Daily Market Review - 02/14/2014

US Stock Market

Wall Street finished Thursday’s trading in the green after Donald Selkin, Investment Manager at the National Securities Corporation, said that, after January’s oversold conditions, investors should take advantage and reinvest in the US stock market. Technically, and according to the 8-hour chart, the NASDAQ has breached the resistance level of 3,633 and the index is trading at an all-time high. The index is likely to continue bullish and keep rising to around 3,680.

Facebook

Facebook shares rose by 4.47%, closing at $67.33 as investors speculate that the company’s revenues from advertising will continue to surge. Technically, and according to the daily chart, Facebook is trading in a bullish trend at an all-time high. As long as the share remains above the support level of 65.00 it should continue to rise to around 75.00. Both the Moving Average 15 and 25 support the bullish trend.

Gold

Gold rose by 0.84%, closing at $1,302 an ounce. Limping signs of growth in the US economy seem to be increasing demand for gold. Technically, and according to the daily chart, gold has breached the resistance level of 1,300 and is heading towards the next resistance level of 1,325. Breaching the 1,325 resistance level could lead gold to around 1,350. The RSI indicator supports the bullish trend.

Crude Oil

Crude oil dropped slightly by 0.01%, to close at $100.28 a barrel. Technically, and according to the 1-hour chart, oil is trading in a bullish momentum. Holding above the support level of 99.55, which is also the 38.20% Fibonacci Retracement level, should take oil back to around 101.30. However, breaking below the support level may cause the commodity to drop towards the next support level of 99.00 – also the 50.00% Fibonacci Retracement level.

Euro (EUR)

The euro rose versus the US Dollar as investors anticipate a strong Flash GDP report in the Eurozone today. Technically, and according to the 8-hour chart, the EUR/USD has created a new Double Top pattern. Failing to breach the resistance level of 1.3700 may cause the pair to drop towards 1.3600 areas once again. Today, the German Prelim GDP report is expected with a forecast of 0.3% vs. 0.3% previously. The Italian Prelim GDP report is also expected at 0.1% vs. -0.1% previously.

British Pound (GBP)

The Pound rose versus the US Dollar after Chief Economist Spencer Dale said that investors assume that the UK interest rate will increase within the next two years. Technically, and according to the 4-hour chart, the GBP/USD has created a Double Top pattern and is struggling to breach it. Should the GBP/USD succeed in breaching the 1.6666 resistance level, the pair may continue to climb to around 1.6800.

The post Daily Market Review – 2/14/2014 appeared first on Citrades.