DE30
First, let’s look at the German index - DAX (DE30). Looking at the D1 interval, one can see that the recent sell-off once again was stopped at the key support area (15,000 - 15,100 pts). The green zone on the chart is marked with previous price reactions and has stopped declines many times before. According to the classic technical analysis, bouncing off this support confirms that the index remains in a wide horizontal trend. Should the current short-term positive sentiment prevail, one could expect the price to attack the resistance in the 16,000 pts area, which is the upper limit of aforementioned range.
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DE30 D1 nterval. Source: xStation5
US100
Next, let’s look at the US tech index - Nasdaq-100 (US100). Looking at the H4 interval, one can see that the index rebounded following a recent strong sell-off. Market bulls managed to take the price above the upper limit of the downward channel, signalling that the trend is changing. Following a local correction, the index defended lower limit of a local 1:1 structure, which according to the Overbalance strategy may herald an upward move. The nearest resistance to watch lies at 15,535 pts, where one can find previous price reactions, as well as 61.8% Fibonacci retracement of the recent downward move started at the end of December 2021. On the other hand, a return below 14,850 pts support may lead to another attack on the support at 14,435 pts.
US100 H4 interval. Source: xStation5
NATGAS
Last, but not least, let’s take a look at the NATGAS chart. Looking at the H4 interval, one may see that the gas price quickly pulled back. NATGAS broke below the key support at 4,35, which was marked with the lower limit of wide 1:1 structure. According to the Overbalance methodology, as long as the price sits below aforementioned support at 4,35, one may expect the price to continue to fall. In such a scenario, the upward trendline should be considered the nearest support. In case of a break below, the next supports lie at 3,7 and 3,52.
NATGAS H4 interval. Source: xStation5
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