Daily Review for March 24, 2022
High market expectation on the European leader’s summit and the NATO meeting with President Biden in Europe.
Cryptos rise. Ethereum recovers the USD$3,000 zone. Traders continue to watch for announcements on its upgrade. Bitcoin approaches USD$43,000.
Natural Gas remains above USD$5 per BTU. Traders are watching for a possible sanctions package on the Russian energy market.
Possible rebound in the Nasdaq 100, driven by the crypto rally.
|EUROSTOXX 50 +0.82%|
|Traders are looking ahead to the EU leaders’ summit, where the main topic is the war in Ukraine. US President Joe Biden will be in Brussels to discuss with the European Union leaders about sanctions in the energy market against Russia. At the moment, the Eurostoxx 50 is up 0.82% and is trading at 3,792 points. European stock indices are mixed. Russia’s RTS reopened after a month closed. The stock index is currently down 5.79%.|
|Support 1: 3,782|
Support 2: 3,778
Support 3: 3,771
Resistance 1: 3,793
Resistance 2: 3,800
Resistance 3: 3,804
Pivot Point: 3,789
|Price is above the 200-day moving average. Expected trading range between 3,771 and 3,804. Pivot point for trend change at 3,789. Price remains above the bullish channel. Bulls target is at 3,804 points.|
|The crypto has regained the USD$3,000 level. At the moment the price is up 2.82% and is trading at USD$3,036. Traders are watching for a possible upward move, which will take the price towards USD$3,250 and USD$3,500. Fundamental analysts believe that Ethereum could be the No. 1 cryptocurrency in the world, due to the Ethereum 2.0 upgrade, which could bring more sophisticated investors to the market.|
|Support 1: 3,044.53|
Support 2: 3,032.44
Support 3: 3,021.19
Resistance 1: 3,067.87
Resistance 2: 3,079.12
Resistance 3: 3,091.21
Pivot Point: 3,055.78
|The price is above the 200-day moving average, which is a bullish sign for Ethereum. The price is at resistance 1, where traders expect more buying volume, so that the price can climb towards USD$3,091. Pivot point for trend change at USD$3,055. RSI neutral so the rally can continue.|
|NATURAL GAS -0.73%|
|Natural Gas futures are down 0.73% at the moment, trading at USD$5.19 per BTU. Analysts from OPEC+, IEA and EIA, do not know with certainty what could happen with the global energy market, in a scenario of sanctions on the commodities market to Russia. What is known is that it could cause a significant supply shock. For example, 6 million barrels of oil per day would leave the market. For its part, Canada is seeking to increase its production levels to make up for the supply gap that would be left.|
|Support 1: 5.155|
Support 2: 5.142
Support 3: 5.129
Resistance 1: 5.181
Resistance 2: 5.194
Resistance 3: 5.207
Pivot Point: 5.168
|The price is above the 200-day moving average. Expected trading range is between USD$5.12 and USD$5.20. The price remains above USD$5. The next target for the Bulls is USD$5.16. RSI neutral. At the moment the price is trying to bounce towards the resistance of USD$5.30 so there may be a change of trend.|
|NASDAQ 100 +0.76%|
|Stock indices are mixed globally and investors are with high expectations on the outcome of the meeting of European leaders and Joe Biden. At the moment, the Nasdaq 100 is up 0.76% and is trading at 14,544 points. The index is trying to recover from yesterday’s 1.32% drop. The crypto rally could also boost the index, as the companies that make up the index have significant positions in cryptocurrencies.|
|Support 1: 14,493.9|
Support 2: 14,479.1
Support 3: 14,453.9
Resistance 1: 14,533.9
Resistance 2: 14,559.1
Resistance 3: 14,573.9
Pivot Point: 14,519.1
|The price is above the 200-day moving average. Expected trading range between 14,453 and 14,573. Pivot point for trend change at 14,519. RSI neutral.|
Capitalix Market Research
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