Technical Analysis with Candlestick Charts – 21 February 2022

Technical Analysis with Candlestick Charts – 21 February 2022

Technical Analysis

Asia Pacific stocks were mostly down on Monday morning. The Shanghai composite is down 0.07% at 3,488.16. Overall, the Singapore MSCI down 0.20% at 348.75. Over in Hong Kong, the Hang Seng Index down 0.67% at 24,161.00. In Japan, the Nikkei 225 down 0.55% at 26,940.00, while the Topix index is down 0.47% at 1912.00. South Korea’s Kospi down 0.03% to 2743.80. Australia S&P/ASX 200 up 0.16% at 7233.60.

European equities Friday closing. The DAX futures contract in Germany traded down 1.47% at 15042.51, CAC 40 futures down 0.25% at 6929.64 and the UK 100 futures contract in the U.K. down 0.32% at 7,513.63.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.68% at 34079.19. The S&P 500 down 0.72% at 4348.88 and the Nasdaq 100 down 1.14% at 14009.54, NYSE closes down 0.60% at 16392.32.

In the Forex market, GBPUSD up 0.34% at 1.3626. The USDJPY flat at 114.995. The USDCHF down 0.11% at 0.9201. EURUSD up 0.48% at 1.1373, EUR/GBP up 0.31% at 0.8346. The USD/CNY up 0.10% at 6.3316 at the time of writing.

In the commodity market U.S. Gold futures down 0.53% at $1,888.19. Elsewhere, Silver futures down 0.74% at $23.724 per ounce, Platinum up 0.66% at $1071.50 per ounce, and Palladium down 1.28% at $2316.50.

Crude Oil down on Monday; Brent crude oil down 0.49% at $93.18 per barrel while U.S. West Texas Intermediate (CLc1) down 1.00% at $89.47.

In the Cryptocurrency Markets, Bitcoin at 39126.84 up 1.96%, Ethereum up 4.52% at 2739.20, Litecoin at 113.15 up 2.34%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Ford Motor Co. up 2.851% at $18.04, Cisco Systems Inc. up 2.582% at $57.21,

Kellogg Co. up 1.897% to $66.07, Intel Corp. down 5.319% at $45.04, ETSY Inc. down 3.685% to $127.30, Match Group Inc. down 3.861% at $107.56.

Economic news:

US: The United States and the United Arab Emirates are seeking an additional $4 billion of global investment in an initiative launched last year to make agriculture resilient to climate change and reduce its emissions, a U.S. official said on Sunday.

The two countries launched the Agriculture Innovation Mission for Climate (AIM for Climate) at COP26 climate talks in November, aiming for $4 billion investment from governments and non-government innovation partners between 2021-2025.

AIM now wants $8 billion in climate-smart investment commitments by the November COP27 climate talks in Egypt, U.S. Secretary of Agriculture Thomas Vilsack told Reuters ahead of AIM’s first ministerial meeting in Dubai on Monday.

The initiative is supported by 140 partners who have agreed to increase public and private investment in climate-smart agriculture research and practices.

Eurozone: European companies hoping to fund M&A and capital expenditures on bond markets this year are facing a sudden jump in borrowing costs and wary buyers after the ECB’s shock pivot towards tighter monetary policy.

Bond issues are a key source of funding for companies and have grown in importance relative to bank loans in the euro zone, particularly since the financial crisis. Caught out by European Central Bank President Christine Lagarde’s hawkish tone after the bank’s February meeting – which opened the door to rate hikes this year – bonds from investment-grade (IG) European firms have seen yields surge 60 basis points.

Euro credit had been less hit by January volatility stirred by the U.S. Federal Reserve’s hawkishness, with IG bonds delivering less than half the losses in the United States.

But those falls accelerated post-ECB and yields have more than doubled this year to as high as 1.18%, the highest since May 2020, according to BofA. That’s still extremely low, but a sudden jump in borrowing costs is significant. If continued, it can impact companies’ ability to invest, eventually slowing economic growth, so central banks watch credit spreads carefully.

Nearly half of investors in BofA’s February credit investor survey said IG spreads rising to 150-175 bps, from around 110 bps currently, would prompt a dovish turn from the ECB.

Important Data: Germany Manufacturing PMI (Feb) today at 3:30 this time estimated 59.50, previously which was 59.80. UK Manufacturing PMI (Feb) today at 4:30 this time estimated 57.20, previously which was 57.30. EURO ZONE Manufacturing PMI (Feb) today at 4:00 this time estimated 58.70, previously which was 58.70. CANADA ADP Nonfarm Employment Change today at 8:30 previously which was 19.2K. HONG KONG Unemployment Rate (Jan) today at 3:30 previously which was 3.9%.

Technical Summary

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.36285, TAKE PROFIT AT 1.36655 AND STOP LOSS AT 1.36012

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.13733, TAKE PROFIT AT 1.13967 AND STOP LOSS AT 1.13571

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 156.613, TAKE PROFIT AT 157.040 AND STOP LOSS AT 156.380

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 124.993, TAKE PROFIT AT 125.279 AND STOP LOSS AT 124.727

CAC 40

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 6983.60 TAKE PROFIT AT 6926.70 AND STOP LOSS AT 7030.20

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 89.54 TAKE PROFIT AT 88.12 AND STOP LOSS AT 91.40

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1893.51, TAKE PROFIT AT 1899.41 AND STOP AT 1886.30

BTC USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 39136.19 TAKE PROFIT AT 37832.19 AND STOP AT 40273.40

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