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S&P500, oil and platinum. Weekly review

S&P500


Monthly chart: so, we see that the foundation of correction has been laid. The index is based deeply in the overbought zone. Divergence plays in hands of bears so that they can fully break the uptrend.


But now there is still a probability that one more upward dash (the last one) will take place in the direction of the upper Bollinger band (2062.8). Support is now based on the middle line (1716.5)


S&P500, oil and platinum. Weekly review


Weekly chart: support is on the middle band (1925.4) and resistance is at the point of 2003.4


S&P500, oil and platinum. Weekly review


Day chart: a reversal is coming into a full force here. Resistance is at the middle Bollinger band (1970.5). From here we can look into sales. A local support is based at 1906.1


S&P500, oil and platinum. Weekly review


Conclusion: we expect that support 1906.1 will be touched, rollback to 1970.5 and continuation of the downward movement will take place in the direction of 1716.5


Brent oil


Monthly chart: a horizontal channel 101.23-115.44 remains without change.


S&P500, oil and platinum. Weekly review


Weekly chart:  this flat is more expressed 105.36-111.87


S&P500, oil and platinum. Weekly review


Day chart: a serious pressure put by sellers can push the oil to 101.23


S&P500, oil and platinum. Weekly review


Conclusion: a descend to 101.23 and start of an upward roll back to 107.88.


Platinum


Monthly chart: here is a flat corridor 1305.81-1636.00


S&P500, oil and platinum. Weekly review


Weekly chart:  support is based at 1407.39, resistance is at 1509.27.


S&P500, oil and platinum. Weekly review


Day chart: a descending pressure plus break of the bottom envelope. Perhaps after a rollback to 1487.19 the platinum will continue its decline to 1431.00


S&P500, oil and platinum. Weekly review


Conclusion: a rollback to 1487.19 and then sales to 1431.0

Aleksey Panasenko
FreshForex Analyst
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