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20180306 -

Mar, 06th 08:13

DAILY REPORT ON March 6, 2018

U.S. stocks rallied on Monday as fears of a global trade war ebbed with investors betting that U.S. President Donald Trump would back down on his threat to impose hefty tariffs on steel and aluminum imports.

Strategists also cited rising oil prices and ebbing concerns after an Italian election for a relief rally in the three major U.S. equity indexes.

The Dow Jones Industrial Average (DJI) rose 336.7 points, or 1.37 percent, to 24,874.76, the S&P 500 (SPX) gained 29.69 points, or 1.10 percent, to 2,720.94 and the Nasdaq Composite (IXIC) added 72.84 points, or 1 percent, to 7,330.71.

All 11 S&P sectors rose and the biggest drivers were information technology (SPLRCT), which rose 0.9 percent and the financial sector, which gained 1.4 percent. Facebook, Amazon, Netflix, and JPMorgan provided the biggest boosts from single stocks.

The energy sector (SPNY) ended up 1.1 percent as oil prices rose on forecasts for robust oil demand growth and concerns output from OPEC producers would grow at a much slower pace in coming years.

The utility sector (SPLRCU) was the biggest percentage gainer with a 1.95 percent increase followed by the financial sector’s (SPSY) 1.4 percent gain.

Asian share regained some ground on Tuesday after U.S. President Donald Trump faced growing pressure from political allies to pull back from proposed steel and aluminum tariffs, easing investor worries about an imminent trade war.

The sentiment was also supported by receding risk aversion in Europe with the euro gaining support from the creation of a coalition government in Germany and the impact of Italy’s inconclusive election results limited to a mild sell-off in domestic bonds and stocks.

Japan rose 1.3 percent while Japan’s Nikkei jumped 2.3 percent, a day after it hit a five-month low. Australian stocks rose 1.14 percent. Shanghai composite was 0.83% higher.

Crude prices held firm, underpinned by robust demand forecasts and prospects for informal contacts sought by OPEC with U.S. shale oil producers at a key industry meeting in Houston this week.

U.S. West Texas Intermediate crude futures traded at $62.62 per barrel, almost flat after 2.2 percent gain on Monday.

Gold was 0.32 percent up at $1,324.40 an ounce. Silver earned 0.44% to $16.480 an ounce. Copper prices were 0.77% higher to $3.151 a pound. U.S. cotton is at $85.78, 1.08% higher.

Bitcoin is currently trading at 11,280.0, 2.25% lower on the Bitfinex exchange, from its previous close.

Ethereum was last trading at $846.99, 2.42% lower on the Bitfinex exchange on Tuesday.  Ripple’s XRP token was 4.72% down on the Poloniex exchange, for the day. Litecoin was trading at $208.64, down by 0.94%.

Technicals:

EURNOK

Fig: EURNOK D1 Technical chart

EURNOK has made higher highs and higher lows, below the 20 day EMA on the daily charts. The market is trading above all the 9 day, 20 day, 50 day and the 100 day moving averages. The RSI is at 48.96. 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 9.64007, and 9.65459, valid until 23:00 GMT March 6, 2018

USDJPY

Fig: USDJPY D1 Technical charts

USDJPY 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 40.01. The MACD is above the signal line. The positive bias is dominating the market.

Trade suggestion:

Buy digital Call options between 106.284, and 106.631, valid until 23:00 GMT March 6, 2018

GBPUSD

Fig: GBPUSD D1 Technical charts

GBPUSD is trading in the positive zone on the daily chart. Currently, the price action is trading below the 9 day, 20 day and the 50 day moving averages. The RSI is at 40.07. The MACD is below the signal line. Negative bias is dominating the market.

Trade suggestion:

Buy digital Put options between 1.38225, and 1.37940, valid until 23:00 GMT March 6, 2018

ZECUSD

Fig: ZECUSD D1Technical chart

ZECUSD is trading sideways on the daily chart. The RSI is nicely placed at 43.56. 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 negative crossover below the signal line. The market is expected to trade in the negative territory.

Trade suggestion:

Buy digital Put options between 376.430, and 369.380, valid until 23:00 GMT March 6, 2018

COPPER

Fig: COPPER D1 Technical chart

Copper 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 45.98. The MACD is below the signal line. Positive bias is dominating the market.

Trade suggestion:

Buy digital Call options between 3.1435 and 3.1550, valid until 23:00 GMT March 6, 2018

NATURAL GAS

Fig: NATURAL GAS D1 Technical charts

Natural Gas is trading sideways on the daily charts. The market is trading above the 9 day, 20 day EMA but 50 day, 100 day and the 200 day moving averages. The RSI is at 48.05. The MACD is above the signal line. The market is expected to trade in the negative zone for the day.

Trade suggestion:

Buy digital Put options between 2.688, and 2.600, valid until 23:00 GMT March 6, 2018

DAX30

Fig: DAX30 Technical charts

DAX30 is trading sideways, on the daily charts. Currently, the market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 40.37. The MACD is ready to make a positive crossover below the signal line. The market is expected to trade in the positive zone for the day.

Trade suggestion:

Buy digital Call options between 12206, and 12252, valid until 23:00 GMT March 6, 2018