US500
Let's start today's analysis with the US500 chart. Looking at the D1 time frame, we can see that the index managed to return above the major support at 3965 pts which is marked with a lower limit of the 1:1 structure and lower boundary of the descending channel. As long as the price sits above, continuation of an upward move is still possible. The nearest resistance to watch lies at 4180 pts , where the 23.6% Fibonacci retracement of the upward wave launched in March 2020 can be found. On the other hand, should mood on the market deteriorate further, the next target for sellers is located around the 3800 pts area which coincides with 38.2% retracement.
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US500, D1 interval. Source: xStation5
SILVER
Silver market has been trading in a downward trend recently and last week the price broke below the key support zone around $22.00 which is marked with previous price reactions and lower limit of the 1:1 structure. According to the Overbalance methodology, a deeper decline may be on the cards now. Should the current sentiment prevail, key support can be found at $18.72 which coincides with 61.8% Fibonacci retracement of the upward wave launched in March 2020. Nevertheless bulls become more active this week and price is testing the $22.00 level from the other side. Should a break higher occur, upward impulse towards resistance at $23.00 may be launched.
Silver, W1 interval. Source: xStation5
OIL.WTI
OIL.WTI has been trading in an upward trend in recent months. However, price has been stuck in a local sideways move this week. Yesterday oil bounced off the local resistance at $113.30, which coincides with earlier broken lower limit of the ascending channel and tested local support at $109.25 which is marked with previous price reactions. Potential breakout above any of these levels could be a trigger for a bigger move. The next key resistance to watch lies at $116.30 handle, where the March 2022 highs are located. On the other hand, should a break lower occur, the way towards the next support at $103.55 will be left open.
OIL.WTI, H4 interval. Source: xStation5
