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FreshForex Trend potential

Brent oil


Monthly chart: range 101.26-115.44. Bulls actively press upper border with the claim to break it, whereas ADX is not ready. Therefore, we expect a bounce down and continuation of accumulation in the channel.


FreshForex Trend potential


Weekly chart:  range 105.11-115.44.


FreshForex Trend potential


Day chart: confirm expectation of bounce down along one of two paths: either after splash to the upper line (116.22, red arrow), either through Over&Under (gray arrow)


FreshForex Trend potential


Conclusion: so, oil price will get down to 116.22 in the direction of 105.11.


Silver


Monthly chart: despite Gold's success, silver reserved its general descending structure. Resistance at the middle Bollinger band (24.03), support by the bottom line (13.38). We can consider reversal of the trend only upon breakthrough above 24.03. In this case, silver can reach 34.43 (upper line).


FreshForex Trend potential


Weekly chart: a local flat range18.37-21.93. Growth to 24.03 must be considered also based on our statement on the monthly chart.


FreshForex Trend potential


Day chart: the chart has a rather overbought condition, which is fully confirmed by the inability of bulls to break a general descending tendency. Upon that, new Highs will probably be reached, because Bollinger envelopes reserved their ascending potential. Resistance points are 21.44 and 21.93.


FreshForex Trend potential


Conclusion: growth to 21.44 and 21.93, after that decline to 18.37 will start.

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FreshForex Analyst
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