US100
The upward trend on US tech index Nasdaq has clearly slowed down. US100 started a new week with a downward move and reached the earlier broken neckline of the head and shoulders pattern which acted as a support. However, key demand area is located slightly lower in the vicinity of 11,550 pts, where previous price reactions and ABC market geometry can be found. As long as the price sits above the area marked with green colour, one should expect price to continue to rise. Breaking below this area will invalidate bullish scenario and downward move may accelerate.
US100 H4 interval. Source: xStation5
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Looking at German index on H4 interval, we can see that the recent upward move was halted at the key resistance area and the major downward move started. The ABC correction ended as we have mentioned last week, and market bears remain in advantage. Today’s declines have reached key support at 12,550 pts. Decline may deepen once the index breaks below this hurdle. In such a scenario, way towards lows at 12,320 pts will be opened.
DE30 H4 interval. Source: xStation5
OIL.WTI
Last but not least, let’s take a look at the oil market. OIL.WTI has been trading in a local sideways move recently. Commodity failed to break above the resistance at $41.6 yesterday, and continued range trading looks to be the base case scenario. Should declines continue, investors should focus on the $33.25 handle, where the previous price reactions can be found. However, in case we finally see a break above aforementioned $41.6, the upward move may accelerate.
OIL.WTI H4 interval. Source: xStation5
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