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20180228 -

Feb, 28th 07:46

DAILY REPORT ON 28TH FEB 2018

U.S. stocks suffered on Tuesday their biggest daily drops since the selloff three weeks ago after comments from Federal Reserve Chairman Jerome Powell revived fears about more interest-rate increases than expected this year.

Powell gave an upbeat view on the U.S. economy and said data has strengthened his confidence on inflation. Traders boosted bets the central bank will squeeze in a fourth rate hike this year following the remarks.

Powell’s first semi-annual economic testimony as Fed chief before the U.S. Congress comes at a sensitive time for the market, which had been trying to recover from the recent selloff, which confirmed the market was in a correction, or down 10 percent from a Jan. 26, 2018 record high. Fears over rising rates in part had sparked the selloff.

The Dow Jones Industrial Average fell 299.24 points, or 1.16 percent, to 25,410.03, the S&P 500 lost 35.32 points, or 1.27 percent, to 2,744.28 and the Nasdaq Composite dropped 91.11 points, or 1.23 percent, to 7,330.35.

Asian shares extended losses on Wednesday and bonds were sold off as weak factory data from China revived worries about global economic growth amid fears of faster rate rises in the United States.

Japan’s Nikkei tumbled 0.4 percent on a slightly firmer yen, while S&P futures slipped 0.3 percent.

China’s blue-chip CSI300 skidded 0.8 percent while Shanghai’s SSE Composite and Hong Kong’s Hang Seng index each declined more than 1 percent.

Asian markets had opened mildly lower but selling intensified after data showed growth in China’s manufacturing sector in February slowed more than expected to the weakest in over 1-1/2 years as the Lunar New Year holidays disrupted business activity and tougher pollution rules curtailed factory output.

Growth in China’s services industry also slowed, suggesting the key sector was starting to display signs of fatigue. The services sector accounts for over half of China’s economy.

In commodities, oil prices extended declines into the second day fell as industry data showed an increase in U.S. crude and gasoline stockpiles.

Brent crude futures fell 31 cents to $66.32 a barrel, while U.S. crude was last down 37 cents at $62.64.

Gold was 0.02 percent up at $1,318 an ounce. Silver lost 1.36% to $16.325 an ounce. Copper prices were 0.66% lower to $3.162 a pound. U.S. cotton is at $81.89.

Bitcoin is currently trading at 10,976, 6.39% higher on the Bitfinex exchange, from its previous close.

Ethereum was last trading at $885.00, 1.09% higher on the Bitfinex exchange on Wednesday.  Ripple’s XRP token was 1.17% up on the Poloniex exchange, for the day. Litecoin was trading at $219.60, up by 1.21%.

Technicals:

EURGBP

Fig: EURGBP D1 Technical chart

EURGBP is trading in the positive zone on the daily charts. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 45.07. The MACD is below the signal line. The market is expected to trade in the positive territory.

Trade suggestion:

Buy digital Call options between 0.87932, and 0.88006, valid until 23:00 GMT February 28th 2018

USDCHF

Fig: USDCHF D1 Technical charts

USDCHF is trading sideways on the daily charts. The market is trading above the 9 day and 20 day, but below the 50 day, 100 day and the 200 day moving averages. The RSI is at 51.59. The MACD is above the signal line. The positive bias is dominating the market.

Trade suggestion:

Buy digital Call options between 0.93964, and 0.94203, valid until 23:00 GMT February 28th 2018

GBPJPY

Fig: GBPJPY D1 Technical charts

GBPJPY is trading in the negative and below the resistance of the 200 day EMA on the daily chart. Currently, the price action is trading below all the moving averages (9 day, 20 day, 50 day 100 day, and 200 day). The RSI is at 38.62. The MACD is below the signal line. Negative bias is dominating the market.

Trade suggestion:

Buy digital Put options between 148.680, and 148.300, valid until 23:00 GMT February 28th 2018

RIPPLE

Fig: RIPPLE D1Technical chart

XRP/USD is trading sideways zone on the daily chart. The RSI is nicely placed at 43.02. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The MACD is ready to make a positive crossover above the signal line. The market is expected to trade in the positive territory.

Trade suggestion:

Buy digital Call options between 0.9155, and 1.0160, valid until 23:00 GMT February 28th 2018

NATURAL GAS

Fig: NATURAL GAS Technical chart

Natural gas is trading sideways on the daily charts. The market is trading below the 20 day moving average. The RSI is at 43.23. The MACD is ready to make a positive crossover above the signal line. Positive bias is dominating the market.

Trade suggestion:

Buy digital Call options between 2.658, and 2.687, valid until 23:00 GMT February 28th 2018

COPPER

Fig: COPPER D1 Technical charts

Copper is trading in the negative zone on the daily charts. The market is trading below the 9 day, 20 day and 50 day, but above the 100 day and the 200 day moving averages. The RSI is at 46.69. The MACD is ready to make a negative crossover below the signal line. The market is expected to trade in the negative zone for the day.

Trade suggestion:

Buy digital Put options between 3.1620, and 3.1545, valid until 23:00 GMT February 28th 2018

CAC 40

Fig: CAC 40 Technical charts

CAC40 is trading in the negative zone, on the daily charts. Currently, the market is trading above all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 50.69. The MACD is above the signal line. The market is expected to trade negative zone for the day.

Trade suggestion:

Buy digital Put options between 5134, and 5260, valid until 23:00 GMT February 28th 2018