TECHNICAL ANALYSIS WITH CANDLESTICK CHARTS – 03 NOVEMBER 2021

 

Asia Pacific stocks were mostly down on Wednesday morning. The Shanghai Composite is down 0.15% at 3,501.02. Overall, the Singapore MSCI up 0.04% at 371.55. Over in Hong Kong, the Hang Seng Index down 0.17% at 24,965.00. In Japan, the Nikkei 225 up 0.07% at 29,520.00, while the Topix index is up 0.15% at 2029.0. South Korea’s Kospi down 1.25% to 2975.71. Australia S&P/ASX 200 up 0.93% at 7392.7.

European equities Tuesday closing. The DAX futures contract in Germany traded up 0.94% at 15954.45, CAC 40 futures up 0.49% at 6927.04 and the UK 100 futures contract in the U.K. down 0.07% at 7,267.50.

In U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.39% at 36052.64. The S&P 500 up 0.37% at 4630.66 and the Nasdaq 100 down 0.02% at 15970.4, NYSE closes down 0.09% at 17115.17.

In the Forex market, GBPUSD up 0.13% at 1.36283. The USDJPY down 0.11% at 113.828. The USDCHF down 0.08% at 0.91381. EURUSD up 0.04% at 1.15831, EUR/GBP down 0.06% at 0.84978. The USD/CNY down 0.01% at 6.3986 at the time of writing.

In the commodity market U.S. Gold futures down 0.37% at $1,780.78. Elsewhere, Silver futures down 0.22% to $23.45per ounce, Platinum down 0.07% at $1036.40 per ounce, and Palladium up 0.57% at $2023.00.

Crude Oil down on Wednesday; Brent crude oil down 0.29% at $83.88 per barrel while U.S. West Texas Intermediate (CLc1) is down 0.07% at $83.76.

In the Cryptocurrency Markets, BTCUSD at 62887.46 down 0.59%, Ethereum down 0.75% at 4561.31, Litecoin at 205.72 up 2.40%, at the time of writing.

TOP STOCKS TO WATCH OUT TODAY:

A O Smith Corp. up 4.9% at $78.36, KLA Corp. up 2.233% at $388.75, NVIDIA Corp. up 2.223% to $264.01, Amgen Inc. up 2.131% to $214.26, Tesla Inc. down 3.028% to $1,172, Fiserv Inc. down 2.559% at $99.38.

ECONOMIC NEWS:

US: U.S. President Joe Biden and congressional Democrats reached an agreement on a plan to lower prescription drug prices on Tuesday, the White House and Senate Democratic leader Chuck Schumer said.

The deal, which is much less ambitious than Biden and many Democrats had hoped for, will allow Medicare, the government’s health insurance program for the elderly, to negotiate some prescription drug prices.

The agreement will be included in the Biden administration’s “Build Back Better” legislation, Schumer told reporters.

“Fixing prescription drug pricing has consistently been a top issue for American’s year after year, including the vast majority of both Democrats and Republicans who want to see a change because they simply cannot afford their medications,” Schumer said.

The deal also includes a $2,000 annual cap on out-of-pocket costs for people aged 65 and older, a tax penalty for companies that hike drug prices faster than inflation, and a $35 monthly cap on insulin prices, the White House said in a statement.

Eurozone: British finance minister Rishi Sunak said on Tuesday he had not considered changing the remuneration of cash reserves that banks hold at the Bank of England, as this would damage the BoE’s effectiveness.

British lawmakers asked the finance ministry in July to review whether paying banks interest on only part of the reserves they hold with the BoE could be a way to reduce the impact on the public finances of higher BoE interest rates.

Sunak said in an appearance before the House of Lords’ Economic Affairs Committee, which made the request, that he did not view this as a realistic option.

“That’s not a policy we have actively considered recently,” Sunak said.

“Where you have seen tiering on reserve payments is only in those cases…where there’s a negative interest rate policy in place. You haven’t seen that where there are positive policy rates. It would obviously act to reduce the transmission of monetary policy,” he added.

Important Data: US Markit Composite PMI (Oct) today at 9:45 this time estimated 57.3, previously which was 55.00. US Fed Interest Rate Decision at 14:00 this time estimated 0.25%, previously which was 0.25%. AUSTRALIA Trade Balance (Sep) today at 20:30 this time estimated 12.2B, previously which was 15.077B. UK Services PMI (Oct) today at 5:30 this time estimated 58.0, previously which was 58.0.

TECHNICAL SUMMARY