Daily review for January 19, 2022
WTI trades at 13-year highs. Bulls look for USD$90 per barrel.
Nasdaq 100 continues to correct. Traders are watching the financial results of companies on Wall Street.
Ethereum corrects. Demand on the platform for NFT and DeFi projects decreased by 15%. Bitcoin is trading at USD$41,177. The pressure on cryptos continues to be driven by equities.
European stock indices correct. Traders evaluate the inflationary level in the UK and Germany. For the time being, the 2% annual target is still far away.
|WTI is trading at a 13-year high. It is currently up 0.60% and is trading at USD$85.33 per barrel. Traders are paying close attention to the monthly report from the International Energy Agency (IEA). OPEC, for its part, continues with its interest in increasing production on a monthly basis, focusing on the increase in demand. On the geopolitical front, concerns about Russia’s possible invasion of Ukraine continue. Winter temperatures continue to drop, so energy demand continues to rise. Goldman Sachs projects the price of WTI at USD$105 per barrel by 2023.|
|Support 1: 85.26|
Support 2: 85.04
Support 3: 84.89
Resistance 1: 85.63
Resistance 2: 85.78
Resistance 3: 86.00
Pivot Point: 85.41
|The price remains above the 200-day moving average. Expected trading range between USD$84.89 and USD$86. Pivot point for trend change at USD$85.41. Bulls target is USD$89.90. RSI neutral. Bullish trend.|
|NASDAQ 100 -0.56%|
|Traders are watching the financial results of P&G, Bank of America, Morgan Stanley, United Airlines, among others. Wall Street indices closed in negative territory due to concerns about inflation. The Nasdaq 100 fell 2.60%, dropping 386 points. The index is currently down 0.56% and is trading at 15,118 points. The Bulls are looking for a rebound in the equity market. For the time being, stock indices remain mixed globally.|
|Support 1: 15,072.6|
Support 2: 15,052.5
Support 3: 15,036.0
Resistance 1: 15,109.2
Resistance 2: 15,125.7
Resistance 3: 15,145.8
Pivot Point: 15,089.1
|The index is at support 1. It is below the 200-day moving average. Expected trading range between 15,036 and 15,145. Pivot point for trend change at 15,089. RSI in oversold zone. Bulls are looking to take the index to the pivot point, to confirm the trend change.|
|Ethereum is currently down 3.94% and is trading at USD$3,060. The pressure on the market is increasing as equities continue to correct. Bitcoin is down 0.90% and is trading at USD$41,284. Another rationale behind Ethereum’s fall and according to JP Morgan, is the 15% reduction of NFT projects on the crypto. At the moment, Ethereum continues to be the blockchain most used by NFT and DeFi projects.|
|Support 1: 3,038.89|
Support 2: 3,020.04
Support 3: 2,990.07
Resistance 1: 3,087.71
Resistance 2: 3,117.68
Resistance 3: 3,136.53
Pivot Point: 3,068.86
|The price is approaching the USD$2,957 level, where a double bottom would be generated. If the downward pressure continues, the price could reach USD$2,917. At this level, there could be a rebound towards USD$3,197. Pivot point at USD$3,068. RSI in oversold zone.|
|DAX 40 -0.28%|
|European stock indexes are moving downwards, as a result of inflation concerns. The DAX 40, currently down 0.28%, is trading at 15,729 points. Traders are keeping an eye on inflation data from the UK and Germany. For the United Kingdom, 5.2% annual inflation is expected and for Germany, 5.3%. The inflation target for developed countries is 2% p.a., so they are still far from the target. Significant monetary policy developments are expected from central banks.|
|Support 1: 15,608.4|
Support 2: 15,573.2
Support 3: 15,531.4
Resistance 1: 15,685.4
Resistance 2: 15,727.2
Resistance 3: 15,762.4
Pivot Point: 15,650.2
|Price is at support 1, trying to bounce towards the pivot point. Expected trading range between 15,531 and 15,762. Pivot point for trend change at 15,650 points. RSI neutral. The index remains below the 200-day moving average.|
Capitalix Market Research
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