Weekly Review. S&P500, oil, gold | 09 December 2016

Monthly chart: in November index showed a significant bullish momentum, but it could be a sign of a reversal, too. ADX did not respond in any way to this breakout, so now it is useless to wait that price will get higher than upper Bollinger band (2235.9). We are waiting for consolidation between this level and support level 2082.8 (middle Bollinger band).

Weekly Review. S&P500, oil, gold


Weekly chart: more localized support level is 2102.7 and resistance level is 2217.0 (Bollinger envelopes range). Oscillator did not get to the highest price (divergence), so a drop towards 2102.7 is possible.


Weekly Review. S&P500, oil, gold


Daily chart: local support level 2174.5 might make index touch upper Bollinger band (2235,9) again, but in general, downward movement towards 2102.7 remains.


Weekly Review. S&P500, oil, gold


Expectations:


Core scenario - at first, touch in 2174.5, then rise towards 2217.0, after what drop towards 2102.7.


Alternative scenario - direct drop towards 2102.7


Solutions:


1. it is possible to buy in the range of 2174.5 and 2217.0


2. sell around 2102.7


Brent


Monthly chart: bulls have shown the potential to grow towards upper Bollinger band (65.96). However, ADX is not active yet, so flat at the middle Bollinger band (50.05) can be continued.


Weekly Review. S&P500, oil, gold


Weekly chart: there is strong resistance in upper Bollinger band area (54.75). If it would be broken, we will see rise towards 65.96. If not - oil will fall back to 47.72 (middle Bollinger band).


Weekly Review. S&P500, oil, gold


Daily chart: ADX is not growing, oscillator shows signs of divergence (RSI peak is not shaped yet, so we cannot take it as a signal). However, downward shift to the level 54.75 is highly possible. Support levels are at 49.21 and 48.20


Weekly Review. S&P500, oil, gold


Expectations:


Core scenario - drop from 54.75 towards 48.20


Alternative scenario - breakout of resistance level 54.75 and rise towards 65.96.


Solutions:


1. Sell from 54.75 to 48,20


2. Buy at 54.75 breakout (or as soon as it is confirmed) towars 65.96 (mid-term).


Gold


Monthly chart: ADX is in trend and aggressive, so bears can continue to determine their advantage around support level 1035.43 (lower Bollinger band)


Weekly Review. S&P500, oil, gold


Weekly chart: here ADX is not active enough and gold has already moved four bars beyond Bollinger envelopes, it looks like correction. Two successive moves are possible: the first - to the middle Bollinger band (1293.82), the second - a subsequent fall in the direction of 1035.43


Weekly Review. S&P500, oil, gold


Daily chart: the instrument is locally trapped inside lower Bollinger band (1139.30-1224.05). Considering general downward movement and possible correction one might sell from around 1224.05 towards 1139.30.


Weekly Review. S&P500, oil, gold


Expectations: well, wait for a rise to 1224.05 and after that for a drop to 1139.30


Solutions:


1. Sell in the range of 1224.05 and 1139.30

Aleksey Panasenkо
Analyst of FreshForex
Aleksey Panasenko
FreshForex Analyst
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