Daily Review for March 29, 2022
Stock markets rise globally due to hope over Russia and Ukraine negotiations in Turkey.
Cryptocurrencies continue the rally, driven by interest on Ethereum upgrade.
WTI is looking to recover yesterday’s correction. The price manages to stay above USD$100 per barrel. Traders are looking ahead to the OPEC+ meeting.
The US interest rate curve is inverted, which means that short-term bond yields are higher than long-term yields. Traders are currently looking to increase positions in equities.
|DAX 40 +1.86%|
|Global stock markes are in positive zone due to the negotiations between Russia and Ukraine that are taking place in Turkey. The Russian Stock Exchange index, the RTS, is currently up 12.67%. The DAX 40 is up 1.86% and is trading at 14,600. The Ukrainian delegation stated that they do not expect major advances, however the market sees the meeting as positive for the possible de-escalation of the conflict. Traders are also watching the Bank of England’s quarterly bulletin, where there could be signs of the next interest rate hikes.|
|Support 1: 14,596.1|
Support 2: 14,559.3
Support 3: 14,538.6
Resistance 1: 14,653.6
Resistance 2: 14,674.3
Resistance 3: 14,711.1
Pivot Point: 14,616.8
|The price is above the 200-day moving average. The index started to drop a few points after reaching the resistance at 14,653. Expected trading range between 14,538 and 14,711. Pivot point for trend change at 14,616. RSI neutral.|
|Ethereum price is currently up 2.15% and is trading at USD$3,386. The Bulls’ next target is at USD$3,500. The crypto is marking three-month highs. Traders and investors continue to keep an eye on the development of the Ethereum upgrade which is scheduled to be launched in June 2022. Bitcoin is up 0.84% and is trading at USD$47,379.|
|Support 1: 3,405.70|
Support 2: 3,393.99
Support 3: 3,385.39
Resistance 1: 3,426.01
Resistance 2: 3,434.61
Resistance 3: 3,446.32
Pivot Point: 3,414.30
|The price is above the 200-day moving average, which is a bullish signal for Ethereum. The next target for the Bulls is at the USD$3,760 resistance. If the price continues to overcome the resistance, Ethereum could reach the peak of USD$4,788. RSI is neutral so it could continue to climb in the short term.|
|The energy market continues to correct this week. Traders are looking forward to the OPEC+ meeting, where the impact of the Russian supply will be evaluated. WTI is currently trying to rebound from yesterday’s fall. The price is up 0.88% and is trading at USD$107.11 per barrel. Analysts are also looking at the level of commodity supply in the energy segment that Europe needs. Since the war in Ukraine started, Europe as a bloc is trying to replace imports of natural gas and oil from Russia.|
|Support 1: 105.29|
Support 2: 104.26
Support 3: 103.63
Resistance 1: 106.95
Resistance 2: 107.58
Resistance 3: 108.61
Pivot Point: 105.92
|The price is slightly below the 200-day moving average. Expected trading range between USD$103.63 and USD$108.61. Pivot point for trend change at USD$105.92. RSI neutral. Possible correction towards USD$95.45. However, the supply shock continues, so the OPEC+ meeting is key for price performance.|
|The interest rate curve is inverted which means that short-term bond yields are higher than long-term yields. This could be a sign of an economic recession in the United States. At the moment equities are leading investor interest, even in times of war and pandemic. Investors are selling gold and metals at the moment. The price of gold is down 1.15% at the moment and is trading at USD$1,917 per Troy ounce.|
|Support 1: 1,917.09|
Support 2: 1,915.02
Support 3: 1,911.64
Resistance 1: 1,922.54
Resistance 2: 1,925.92
Resistance 3: 1,927.99
Pivot Point: 1,920.47
|The price is at the support line of USD$1,918. If this is exceeded, the next support is at USD$1,910. Expected trading range between USD$1,911 and USD$1,927. Pivot point for trend change at USD$1,920. RSI approaching the oversold zone.|
Capitalix Market Research
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