Daily Market Report: February 24, 2021
Today’s events & figures – Trade what you know Financial markets feed into world events and are their direct consequence. Keep a daily eye on our roundup of the day’s news, numbers and announcements.
February 24, 2021
Stocks End Higher as the Dow Reverses 360-point Decline
US stocks were mixed after the close on Tuesday, as early losses were offset by gains in the Oil & Gas, Utilities and Telecoms sectors, while losses in the Consumer Goods, Technology and Healthcare sectors held shares back. At the close in NYSE, the Dow Jones Industrial Average rose 0.31% to hit a new all-time high, while the S&P 500 index climbed 0.33%, and the NASDAQ Composite index fell by 0.33%.
The NASDAQ 100 RSI is bearish and calls for further decline.
Short positions below 13,385.00, with targets at 13,120.00 & 12,880.00 in extension.
Above 13,385.00, look for further upside with 13,445.00 & 13,545.00 as targets.
Tesla Inc (NASDAQ: TSLA) lost 2.2%, after falling more than 5%, to close down into negative territory for the year.
The RSI is below its neutrality area at 50.
Short term rebound towards 730.6.
Below 700.6, expect 690.6 and 684.4 in extension.
Spot Gold added 0.1% to close up at $1,806.25 an ounce.
As long as the resistance at 1,816.00 is not surpassed, the risk of the break below 1,795.00 remains high.
Short positions below 1,816.00, with targets at 1,795.00 & 1,790.00 in extension.
Above 1,816.00, look for further upside with 1,825.00 & 1,834.00 as targets.
U.S. crude oil (WTI) settled down 3 cents to $61.67 a barrel on Tuesday, still very close to its highest level since January 2020.
The RSI has just struck against its neutrality area at 50% and is reversing down.
Short positions below 62.20, with targets at 60.65 & 59.45 in extension.
Above 62.20, look for further upside with 63.00 & 64.00 as targets.
The EUR/USD currency pair advanced to a fresh weekly high of 1.2179 early on Tuesday but was unable to breach the resistance area at 1.2180.
A support base at 1.2140 has formed and has allowed for a temporary stabilisation.
Long positions above 1.2140, with targets at 1.2180 & 1.2200 in extension.
Below 1.2140, look for further downside with 1.2125 & 1.2105 as targets.
GBP/USD exchange rate continued its powerful upwards march on Tuesday as it rallied confidently to the north of the 1.4100 mark, for this first time since April 2018.
The RSI is bullish and calls for further advance.
Long positions above 1.4095, with targets at 1.4200 & 1.4240 in extension.
Below 1.4095, look for further downside with 1.4055 & 1.4015 as targets.
Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. Trade360 provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. Trade360 cannot be held liable for any information provided by Trading Central. Trade360 makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of Trade360, a third party or otherwise.
Trade with a Licenced Broker
Licenced by CySEC
Our EU client portal, operated by CrowdTech Ltd. under CySEC Regulation, license number 202/13.
Licenced by ASIC
Our Australian client portal, operated by Sirius Financial Markets Pty Ltd. under ASIC regulation, license number 439907.
Our global client portal, operated by ST Services Ltd.