Weekly Review. S&P 500, Brent, Gold | 29 April 2016


S&P500


Monthly: an ambiguous situation. The structure of the movement remains to be top-down, but the momentum is still bullish. If the price continues its growth to the upper Bollinger band (2154.5), the index may regain the northern impulse again.



Weekly: area of ​​strong resistance 2109.0 is under load, as evidenced by active trend ADX. We can rely on the break above 2149.6 (upper Bollinger band)



Daily: signs of bearish divergence of the oscillator, which can lead to a correction to the middle Bollinger band (2066.9).



Expectations:


The main scenario - a downward rollback to 2066.9 and then a new attack in the northern direction to 2109.1


The alternative scenario - under a break above 2109.1 we expect growth in the direction of 2154.5


solutions: we are looking for buying around the support area 2066.9


"Brent"


Monthly: the main scenario for oil today is justified – a corrective recovery towards 60.52 (the middle Bollinger band). So far, there are no signs that this trend can change.



Weekly: a restraining resistance 46.80 (upper Bollinger band). Once it is broken, bulls will be able to rapidly finalize 60.52 zone, because ADX parameters have reached the trend zone



Daily: Meanwhile a local ADX is weak, it allows for another correction from 46.80 to 41.73 (middle Bollinger band)



Expectations:


The main scenario - Touch of 46.80 and then a downward rollback to 41.73


The alternative scenario - upon breakout of resistance 46.80 the price will start a new growth in the direction of 60.52.


solutions:


1. On local short signals at the level of 46.80 – we should sell to 41.73


2. In the area around 41.73 we should be looking to 46.80 and 60.51 (in the medium-term).


Gold


Monthly: the flat inside the top Bollinger envelope (1164.59-1307.90). ADX is suspicious and is holding a curve passive, but at the same time it is in the trend area.



Weekly: gold is clamped within the range 1164.59-1307.90. Touch of resistance 1307.90 and 1164.59 support are equiprobable, as the chart is exactly in the middle of the envelope.



Daily: flat horizontal corridor within the Bollinger envelopes (1208.70-1257.43)



Expectations: flat 1208.70-1257.43


solutions: a cautious trading inside the corridor 1208.70-1257.43


Aleksey Panasenko
FreshForex Analyst
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