Weekly Review. S&P500, Brent, gold | 03 Fevereiro 2017

Monthly chart: ADX still doesn't respond to current bullish pressure, so there is nothing left to do but wait for a touch of possible high and try to detect it.


Weekly Review. S&P500, Brent, gold


Weekly chart: there is strong resistance in upper Bollinger band region (2316.5). It is likely that a downside correction will start from this level towards middle band (2197.9). However, we can't help mentioning that ADX/RSI grow simultaneously and ADX is on the verge of trend. That means that resistance level at 2316.5 will get a lot of pressure and, possibly, will be broken. In this case index's pass to the new highs will be open.


Weekly Review. S&P500, Brent, gold


Daily chart: more localized support level is in 2270.6 region (middle Bollinger band). One might consider buying in this region.


Weekly Review. S&P500, Brent, gold


Expectations:


Core scenario - decline to 2270.6 and later new upside move to 2316.5


Alternative scenario - direct breakout of 2316.5 region and later downside correction towards 2270.6


Spare scenario - at breakout 2316.5 - new sharp rise.


Solutions: it is not safe to sell from 2316.5. Consider buying, at first towards 2316.5, and later on possible breakout.


Brent


Monthly chart: oil reached flat with upside momentum, maybe, waiting for fundamental drivers.


Weekly Review. S&P500, Brent, gold


Weekly chart: as we may see here ADX reached active trending state. Now it's difficult to say on which side the key index is. However, buyers have a certain position advantage. So if the price bounce from support level at 51.82 (middle Bollinger band) consider buying towards 66.80 (see red arrow). If support at 51.82 is broken, consider selling to 43.32 and 33.45 (in long-term, see blue arrow)


Weekly Review. S&P500, Brent, gold


Daily chart: locally during this week we might see flat in corridor 54.23-57.46 (Bollinger envelopes range)


Weekly Review. S&P500, Brent, gold


Expectations:


Core scenario - flat 54.23-57.46


Alternative scenario - decline to 51.82


Solutions: trading within corridor 54.23-57.46


Gold


Monthly chart: gold remains in mid-term flat in middle Bollinger band region (1204.77), supporting broad flat corridor 1026.03-1364.11


Weekly Review. S&P500, Brent, gold


Weekly chart: locally the price declines within lower Bollinger envelope range (1102.50-1232.50).


Weekly Review. S&P500, Brent, gold


Daily chart: there is even more localized flat corridor within Bollinger envelopes range - 1144.80-1232.50. As we might see all three charts show passive ADX, so specified corridor might retain this week.


Weekly Review. S&P500, Brent, gold


Expectations: flat 1144.80-1232.50


Solutions: consider selling from 1232.50 towards 1144.80

analytic
Analyst of «FreshForex» company
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