Technical Analysis with Candlestick Charts – 24 March 2022

Technical Analysis with Candlestick Charts – 24 March 2022

Technical Analysis

Asia Pacific stocks were down on Thursday morning. The Shanghai Composite is down 0.59% at 3,251.67. Overall, the Singapore MSCI is up 1.19% at 336.50. Over in Hong Kong, the Hang Seng Index down 0.06% at 22,087.00. In Japan, the Nikkei 225 is down 0.04% at 27,850.00, while the Topix index is down 0.20% at 1960.50. South Korea’s Kospi down 0.22% to 2729.14. Australia S&P/ASX 200 up 0.12% at 7387.10.

Market Summary as per 23/03/2022:

European equities Wednesday closing. The DAX futures contract in Germany traded down 1.31% at 14,283.65, CAC 40 futures down 1.17% at 6581.44 and the UK 100 futures contract in the U.K. down 0.22% at 7,460.64.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 1.29% at 34358.51. The S&P 500 down 1.23% at 4456.23 and the Nasdaq 100 down 1.41% at 14447.55, NYSE closes down 1.06% at 16558.52.

Top Market News Today:

In the Forex market, GBPUSD down 0.07% at 1.3192. The USDJPY up 0.27% at 121.469. The USDCHF up 0.21% at 0.9324. EURUSD down 0.19% at 1.0981, EUR/GBP down 0.07% at 0.8324. The USD/CNY flat at 6.3718 at the time of writing.

In the Commodity market U.S. Gold futures down 0.02% at $1,941.67. Elsewhere, Silver futures down 0.31% at $25.013 per ounce, Platinum down 0.64% at $1014.00 per ounce, and Palladium up 0.44% at $2531.50.

Crude Oil down on Thursday; Brent crude oil down 0.03% at $121.36 per barrel while U.S. West Texas Intermediate (CLc1) down 0.22% at $113.29.

In the Cryptocurrency Markets, Bitcoin at 43110.25 up 0.43%, Ethereum up 0.42% at 3050.30, Litecoin at 122.39 down 0.08%, at the time of writing.

Top Market Segment to Watch Out Today:

SAMSUNG ELECTRONICS: Koomin Bank sold Samsung Electronics (OTC:SSNLF) Co. Ltd. shares that were worth around $1.1 billion earlier in the day, according to a term sheet that was seen by Reuters. The term sheet showed that about 19.9 million shares priced at KRW68,800 won per share were put on the block.

TOSHIBA CORP.: Toshiba Corp shareholders on Thursday voted against its plan to spin off its device’s unit, but a separate motion backed by activist shareholders that called for the conglomerate to solicit buyout offers also failed to gain sufficient support.

Economic News:

US: The U.S. Trade Representative’s office said on Wednesday it has reinstated 352 expired product exclusions from U.S. “Section 301” tariffs on Chinese imports, well short of the 549 exclusions that it was previously considering.

The reinstated product exclusions will be effective retroactively from Oct. 12, 2021 and extend through Dec. 31, 2022, USTR said. They cover a wide range of the initially estimated $370 billion worth of Chinese imports that former president Donald Trump hit with punitive tariffs of 7.5% to 25%.

The list released by USTR includes industrial components such as pumps and electric motors, certain car parts and chemicals, backpacks, bicycles, vacuum cleaners and other consumer goods.

The Trump administration initially had granted more than 2,200 exclusions to the tariffs to provide relief to certain industries and retailers. Most were allowed to expire, but 549 were extended for a year, and these expired at he end of 2020.

Eurozone: The European Central Bank can keep its accommodative policy stance if euro zone governments act to offset higher prices, including by supporting households in order to avoid wage increases, a top policymaker said.

ECB Governing Council member Ignazio Visco told Bloomberg’s Italy Capital Markets Forum on Wednesday that there was no sign in Europe of “second round” price effects which are linked to wage increases or inflation expectations becoming unchained.

The situation is very different from the United States where households’ disposable income has gone sharply up and “monetary policy can only be restrictive.” The Federal Reserve a week ago raised interest rates for the first time since 2018.

Visco rejected the idea that higher market interest rates reflected a mismatch between investors and the central bank.

Top Economic Releases Today:

  1. U.K. Manufacturing PMI today at 05:30 this time estimated 58.70, previously which was 59.90. 
  2. U.S. Core Durable Goods Orders (MoM) (Feb) today at 8:30 this time estimated 0.6%, previously which was 0.7%.
  3. U.S. Initial Jobless Claims today at 08:30 this time estimated 212K, previously which was 214.K.
  4. CANADA Manufacturing Sales (MoM) today at 08:30 previously which was 0.6%.

5. JAPAN Tokyo Core CPI (YoY) (Mar) today at 19:30 this time estimated 0.4%, previously which was 0.5%.

Technical Summary

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.3199, TAKE PROFIT AT 1.3223 AND STOP LOSS AT 1.3180

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.0977, TAKE PROFIT AT 1.0959 AND STOP LOSS AT 1.0990

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 0.8321, TAKE PROFIT AT 0.8301 AND STOP LOSS AT 0.8339

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 133.522, TAKE PROFIT AT 133.668 AND STOP LOSS AT 133.379

FTSE 100

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 7419.70 TAKE PROFIT AT 7463.70 AND STOP LOSS AT 7367.80

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 114.25 TAKE PROFIT AT 115.86 AND STOP LOSS AT 111.36

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1942.06, TAKE PROFIT AT 1917.59 AND STOP AT 1949.85

LITECOIN USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 121.140 TAKE PROFIT AT 126.317 AND STOP AT 118.940

About Author