: Tightening monetary policy now to rein in inflation could choke off the euro zone’s recovery, European Central Bank President Christine Lagarde said on Monday, pushing back on calls and market bets for tighter policy.

With inflation already twice its 2% target and likely rising further later this year, the ECB is coming under increased pressure to abandon its ultra-easy monetary policy and tackle price growth that is eroding households’ purchasing power.

Speaking to European Union lawmakers, Lagarde admitted the inflation spike will be higher and longer than once thought but maintained it would fade next year, so policy action now would hit the economy just as price growth starts to moderate on its own.

“At a time when purchasing power is already being squeezed by higher energy and fuel bills, an undue tightening of financing conditions is not desirable, and would represent an unwarranted headwind for the recovery,” Lagarde told a hearing of the European Parliament’s committee on economic affairs.

“If we were to take any tightening measures now, it could cause far more harm than it would do any good,” she said.

Important Data: UK Employment Change 3M/3M (MoM) (Sep) today at 2:00 this time estimated 185K, previously which was 235K. US Core Retail Sales (MoM) (Oct) at 8:30 this time estimated 1.0%, previously which was 0.8%. JAPAN Exports (YoY) (Oct) today at 18:50 this time estimated 9.9%, previously which was 13.0%. AUSTRALIA Wage Price Index (QoQ) (Q3) today at 19:30 this time estimated 0.5%, previously which was 0.4%.       

TECHNICAL SUMMARY

GBPUSD

TRADE SUGGESTION- SELL AT 1.34205, TAKE PROFIT AT 1.34018 AND STOP LOSS AT 1.34472

EURUSD

TRADE SUGGESTION- SELL AT 1.13751, TAKE PROFIT AT 1.13714 AND STOP LOSS AT 1.13815

GBPJPY

TRADE SUGGESTION- SELL AT 153.607, TAKE PROFIT AT 152.671 AND STOP LOSS AT 153.872

CHFJPY

TRADE SUGGESTION- SELL AT 130.554, TAKE PROFIT AT 130.333 AND STOP LOSS AT 130.724.

EURO STOXX 50

TRADE SUGGESTION- BUY AT 4384 TAKE PROFIT AT 4390 AND STOP LOSS AT 4375

WTI CRUDE OIL

TRADE SUGGESTION- BUY AT 81.42 TAKE PROFIT AT 82.15 AND STOP LOSS AT 80.75

GOLD

TRADE SUGGESTION- BUY AT 1863.41, TAKE PROFIT AT 1868.87 AND STOP AT 1855.34

ETHEREUM

TRADE SUGGESTION- SELL AT 4289.84 TAKE PROFIT AT 4157.03 AND STOP AT 4397.48

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