US30
Let's start today's analysis with a US30 chart. Looking at the D1 interval, one can notice that price managed to climb back above 326200 pts level, which is marked with previous price reactions and 200 SMA (red line). Index is currently testing the upper limit of the local descending channel. Break higher would pave a way towards major resistance at 33720 pts, which coincides with 61.8% Fibonacci retracement of the downward wave started in January 2022. However if sellers manage to regain control, support at 31780 pts may be at risk.
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US30, D1 interval. Source: xStation5
SILVER
Silver price managed to defend crucial support at $20.0 per ounce in early March after buyers launched an impressive rally, which pushed quotations above $22.00 mark, which now acts as major support. This level is marked with previous price reactions and 50 SMA (green line) and 200 SMA (red line) and as long as price sits above, upward move may accelerate towards 38.2% Fibonacci retracement of the upward wave launched in March 2020 at $23.20. However from a broad perspective, the main trend remains bearish and only breaking above long-term downward trendline would point to a shift of sentiment towards bullish.
SILVER, D1 interval. Source: xStation5
OIL.WTI
Finally, let's look at the OIL.WTI chart on the W1 timeframe. At the beginning of the week price briefly dropped below key $65 per barrel, which is a crucial support zone, marked with local highs and lows from previous years, as well as with the range of large downward impulse from 2020 and 200 SMA (red line). If buyers manage to keep prices above this level, an upward correction towards the major resistance zone around $82.30 may be launched. This level managed to fend off bulls several times in recent weeks and only breaking higher would indicate potential change of main market sentiment. On the other hand, if a decisive break below the aforementioned support at $65.00 occurs, then next support to watch is located around 61.85 Fibonacci retracement of the upward wave started in March 2020.
OIL.WTI, W1 interval. Source: xStation5
