Technical Analysis with Candlestick Charts – 24 February 2022

Technical Analysis with Candlestick Charts – 24 February 2022

Technical Analysis

Asia Pacific stocks were down on Thursday morning, with the focus squarely on the crisis in Eastern Europe. The Shanghai composite is down 1.85% at 3,424.53. Overall, the Singapore MSCI down 4.02% at 330.30. Over in Hong Kong, the Hang Seng Index down 3.06% at 22,947.00. In Japan, the Nikkei 225 down 1.89% at 25,930.00, while the Topix index is down 1.28% at 1857.50. South Korea’s Kospi down 2.60% to 2648.80. Australia S&P/ASX 200 down 2.99% at 6990.60.

European equities Wednesday closing. The DAX futures contract in Germany traded down 0.42% at 14631.36, CAC 40 futures down 0.10% at 6780.68 and the UK 100 futures contract in the U.K. up 0.05% at 7,498.19.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 1.38% at 33131.77. The S&P 500 down 1.84% at 4225.49 and the Nasdaq 100 down 2.60% at 13509.43, NYSE closes down 1.21% at 16019.58.

In the Forex market, GBPUSD down 0.31% at 1.3499. The USDJPY down 0.48% at 114.434. The USDCHF up 0.06% at 0.9178. EURUSD down 0.51% at 1.1244, EUR/GBP down 0.13% at 0.8329. The USD/CNY up 0.09% at 6.3189 at the time of writing.

In the commodity market U.S. Gold futures up 1.82% at $1,941.88. Elsewhere, Silver futures up 1.98% at $25.015 per ounce, Platinum up 1.65% at $1107.00 per ounce, and Palladium up 2.12% at $2531.00.

Crude Oil up on Thursday; Brent crude oil up 5.32% at $102.25 per barrel while U.S. West Texas Intermediate (CLc1) up 4.99% at $96.49.

In the Cryptocurrency Markets, Bitcoin at 34877.74 down 6.43%, Ethereum down 9.39% at 2339.43 Litecoin at 94.40 down 10.51%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Chevron Corp. up 2.379% at $135.55, Mosaic Co. up 2.286% at $45.20, Public Storage up 3.233% to $353.45, Tesla Inc. down 6.998% at $764.04, Moderna Inc. down 6.374% to $135.73, Carnival Corp. down 6.044% at $20.21.

Economic news:

US: U.S. companies borrowed 2% more in January to finance their investments in equipment compared to a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Wednesday, as firms ramp-up production to meet demand.

Companies signed up for $8.3 billion in new loans, leases and lines of credit last month, compared with $8.1 billion a year earlier. Borrowings rose 2% from December.

ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 78.4%, marginally down from 78.6% in December.

The Washington-based body’s leasing and finance index measures the volume of commercial equipment financed in the United States.

Eurozone: The European Central Bank should continue its bond-buying stimulus programme at least until the end of the year and keep it open-ended to cushion the fallout from any conflict in Ukraine, ECB policymaker Yannis Stournaras told Reuters.

He was the first ECB official to spell out how events in Ukraine, where fears of a full-on Russian invasion are rising, may affect plans by the euro zone central bank to stop its asset purchases and raise interest rates to curb high inflation.

In the exclusive interview, Greek central bank chief Stournaras also said the ECB should formally take rate cuts off the table but also give itself greater leeway over the timing of any hike.

Investors are expecting the ECB to announce plans to end its long-established Asset Purchase Programme (APP) at its next policy meeting on March 10, paving the way for a rate hike by the end of the year.

But Stournaras said the economic outlook was now “much more uncertain”, meaning the ECB should err on the side of caution.

Important Data: US GDP (QoQ) (Q4) today at 8:30 this time estimated 7.00%, previously which was 6.90%. US Initial Jobless Claims today at 8:30 this time estimated 235K, previously which was 248K. JAPAN Core CPI (YoY) (Feb) today at 18:30 this time estimated 0.4%, previously which was 0.2%. US Crude Oil Inventories today at 11:00 this time estimated 0.442M, previously which was 1.121M. NEW ZEALAND Retail Sales (QoQ) (Q4) today at 16:45 previously which was -8.10%.

Technical Summary

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.34690, TAKE PROFIT AT 1.34341 AND STOP LOSS AT 1.35030

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.12367, TAKE PROFIT AT 1.12175 AND STOP LOSS AT 1.12553

GBPJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 154.324, TAKE PROFIT AT 153.954 AND STOP LOSS AT 154.712

CHFJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 124.555, TAKE PROFIT AT 124.400 AND STOP LOSS AT 124.737

NASDAQ 100

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 13155.99 TAKE PROFIT AT 13025.09 AND STOP LOSS AT 13208.18

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 96.77 TAKE PROFIT AT 97.92 AND STOP LOSS AT 96.40

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1941.62, TAKE PROFIT AT 1948.52 AND STOP AT 1933.47

BTCUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 35307.94 TAKE PROFIT AT 34176.26 AND STOP AT 36191.26

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