Technical Analysis with Candlestick Charts – 24 January 2022

Technical Analysis with Candlestick Charts – 24 January 2022

Technical Analysis with Candlestick Charts – 24 January 2022

Asia Pacific stocks were mostly down on Monday morning. The Shanghai composite is up 0.23% at 3,530.65. Overall, the Singapore MSCI down 1.11% at 339.75. Over in Hong Kong, the Hang Seng Index down 0.80% at 24,716.00. In Japan, the Nikkei 225 up 0.15% at 27,560.00, while the Topix index is up 0.29% at 1930.50. South Korea’s Kospi down 1.60% to 2788.89. Australia S&P/ASX 200 down 0.51% at 7139.50.

European equities Friday closing. The DAX futures contract in Germany traded down 1.94% at 15603.88, CAC 40 futures down 1.75% at 7068.60 and the UK 100 futures contract in the U.K. up 0.58% at 7,479.50.

In U.S. on Wall Street, the Dow Jones Industrial Average closed down 1.30% at 34265.38. The S&P 500 down 1.89% at 4397.95 and the Nasdaq 100 down 2.75% at 14438.40, NYSE closes down 1.60% at 16397.34.

In the Forex market, GBPUSD down 0.04% at 1.35477. The USDJPY up 0.23% at 113.923. The USDCHF up 0.21% at 0.9137. EURUSD down 0.15% at 1.13266, EUR/GBP down 0.09% at 0.8360. The USD/CNY down 0.10% at 6.3323 at the time of writing.

In the commodity market U.S. Gold futures up 0.15% at $1,837.27. Elsewhere, Silver futures down 0.62% at $24.120 per ounce, Platinum up 0.39% at $1032.50 per ounce, and Palladium up 0.64% at $2122.00.

Crude Oil up on Monday; Brent crude oil up 1.00% at $88.58 per barrel while U.S. West Texas Intermediate (CLc1) up 1.13% at $85.54.

In the Cryptocurrency Markets, Bitcoin at 35071.78 down 3.37%, Ethereum down 4.25% at 2435.16, Litecoin at 107.59 down 4.29%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

Ventas Inc. up 2.221% at $52.48, Carmax Inc. up 1.923% at $108.10, VF Corp. up 2.056% to $68.00, Netflix Inc. down 21.791% at $397.50, Nucor Corp. down 7.265% to $93.05, Walt Disney Co. down 6.937% at $137.38.

Economic news:

US: The White House is set to hold the second meeting of its Competition Council on Monday, federal agencies said on Sunday.

Officials from two federal agencies told Reuters about the meeting and that their departments planned to attend. The White House did not confirm the meeting would take place but said President Joe Biden would meet on Monday “with members of his administration on efforts to lower prices for working families.”

Biden signed in July a sweeping executive order to promote more competition in the U.S. economy, asking agencies to crack down on anti-competitive practices in sectors from agriculture to drugs and labor. That order created the council, which held its first meeting in September.

The order in July instructed antitrust agencies to focus on labor, healthcare, technology and agriculture. The White House has said the “lack of competition drives up prices for consumers and drives down wages for workers.”

The council is chaired by the head of the White House National Economic Council and includes a number of cabinet agencies including the Justice, Transportation, Commerce and Agriculture departments as well as the chairs of the Federal Trade Commission, Securities and Exchange Commission and Federal Communications Commission.

Eurozone: The drivers of inflation in the euro zone will subside over the course of the year and inflation will hover around the European Central Bank’s price stability target of 2% in the next two years, Finnish central bank chief Olli Rehn was quoted as saying on Sunday.

In a pre-released interview with German business daily Handelsblatt, Rehn said the future pace of normalization of the ECB’s loose monetary policy depended on the economic data.

“Personally, I expect the economic data to remain relatively good despite being affected by the Omicron variant,” Rehn said, adding he therefore viewed rate hikes in 2023 as a logical step, at least as long as there are no new economic shocks.

Rehn, who is also an ECB Governing Council member, pointed out that Germany’s nuclear phase-out at the end of the year would increase dependence on natural gas imports from Russia and bring more volatility to energy markets.

Important Data: UK Manufacturing PMI today at 4:30 this time estimated 57.7, previously which was 57.9. US Markit Composite PMI (Jan) today at 9:45 previously which was 57.0. AUSTRALIA CPI (QoQ) (Q4) today at 19:30 this time estimated 1.0%, previously which was 0.8%. US Services PMI (Jan) today at 9:45 this time estimated 55.0, previously which was 57.6.

TECHNICAL REPORT

GBPUSD

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- SELL AT 1.35407, TAKE PROFIT AT 1.35198 AND STOP LOSS AT 1.35755

EURUSD

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- SELL AT 1.13152, TAKE PROFIT AT 1.12998 AND STOP LOSS AT 1.13397

EURGBP

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- BUY AT 0.83541, TAKE PROFIT AT 0.83695 AND STOP LOSS AT 0.82474

EURJPY

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- SELL AT 128.795, TAKE PROFIT AT 128.526 AND STOP LOSS AT 129.115

NIKKEI 225

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- SELL AT 27573.00 TAKE PROFIT AT 27470.00 AND STOP LOSS AT 27633.00.

WTI CRUDE OIL

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- BUY AT 85.37 TAKE PROFIT AT 85.84 AND STOP LOSS AT 84.90

GOLD

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- BUY AT 1837.45, TAKE PROFIT AT 1844.01 AND STOP AT 1832.60

LITECOIN USD

Candlestick Charts
Technical Analysis

TRADE SUGGESTION- SELL AT 106.457 TAKE PROFIT AT 100.000 AND STOP AT 125.161

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