Technical Analysis with Candlestick Charts – 20 October 2021

Technical Analysis

Technical Analysis with Candlestick Charts – 20 October 2021

Asia Pacific stocks were mixed on Wednesday morning. The Shanghai composite is down 0.22% at 3,584.78. Overall, the Singapore MSCI up 0.24% at 371.35. Over in Hong Kong, the Hang Seng Index up 1.36% at 26,128.00. In Japan, the Nikkei 225 up 0.03% at 29,270.00, while the Topix index is up 0.02% at 2028.0. South Korea’s Kospi down 0.46% to 3015.17. Australia S&P/ASX 200 up 0.53% at 7413.7.

European equities Tuesday closing. The DAX futures contract in Germany traded up 0.27% at 15515.83, CAC 40 futures down 0.05% at 6669.86 and the UK 100 futures contract in the U.K. down 0.09% at 7,225.0.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.56% at 35457.32. The S&P 500 up 0.74% at 4519.64 and the Nasdaq 100 down 0.23% at 15392.3, NYSE closes at 16988.15 up 0.75%.

In the Forex market, GBPUSD up 0.08% at 1.380. The USDJPY up 0.15% at 114.531. The USDCHF up 0.12% at 0.9240. EURUSD up 0.11% at 1.16449, EUR/GBP up 0.09% at 0.84367. The USD/CNY up 0.08% at 6.3868 at the time of writing.

In the commodity market U.S. Gold futures up 0.46% at $1,777.15. Elsewhere, Silver futures up 1.17% to $23.90 per ounce, Platinum up 0.34% at $1044.09 per ounce, and Palladium down 0.07% at $2098.50.

Crude Oil mix on Wednesday; Brent crude oil down 0.51% at $84.64 per barrel while U.S. West Texas Intermediate (CLc1) is up 0.12% at $80.14.

In the Cryptocurrency Markets, BTCUSD at 63906.48 down 0.49%, Ethereum down 0.80% at 3847.62, Litecoin at 186.23 down 1.40%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Baidu Inc. up 4.654% at $179.00, NetEase Inc. up 2.543% at $100.39, Adobe Inc. up 2.126% to $636.07, Okta Inc. down 0.85% to $257.71, Tesla Inc. down 0.671% to $864.27, Boeing Co. down 0.466% at $215.97.

Economic news:

US: A U.S. congressman who prosecutors say lied to FBI investigators about illegal contributions to his 2016 re-election campaign from foreign nationals was indicted on federal charges on Tuesday.

Jeff Fortenberry, a Republican from Nebraska, was indicted by a U.S. District Court grand jury in Los Angeles on two counts of making false statements to federal investigators and one count of scheming to falsify and conceal material facts.

Fortenberry, 60, said in a videotaped statement with his wife, posted to YouTube earlier on Tuesday, that he expected to be charged in the case.

“We’re shocked, we’re stunned. I feel so personally betrayed,” Fortenberry says in the video, speaking as he sat next to his wife and dog in the cab of his Ford pickup truck.

Fortenberry said he had spoken to FBI agents at his home in Lincoln, Nebraska, about the campaign contributions and had told the truth, trying to assist them in the investigation. He asked viewers for prayers on his behalf.

Eurozone: The European Commission opened a debate on Tuesday on how to reform the European Union’s fiscal rules to deal with a pandemic-induced surge in public debt and with the huge investment needed to fight climate change.

“We are re-launching this review of our economic governance against a backdrop of enormous investment needs, as the climate emergency becomes more acute with every passing year,” European Economic Commissioner Paolo Gentiloni said.

“At the same time, the powerful fiscal support provided during the pandemic has led to higher debt levels. These challenges make it all the more essential to have a transparent and effective fiscal framework,” he said.

The debate is to produce a fourth reform of the rules since they were established in 1997 to limit government borrowing to safeguard the value of the EU’s currency — the euro. Revised in 2005, 2011 and 2013, the so-called Stability and Growth Pact is now so complex that few people fully understand it.

High public debt is the main headache now because public support to European economies during the pandemic boosted average debt in the euro zone to around 100% of national output from 60-70% in the early 1990s when the rules were drafted.

Important Data: US CPI (YoY) (Sep) today at 2:00 this time estimated 3.2%, previously which was 3.2%. EURO ZONE CPI (YoY) (Sep) today at 5:00 this time estimated 3.4%, previously which was 3.4%. CANADA Core CPI (MoM) (Sep) today at 8:30 previously which was 0.2%. US Crude Oil Inventories today at 10:30 this time estimated 1.857M, previously which was 6.088M.

TECHNICAL SUMMARY

GBPUSD

Technical analysis
Technical analysis

TRADE SUGGESTION- BUY AT 1.37877, TAKE PROFIT AT 1.38215 AND STOP LOSS AT 1.37693

EURUSD

Technical analysis
Technical analysis

TRADE SUGGESTION- BUY AT 1.16370, TAKE PROFIT AT 1.16641 AND STOP LOSS AT 1.16091

USDJPY

Technical analysis
Technical analysis

TRADE SUGGESTION- BUY AT 114.470, TAKE PROFIT AT 114.562 AND STOP LOSS AT 114.463

USDCHF

Technical analysis
Technical analysis

TRADE SUGGESTION- SELL AT 0.92367, TAKE PROFIT AT 0.92247 AND STOP LOSS AT 0.92580.

CAC 40

Technical analysis
Technical analysis

TRADE SUGGESTION- SELL AT 6647.1 TAKE PROFIT AT 6625.8 AND STOP LOSS AT 6667.5

WTI CRUDE OIL

Technical analysis
Technical analysis

TRADE SUGGESTION- BUY AT 82.39 TAKE PROFIT AT 83.72 AND STOP LOSS AT 82.19

GOLD

Technical analysis
Technical analysis

TRADE SUGGESTION- BUY AT 1775.90, TAKE PROFIT AT 1783.02 AND STOP AT 1770.31

BTCUSD

Technical analysis
Technical analysis

TRADE SUGGESTION- BUY AT 63752.17 TAKE PROFIT AT 64304.78 AND STOP AT 62554.89

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