Welcome to this week’s Market Blast Technicals.
Read MoreWelcome to this week’s Market Blast Fundamentals.
Read MoreWelcome to this week’s Market Blast Technicals.
Read MoreWelcome to this week’s Market Blast Technicals.
Read MoreWelcome to this week’s Market Blast Fundamentals.
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In the last two weeks the US30 index has traded on top of the key 30000 level after spending several weeks applying buying pressure, in which the level stood up and resisted prices firmly keeping the index below this level for the most part. In the last week or so, the US30 index has been resting on top and receiving solid support from this key level so it will be interesting to see if the index continues to push higher to new highs off this support. During the last month or so, it has also been well supported by the 29000 level, which may be called upon should the support at 30000 fail. During the first half of November, the index made its first run towards 30000 and in doing so, smashed through resistance at 29000, which has applied downward pressure on the index for some time.
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Welcome to this week’s Market Blast Technicals where we will look at USDCAD, WTI (US Oil), USDCNH, Brent Crude (UK Oil), the S&P 500 (US500), the Dow Jones industrial Average (US30), and Gold.
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On Tuesday last week we covered UK Oil which spent the remainder of the week continuing to move higher to a nine month high above $50, after surging higher from support at the key $43 level. It has eased on two occasions in the last few weeks, before reversing and continuing to rally higher. In the few days before the recent surge, it eased back to the key $43 level and enjoyed some support. In the two weeks prior, UK Oil surged from its lowest level in five months below $36.50 back up to the key $43 level which has again provided stiff resistance before it was able to break through to above $45 before falling back sharply to $43.
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In the last few weeks the US30 index has applied lots of pressure on the key 30000 level which has stood up and resisted prices firmly keeping the index below this level for the most part. This has happened especially in the last two weeks where almost every day the index moved to 30000 attempting to push through, although it has been able to move through to a new all time high, and maintain that break in the last few days. During this time it has also been well supported by the 29000 level, and may now enjoy some solid support from 30000. Four weeks ago, the US30 index made its first run towards 30000 and in doing so, smashed through resistance at 29000, which has applied downward pressure on the index for some time. In that initial surge higher, it also pushed strongly through 27000 and 28000 which have played a significant role in the price action of the US30 in the last few months.
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Welcome to this week’s Market Blast Technicals where we will look at USDCAD, CADJPY, USDJPY, Gold (XAUUSD), WTI (USOil) and the Dow Jones Industrial Average (US30).
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