Weekly review: S&P500, Brent, Gold
Monthly chart: the index “bounced” from the bottom Bollinger band but it barely changes the full tendency for the reverse down.
Weekly chart: strong resistance in the zone of the middle Bollinger band (2004.1), we wait for the bounce down.
Daily chart: we note the resistance zone 2004.1-2045.2 formed by the upper Bollinger band.
Expectations: growth to the zone 2004.1-2045.2 and a bounce then.
1) Buys to 2004.1-2045.2
2) Wait with sales from 2045.2
Monthly chart: bulls conducted a significant correction in the end of January but the month’s closure is not considered to be successful for them.
Weekly chart: probable correction target is the middle Bollinger band (43.39).
Daily chart: more localized resistance 38.50.
The main scenario: growth to 38.50 and a new decline to 32.73 then.
Alternative scenario: more significant correction to 42.38
1) Buys to 38.50 (and search for new signals down then)
2) Buys to 42.38
Monthly chart: a technical correction to the middle Bollinger band is continued (1186.35).
Weekly chart: we confirm the target to 1186.35.
Daily chart: there may be a resistance in the upper Bollinger band (1128.71) as the ADX didn’t reach the trend zone.
The main scenario: bounce down from 1128.71 in the direction to 1106.72
Alternative scenario: breakthrough under 1128.71 and the target to 1186.35
Trading solutions: buys from the zone 1106.72 (after the pullback down) with the middle-term target 1186.35
Aleksey PanasenkoAnalyst of «FreshForex» company
Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us