Weekly scenario for S&P500,Brent and Gold | 08 April 2016


S&P500


Monthly: bullish momentum is still here. However, we still see that ADX and RSI contradicts each other, which means that downward reversal of the index is coming. The ultimate level is 2154.5 (upper Bollinger band)



Weekly : very complex area of ​​2106.5 resistance. But the local ADX votes for bulls and is close to the trend area. So meanwhile we can not speak about Stop with 100% certainty.



Daily: this chart also favors a coming reversal with overboughtness, so we still expect reversal around ​​2106.5. The first support line will wait for bears 2031.1 (the middle Bollinger band) .



Expectations: growth to 2106.5 and a downward reversal towards 2031.1.


solutions:


1. Buy to 2106.5


2. Sell from 2106.5 to 2031.1


"Brent"


Monthly: a very uncomfortable place for analysis and prediction of the situation. There are two sweeping medium-term paths: technical correction to 60.10 (the middle Bollinger band) and a new wave of decline towards 19.43 (see blue arrow.) either a mirror finalization of new Lows and then an upward reversal (see the red arrow).



Weekly: here oil entered the range of 28.99-48.54. At the top we have obtained the bearish inside bar, so the southern scenario remains priority.



Daily: here we also see advantage of bears. Local support is at 37.97 (the bottom Bollinger band). The price is much likely attack zone and then return to 40.22 (the middle Bollinger band), then Brent may start to fall more than intensively towards 28.99.



Expectations: fall to 37.97, then rush below (to 36-37 dollars per barrel), then pullback towards 40.22 and then we can open short positions to 29.00 (in the medium run).


solutions:


1. Sales to 37


2. Then search of downward entry points around 40.00-40.22 (after a rollback)


3. Aggressive traders can try to avail from the upward rollback too.


Gold


Monthly: the gold clearly intends to fall to 1057.97 (the bottom Bollinger band).



Weekly: Resistance zone 1290.90 looks unfinished. If this zone is pierced, we can open short trades to 1143.63.



Daily: a flat local range within the bottom Bollinger envelope (1210.35-1244.63)



Expectations: downward flat 1210.35-1244.62


solutions: sell at 1244.62 to 1210.35 and to 1143.63 in the medium run.


Aleksey Panasenko
FreshForex Analyst
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