Oil bearish action was stopped at 50% Fibonacci whereas the price inclined once more, reaching $ 68.50 a barrel. We see that additional downside movements are anticipated today as a result for the negative pressure appearing on the momentum indicators, targeting to reach the lower line of the upward channel at 65.15 but note that 67.56- minor support- should be broken first and also 68.90 should protect this scenario
The trading range for today is among the key support at 65.15 and the key resistance at 71.85.
The general trend is to the upside as far as 47.20 remains intact with targets at $73.00 a barrel.
Support: 67.56, 66.65, 65.15, 64.30, 63.40
Resistance: 68.90, 69.45, 70.20, 70.70, 71.40
Recommendation: According to our analysis, sell the contract below 67.56 with targets at 66.65 followed by 65.15 and stop loss with a four-hour close above 68.35.
Gold is still building a technical base above the pivotal zones of 940.00-945.00. This zone is treated as the place of the PRZ -potential reversal zone- for the captured bullish harmonic pattern as seen on the above four-hour chart. Although momentum indicators are neutral yet AROON up is adjusting upwards claiming that the short trend is about to be changed. Therefore we still keep our outlook to the upside on the intraday basis as far as 930.00-925.00 areas remain unbroken.
The trading range for today is among the key support now at 916.00 and key resistance now at 984.00.
The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.
Support: 942.00, 936.00, 930.00, 925.00, 916.00
Resistance: 952.00, 956.00, 963.00, 972.00, 984.00
Recommendation: According to our analysis, buy gold at 946.00 with targets at 963.00 and stop loss at 932.00.
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