DE30
Looking at the DE30 chart from a technical point of view, one can see that the German index has bounced off the key resistance area at 12,950 pts once again. According to the classic technical analysis, as long as the price stays below it, continuation of downward correction move looks to be the base case scenario. However, one should keep in mind that the chance of breaking above increases with each subsequent test. In case a break above occurs, the upward move may accelerate towards 13,300 pts.
DE30 D1 interval. Source: xStation5
SILVER
Silver has been trading in a downward trend recently. Buyers tried to draw a bigger correction but they finally gave up yesterday. Silver price bounced off the resistance at $24.35, marked with the 100-period moving average and local high from September. The downward move stopped at a local support near $23.22. However, this support is being tested once again. Should we see a break lower, downward move may accelerate towards recent lows at $21.80. A break back above the $24.35 handle could herald a potential significant upward move.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
Silver H4 interval. Source: xStation5
OIL.WTI
Oil market has been trading in an upward move this week. The price of the commodity managed to break above the upward trendline but moved lower after Trump's tweet yesterday. Looking at the H4 chart, one can see a local support at 38.2% Fibonacci retracement of recent upward impulse. Should the correction be deepen below it, the next support lies in the vicinity of $38.50, where previous price reactions can be found. Key resistance can be found at $46.60.
OIL.WTI H4 interval. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
