Technical Analysis with Candlestick Charts – 29 March 2022

Technical Analysis with Candlestick Charts – 29 March 2022

Technical Analysis

DAILY FUNDAMENTAL SNAPSHOTS

Asia Pacific stocks were up on Tuesday morning. The Shanghai Composite is down 0.05% at 3,212.87. Overall, the Singapore MSCI is up 0.92% at 333.25. Over in Hong Kong, the Hang Seng Index up 1.01% at 27,930.00. In Japan, the Nikkei 225 is up 1.05% at 27,940.00, while the Topix index is up 1.00% at 1964.50. South Korea’s Kospi up 0.33% to 2738.65. Australia S&P/ASX 200 up 0.70% at 7464.30.

Market Summary as per 28/03/2022:

European equities Monday closing. The DAX futures contract in Germany traded up 0.78% at 14,417.37, CAC 40 futures up 0.54% at 6589.12 and the UK 100 futures contract in the U.K. down 0.14% at 7,473.13.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.27% at 34955.90. The S&P 500 up 0.71% at 4575.51 and the Nasdaq 100 up 1.58% at 14987.40, NYSE closes up 0.04% at 16798.71.

Top Market News Today:

In the Forex market, GBPUSD up 0.12% at 1.3096. The USDJPY down 0.16% at 123.612. The USDCHF up 0.04% at 0.9338. EURUSD up 0.02% at 1.0984, EUR/GBP down 0.01% at 0.8387. The USD/CNY down 0.10% at 6.3649 at the time of writing.

In the Commodity market U.S. Gold futures up 0.07% at $1,923.03. Elsewhere, Silver futures up 0.29% at $24.908 per ounce, Platinum up 0.05% at $983.50 per ounce, and Palladium up 1.79% at $2273.00.

Crude Oil up on Tuesday; Brent crude oil up 2.30% at $112.000 per barrel while U.S. West Texas Intermediate (CLc1) up 2.06% at $104.513.

In the Cryptocurrency Markets, Bitcoin at 47920.00 down 0.56%, Ethereum up 2.23% at 3408.53, Litecoin at 130.10 up 1.99%, at the time of writing.

Top Market Segment to Watch Out Today:

TESLA: Tesla’s announcement on Monday that it will seek shareholder approval to increase its share count in order to enable a stock split adds to a recent wave of megacap companies splitting their shares in a bid to attract more investors.

Tesla (NASDAQ: TSLA) said in a filing it would hold a vote at its upcoming annual shareholder meeting to increase the number of authorized shares in order to enable a stock split.

Economic News:

US: The U.S. trade deficit in goods narrowed in February, but the fall reversed only a fraction of the surge to a record high in January, suggesting that trade would again weigh on economic growth in the first quarter.

Though the advance indicators report from the Commerce Department on Monday showed businesses continuing to restock last month, the pace slowed from late 2021, implying that there would probably be no contribution to gross domestic product growth from inventory investment either.

The trade deficit last month fell 0.9% to $106.6 billion, the Commerce Department said on Monday. The goods trade deficit hit an all-time high of $107.6 billion in January.

Exports increased 1.2% to $157.2 billion. Economists believe exports, which were not adjusted for inflation, were flattered by higher prices rather than increased volumes. A blockade of U.S-Canada border crossings by Canadian truck drivers last month likely reduced export volumes.

Eurozone: Credit rating agency S&P Global (NYSE:SPGI) cut its euro zone growth forecast for the year on Monday to 3.3% from 4.4% previously, saying higher energy prices caused by the Russia-Ukraine war would hit households’ spending power.

“Thanks to a strong recovery momentum and sufficient cash buffers, we don’t expect a full-year recession but rather a drop in GDP growth to 3.3% this year versus 4.4% previously,” S&P said in a report.

It added that as close neighbours to Russia and Ukraine, European countries were among the most exposed to the crisis.

Top Economic Releases Today:

  1. U.S. JOLTs Job Openings (Feb) today at 10:00 this time estimated 11.00M, previously which was 11.263M. 
  2. U.S. API Weekly Crude Oil Stock today at 16:30 previously which was -4.280M.
  3. U.K. Nationwide HPI (MoM) today at 09:00 previously which was 1.7%.
  4. NEW ZEALAND Building Consents (MoM) (Feb) today at 17:45 previously which was -9.2%.

5. JAPAN Retail Sales (YoY) (Feb) today at 19:50 this time estimated -0.3%, previously which was 1.1%.

TECHNICAL SUMMARY

GBPUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1.3097, TAKE PROFIT AT 1.3055 AND STOP LOSS AT 1.3119

EURUSD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 1.1003, TAKE PROFIT AT 1.1034 AND STOP LOSS AT 1.0975

EURGBP

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 0.8400, TAKE PROFIT AT 0.8426 AND STOP LOSS AT 0.8381

EURJPY

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 135.720, TAKE PROFIT AT 136.062 AND STOP LOSS AT 135.553

DOW JONES

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 34892.00 TAKE PROFIT AT 35056.00 AND STOP LOSS AT 34779.00

WTI CRUDE OIL

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 104.30 TAKE PROFIT AT 98.98 AND STOP LOSS AT 107.04

GOLD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- SELL AT 1923.17, TAKE PROFIT AT 1913.00 AND STOP AT 1938.35

LITECOIN USD

Technical Analysis
Technical Analysis

TRADE SUGGESTION- BUY AT 128.527 TAKE PROFIT AT 133.170 AND STOP AT 126.299

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