WEEK OF JANUARY 22, 2024
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What’s Moving The Markets?
TSMC’s Positive Outlook
TSMC’s shares surged as the world’s largest contract chipmaker projected over 20% revenue growth in 2024, driven by the booming demand for high-end chips used in artificial intelligence, providing a significant boost to stocks globally.
Shell To Sell Offshore Operations
Shell is poised to end nearly a century of onshore oil and gas operations in Nigeria by selling its subsidiary to a consortium of mostly local companies for up to $2.4 billion, marking the conclusion of the British energy giant’s pioneering role in Nigeria’s oil and gas sector marred by years of onshore spills and legal challenges.
Tobacco Usage Declines Globally
Global tobacco use has significantly declined over a generation, with one in five people smoking compared to one in three in 2000, according to the World Health Organization, which highlighted ongoing efforts by Big Tobacco to influence global health policies despite the progress in tobacco control, emphasizing the need for continued vigilance.
Bitcoin Becomes Second Largest ETF Commodity
Bitcoin has outpaced silver to become the second-largest ETF commodity in the US within a week of receiving SEC approval, signaling a surge in popularity for Spot BTC ETFs in the investment community.
Ripple’s XRP Buyback
Ripple is undertaking a $285 million share buyback of XRP from early investors and employees in a tender offer that values the company at $11.3 billion, with plans to spend $500 million on the buyback to cover stock unit conversions and taxes.
Donald Trump Opposed to CBDC
Donald Trump voiced strong opposition to the potential establishment of a Central Bank Digital Currency (CBDC) in the United States during a campaign event in New Hampshire, signaling a noteworthy shift in his stance on cryptocurrencies and injecting a new element into the discussions surrounding CBDCs and their potential impact on the financial landscape.
Bear Case: The bear scenario hinges on the crucial level of 4841. A sustained break below this point would be a significant bearish signal, potentially confirming a move in their favor. Should this occur, the next immediate target for bears is the 4800 level, which aligns with a Daily Demand zone. However, if the market trends upward, traders should be wary of the untested supply zone at 4924, which may pose resistance.
Bull Case: For bulls, the recent breakthrough above 4841 is a positive development. However, it’s imperative to maintain this level as support, especially if a price retracement occurs. Looking upwards, the next target for is near 4924, which represents an untested Daily Demand zone and could be a critical point for further bullish momentum.