Weekly report on Brent, Gold and S&P500 | 06 November 2015


S&P500


Monthly: reversal down is still approaching. The final level of growth is the upper Bollinger band (2176.3)



Weekly: confirm resistance zone 2169.5-2176.3



Daily: on the local level, as soon as the next week, downward correction in the direction of the middle and bottom Bollinger band (2024.4, 1937.7) is possible, what can by conveyed by the Friday's bearish absorption with active ADX



Expectations:


Main plan - drop from current levels to 2024.4 and possibly to 1937.7


The alternative plan - if the price gets above resistance 2112.0, we will be waiting for finalization of 2169.5


"Brent"


Monthly - Well, happened something that we had discussed with you about a month ago - namely, a false breakdown up of the September inside bar. All this is very bad for the bulls, because now the medium-term objective 31.15 (bottom Bollinger band) can be considered as dominant (with terms of development - January-March)



Weekly: within a rather strong convergence of the oscillator there is likely a strong upward correction (to the upper Bollinger band, 65.12). But such a scenario will be considered only if the middle band is broken (52.71. see the black arrow). The main expectation is drop from the bottom to the middle band (41.57))



Daily - horizontal envelopes plus inactive ADX indicate that, the upper Bollinger band (52.75, which is the middle band on the weekly chart) accumulates oil supply, so - strong resistance, from which movement to 46.56 (the bottom Bollinger band) will start.



Expectations: touch of 52.75, and then decline to 46.56


solutions: sell from 52.75 to 46.56


Gold


Monthly - Bollinger envelopes are stable, the market is in the medium-term flat, but at the same time character of the movement is very similar to what the oil market shows - a false breakdown up of the September inside bar. This, of course, can cause a new wave of decline. However, for this the price must first break through the bottom envelope (1079.95), and it can take a lot of time



Weekly: also horizontal Bollinger envelopes, so, we're waiting to fall to 1079.95 (the bottom band).


Н


Daily - on the local level,  there is very strong support in the area of 1123.85 (the bottom Bollinger band). From this level, the price is likely to rebound to 1142.27-1158.38



Expectations: falling to 1123.85, and then rebound to 1142.27-1158.38


solutions:


1) sale to 1123.85


2) purchase from 1123.85 to 1142.27


Aleksey Panasenko
FreshForex Analyst
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