US100
The main trend on the US index - Nasdaq (US100) remains upward despite the recent clear correction. Looking at the chart from a technical point of view, the buyers managed to halt declines at the key support. The green marked area near 11,000 pts is a result of previous price reactions. According to the classical technical analysis, as long as the price sits above it, the trend remains upward. If today’s daily candle will manage to close above the 30-period moving average (green line) then this could lead to a resumption of the upward move. In such a scenario the 12,000 pts handle will be the first key resistance to watch. On the other hand, breaking below the aforementioned 11,000 pts area may trigger a bigger downward move towards the next support at 10,445 pts.
US100 D1 interval. Source: xStation5
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The German index has been trading in a sideways move recently. Looking at the daily chart, DE30 stuck between 13,300 pts and 12,950 pts levels. As long as the price stays inside the green box, further consolidation is the base case scenario. If the buyers manage to break higher, then the way towards all time highs (13,800 pkts) will be left open. On the other hand, if DE30 will manage to break below the aforementioned support at 12,950 pts, then a bigger downward correction may be on the cards.
DE30 D1 interval. Source: xStation5
COFFEE
Recently the coffee market has experienced increased volatility. The buyers had failed to break above the resistance at 133.6 and the dynamic correction started. Nevertheless, the downward move was halted at the 77-period moving average.This one of the most often respected moving averages by the market and was tested several times in the past. If we see another downward move, then the aforementioned moving average will be the first line of support to look for. Moreover, a demand area is located at 113,00. It is a result of previous price reactions and as long as the price sits above it, then buyers have the advantage. The nearest resistance lies at 127,00.
COFFEE D1 interval. Source: xStation5
