Daily Review for March 31, 2022
Global stock exchanges present mixed movements. Wall Street indices seek to maintain the positive trend as well as European indices. This is driven by the strategy being organized by the US and EU delegates on Russia.
Energy commodities correct. WTI falls more than 4%. The U.S. seeks to release more strategic reserves to the international market in order to continue to balance prices.
Bitcoin moves sideways. Microstrategy seeks to consolidate a USD$250 million loan to buy more Bitcoins. That in order to remain the global market leader.
Russia offers natural gas to the European Union but with payment in Rubles. The United States seeks to increase its LNG exports to Europe.
| NASDAQ 100 +0.69% |
| Global stock markets are mixed. The main upward movements are presented in the European and US markets. Meanwhile, in Asia, stock indexes are falling. The Nasdaq 100 is currently up 0.69% and is trading at 15,173 points. The delegates of the European Union are working with the US government on the strategy to be executed with regard to Russia. The war in Ukraine continues, and the negotiation round between Russia and Ukraine has not reached a ceasefire yet. |
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| Support 1: 15,121.5 Support 2: 15,107.5 Support 3: 15,097.3 Resistance 1: 15,145.7 Resistance 2: 15,155.9 Resistance 3: 15,169.9 Pivot Point: 15,131.7 |
| The index is above its 200-day moving average. Expected trading range between 15.097 and 15.169. Pivot point for trend change at 15.131. RSI neutral, so the index could continue with the uptrend. The point to overcome is the resistance at 15,234 points. |
| WTI -4.54% |
| Traders are paying close attention to the OPEC+ meeting. The members of the institution have expressed a long-term vision, that is, not to speculate in the short term on geo-political events. Yesterday, according to the report on crude oil inventories in the United States, these fell by 3.4 million barrels. The country’s crude oil stocks declined by 1 million barrels as the US seeks to release more reserves into the market in order to balance prices. WTI is currently correcting 4.54% and is trading at USD$102.69 per barrel. |
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| Support 1: 102.34 Support 2: 101.46 Support 3: 100.94 Resistance 1: 103.74 Resistance 2: 104.26 Resistance 3: 105.14 Pivot Point: 102.86 |
| The price climbed up to the line of the 200-day moving average, where it began to correct towards the current level of USD$102.59. Main trading range between USD$100.94 and USD$105.14. Pivot point at USD$102.86. Neutral RSI. Possible bearish channel formation. |
| BITCOIN -0.44% |
| The Bitcoin price maintains the sideways trend over the trading range of USD$47,986 and UDS$46,515. Meanwhile, the company Microstrategy, led by Michael Saylor, has borrowed USD$250 million to buy more Bitcoins. The collateral or guarantee of the loan is the Bitcoins themselves. So far, the company and its subsidiary Macrostrategy are the largest Bitcoin holders globally. |
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| Support 1: 47,050.6 Support 2: 46,983.3 Support 3: 46,933.6 Resistance 1: 47,167.6 Resistance 2: 47,217.3 Resistance 3: 47,284.6 Pivot Point: 47,100.3 |
| Despite the sideways movement, Bitcoin is above the 200-day moving average, which is a bullish sign for the cryptocurrency. Continuation of the sideways movement is expected. Expected trading range between USD$46,933 and USD$47,284. Pivot point for trend change at USD$47,100. RSI neutral. |
| NATURAL GAS -1.48% |
| European countries continue to develop strategies to guarantee the supply of the commodity. Russian gas imports continue to be substituted, mainly by Liquefied Gas with the United States as origin. At the moment the price of gas is correcting 1.48% and is trading at USD$5.52 per BTU. The medium- and long-term trend is upward due to the supply shock that the war in Ukraine continues to present. Russia is pressuring the European Union by offering significant volumes of the commodity but with payment in rubles. |
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| Support 1: 5.516 Support 2: 5.503 Support 3: 5.486 Resistance 1: 5.546 Resistance 2: 5.563 Resistance 3: 5.576 Pivot Point: 5.533 |
| The price remains above the 200-day moving average. Expected trading range between USD$5.48 and USD$5.57. Pivot point for trend change at USD$5.57. RSI neutral. Neutral trend, depending on the outcome of the OPEC+ meeting. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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