Top three charts of the week: US100, OIL.WTI, DE30

US100

Let’s start today’s analysis with the US tech index - Nasdaq (US100). Looking at the H4 interval, one can see that the price broke above the local downward trendline which also marked the upper limit of triangle formation. Taking this into account one may expect the price to continue to rise towards recent highs. Should buyers manage to maintain the upward momentum and price break to fresh all time high with exterior Fibonacci retracements (127.2% and 161.8%) are the next potential targets for market bulls.

US100 H4 interval. Source: xStation5

OIL.WTI

Next, let's take a look at the oil market. Analysing OIL.WTI chart on the H4 interval, one can see that the recent downward correction stopped at the key support area at $66.20. The zone marked with green colour on the chart below is a result of lower limit of 1:1 structure, 23.6% Fibonacci retracement as well as 100-period moving average. According to the classic technical analysis, bouncing of this support confirms mid-term bullish sentiment. However, the last two sessions brought a pullback and a retest of aforementioned support ($66.20) cannot be ruled out. Nevertheless, if buyers manage to hold the lead, the nearest resistance to watch lies at recent highs - $69.60 

OIL.WTI H4 interval. Source: xStation5

DE30

Last but not least, let’s take a look at the German index - DAX (DE30). Looking at the H4 interval, one can see that after bouncing off the key support at 15,055 pts, the index began to trade sideways. According to the Overbalance methodology, the long-term sentiment remains bullish l, but the short-term situation is less clear with DE30 stuck in local sideways move. Should a break higher occur, all time highs may become a target for bulls. On the other hand, if the price breaks below the lower limit of consolidation range, the lower limit of 1:1 structure (red rectangle) may be retested.

DE30 D1 interval. Source: xStation5