During the previous week, SPX500 lost value considerable and is still pretty much bearish both on the daily and the weekly charts. According to the two indicators, As long as the price remains above the 52 Simple moving average and the columns of MACD above 0.00, we expect nothing but a possible momentum to the upper side. Currently as it is on the weekly charts, we expect further correction to the lower side but should not go beyond the moving average.
Trade Recommendations:
We’re still bullish
Gold Weekly Review
Wave Analysis:
During the previous week, Gold markets rose instead of rallying to the lower side but is still below the upper Moving Average, As long as the price remains below this trend line, we expect nothing but a possible momentum to the lower side. The current bullish price rally is the unfolding of a bullish correction and should not break above the upper trend line. As it is on the daily chart, while the price is below the upper SMA, we expect nothing but a possible momentum to the lower side.
Trade Recommendations:
Wait.
Oil Weekly Review
Wave Analysis:
Following a bearish pin bar candle seen a fortnight ago, Oil lost value considerable and is still pretty much bearish both on the daily and the weekly charts. As long as the price is contained below the upper resistance trendline, we expect nothing but a possible momentum to the lowerside with an ideal target along the lower supportive trendline. You may still look for short position now and have your take profit at 78. A break below this target may push the price further to the lowerside.
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