As the last week of March begins, we can see the risk-off sentiment return to the market. This Monday appears especially difficult for oil bulls; after the weekend the price opened with a bearish gap dropping below the 20 USD/bbl level. The price slid under the horizontal support level of 20.6 USD/ bbl and turned it into a new resistance level. In addition, oil remains under pressure as quarantine regulations are extended in several countries which will decrease the already low demand for oil.
In other commodity news, gold is under a brighter light with positive sentiment. Last week we mentioned the triangle pattern, which as anticipated, resulted in an upside breakout. After the triangle, we saw a wedge pattern, which means a trend continuation and that signifies a potential upside breakout.
Now moving on to indices; the DAX closed last week with a small drop after the price tested the 38,2% Fibonacci retracement level. After a second test, the price drop accelerated breaking the lower line of the pennant formation. Fast forward to Monday, the DAX opened with a bearish gap followed by a quick rise which aimed to close the gap. The sentiment for the index appears negative. For now, the price is drawing the right shoulder of the head and shoulders pattern. Considering it’s at the top of a bullish correction and is bouncing from the 38,2% Fibonacci retracement level, it’s reasonable to be bearish. A proper sell signal will be triggered when the price breaks the red neckline.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Oil Drops Further, Gold Is Ready For Another Bullish Wave
Published 03/30/2020, 07:37 AM
Oil Drops Further, Gold Is Ready For Another Bullish Wave
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.