Start
trading

Main >
Analytics
>
Fresh forecast
>
Forex Technical Analysis: Trend potential
>
S&P500, Brent and Gold in the weekly review

S&P500, Brent and Gold in the weekly review | 14 October 2016


S&P500


Monthly: September's pinbar has no support under it, so we can't fully consider it as a trading setups. We expect a continued correction in the direction of the middle Bollinger band (2062.8).



Weekly: a similar situation: the pair is getting corrected down against weak declining ADX. The intermediate support is at the middle Bollinger band (2130.1). Resistance is at 2225.4 (upper Bollinger band).



Daily chart: flat corridor within Bollinger envelopes (2130.1 - 2182.9). ADX is rising in favor of bears, but it is far from the trend area, so this week we do not expect the price outside the corridor.



Expectations: So, wait for the top-down flat within a horizontal range of 2130.1 - 2182.9.


solutions: sell to 2130.1


"Brent"


Monthly: Bulls began this month from active attempts to break September's bullish inside bar. If ADX does not have a weak status, the oil would be ready to leap to the north to around 68.06 (the upper Bollinger band). If ADX remains to be as weak, we expect trading along the middle Bollinger band (50.05) to continue.



Weekly: at this frame ADX is also weak, so the oil is not expected to get above resistance 52.64 (upper Bollinger band).



Daily chart: Support lines are at 50.05 and 48.50 (middle Bollinger band), resistance is at 52.94 (upper Bollinger band), but here ADX is very aggressive.



Expectations: touch of 52.64 followed by a downward rollback to 50.05 and probably to 48.50.


solutions: sell from 52.64 to 50.05 and 48.50.


Gold


Monthly: the price is going to touch the middle Bollinger band (1206.90), and it is possible that bears will take the gold to the lower envelope.



Weekly: dense support area is around 1206.90 - 1230.67. ADX is looking up to sellers, but it is very far from the trendline area. Resistance is at 1312.18 (middle Bollinger band). There is some danger that the pattern "Head-and-shoulders" will be formed, which also will talk about the bearish medium-term potential.



Daily chart: the price is haevily oversold here and four bars outside of Bollinger envelope anticipate the upward correction toward the middle Bollinger band (1312.18)



The main scenario - a direct upward correction to 1312.18


The alternative scenario - touch of support 1230.67 and then correction to 1312.18.


solutions: looking for purchase options to 1312.18 (the best possible way - from around 1230.67, under the bearish scenario.)


Aleksey Panasenko
FreshForex Analyst
Agree with the review?
Traders' opinion:

Close
Log in

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.