US100
Let's start today's analysis with the US tech index - Nasdaq (US100). Looking at the technical situation on the index, one can see that recent sell off has been almost completely erased. Sellers pushed the index below the lower limit of an upward channel last week, but the price has managed to quickly return above it, signalling a resumption of an upward move. If the current bullish sentiment prevails, one should expect an attack on all time highs in near future.On the other hand, should sellers once again appear at the resistance at 13,590 pts, a double top formation may appear on the chart.
US100 D1 interval. Source: xStation5
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European stock markets are also doing well this week. German DAX (DE30) bounced off the key support at 13,450 pts, marked with the lower limit of 1:1 structure as well as previous price reactions. Buyers also managed to push the price above the 13,800 pts resistance, which may herald an end of recent correction and an upward move towards recent highs. The upward impulse could target 127.2 or 161.8% exterior Fibonacci retracements of the recent downward move started in January.
DE30 D1 interval. Source: xStation5
Silver
Silver price has been very volatile recently. The precious metal surged to 7-year highs, but quickly pulled back and a bigger downward correction started. Looking at the daily time frame, we can see that the price has reached the short-term support marked with 61.8% Fibonacci retracement and the lower limit of 1:1 structure. If buyers manage to halt declines there, another upward impulse may start. On the other hand, should the price break below the aforementioned support, sellers could target a lower limit of local upward channel.
Silver D1 interval. Source: xStation5
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