Let’s start today’s analysis with the US tech index - Nasdaq (US100). Index broke above the downward trendline and upper limit of the market geometry on Friday and upward move continues this week. US100 managed to break above the resistance zone in the 14,350 pts which coincides with 23.6% Fibonacci retracement of the recent upward move started in March 2020. Next target for buyers is located at 15,000 pts area and is marked with the 200-session moving average (red line).
US100, H4 interval. Source: xStation5
Next, let’s look at the German index. DE30 launched today's session higher, however buyers failed to uphold momentum and index eased from four-week high. A look at the H4 chart shows us that DE30 broke below major support area around 14,450 pts which is marked with lower limit of the ascending channel, previous price reactions and 38.2% Fibonacci retracement of the upward wave launched in October 2020. Should sellers maintain current momentum, the move towards support at 143,850 pts looks possible. This level coincides with the lower limit of the 1:1 structure and 50% retracement. On the other hand, if the index returns above the aforementioned 14,450 pts level, upward move may resume.
DE30, H4 interval. Source: xStation 5
Last, but not least, let’s take a look at the oil market. OIL prices launched a recovery move following declines in the first half of March. Price bounced off the lower limit of the upward channel and is approaching the major resistance zone around $117.50, which coincides with 23.6% Fibonacci retracement of the upward wave started in December 2021 and upper limit of the channel formation. Should break higher occur, upward move may accelerate towards recent highs at $133.30. On the other hand, if sellers manage to regain control, the area near $107.70 remains the key support to watch.
OIL, H4 interval. Source: xStation5
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