Daily Market Report: February 24, 2021

Review:

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%.

Technical comment:

The NASDAQ 100 RSI is bearish and calls for further decline.

Preference scenario:

Short positions below 13,385.00, with targets at 13,120.00 & 12,880.00 in extension.

Alternative scenario:

Above 13,385.00, look for further upside with 13,445.00 & 13,545.00 as targets.

Resistance	13,385	13,445	13,545
Support	13,120	12,880	12,850

Review:

Tesla Inc (NASDAQ: TSLA) lost 2.2%, after falling more than 5%, to close down into negative territory for the year.

Technical comment:

The RSI is below its neutrality area at 50.

Preference scenario:

Short term rebound towards 730.6.

Alternative scenario:

Below 700.6, expect 690.6 and 684.4 in extension.

Resistance	730.6	736.6	742.6
Support	700.6	690.6	684.4

Review:

Spot Gold added 0.1% to close up at $1,806.25 an ounce.

Technical comment:

As long as the resistance at 1,816.00 is not surpassed, the risk of the break below 1,795.00 remains high.

Preference scenario:

Short positions below 1,816.00, with targets at 1,795.00 & 1,790.00 in extension.

Alternative scenario:

Above 1,816.00, look for further upside with 1,825.00 & 1,834.00 as targets.

Resistance	1,816	1,825	1,834
Support	1,795	1,790	1,783

Review:

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.

Technical comment:

The RSI has just struck against its neutrality area at 50% and is reversing down.

Preference scenario:

Short positions below 62.20, with targets at 60.65 & 59.45 in extension.

Alternative scenario:

Above 62.20, look for further upside with 63.00 & 64.00 as targets.

Resistance	62.20	63	64
Support	60.65	59.45	58.60

Review:

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.

Technical comment:

A support base at 1.2140 has formed and has allowed for a temporary stabilisation.

Preference scenario:

Long positions above 1.2140, with targets at 1.2180 & 1.2200 in extension.

Alternative scenario:

Below 1.2140, look for further downside with 1.2125 & 1.2105 as targets.

Resistance	1.2180	1.2200	1.2220
Support	1.2140	1.2125	1.2105

Review:

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.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

Long positions above 1.4095, with targets at 1.4200 & 1.4240 in extension.

Alternative scenario:

Below 1.4095, look for further downside with 1.4055 & 1.4015 as targets.

Resistance	1.4200	1.4240	1.4270
Support	1.4095	1.4055	1.4015