S&P 500
– Prices put in a Doji candlestick below resistance at the top of a
rising channel set from late December, pointing to indecision and
hinting and move lower may be ahead after two consecutive days of gains.
Initial support lines up at the 1300 figure. Channel resistance is now
at 1322.40.
CRUDE OIL –
Prices are once again testing support at 97.70 following a rejection at
familiar resistance in the 101.28-103.35 region. The downside is
reinforced by resistance-turned-support at the top of a falling channel
set from mid-November, now at 96.85. A break below the latter boundary
initially exposes 95.78, the November 23 close.
GOLD –
Prices are testing support-turned-resistance in the 1666.37-1677.05
region, with a break higher exposing the 1700/oz figure. Near-term
support lines up at 1638.84, with a break below that initially targeting
1615.65.
US DOLLAR –
Prices broke below the midline and top of a falling channel in place
since mid-December, exposing a former Head & Shoulders neckline at
9823 as sellers’ next objective. A breach of this level on a daily
closing basis would amount to a meaningful bearish change in tone for
the greenback. The channel midline, now effectively at the 9900 figure,
has been recast as near-term resistance.
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