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Technical Analysis on SP500 and WTI Crude [Video]
Weekly Bonus Analysis Video: S&P500 and WTI Crude (4 min)
TEXT:
Hello everybody ..welcome to our Weekly Bonus Analysis Video ..I’m Stef Breschi and today is Saturday 19th September 2015. Today we’ll be analyzing again the SP500 and WTI Crude.
S&P500Last week we anticipated price would trade inside a box range 1900-1990 and we can see that during the week price tried to break to the upside but failed.
2000 now has to be seen as significant resistance and we have now widened the trading range to 1900-2000. The last 2 bearish candles point at further short term weakness to come. Next week traders should be looking to go Short on any retracement of Friday’s candle with a view for price to re-test 1900 and possibly below.
WTI CRUDE(Weekly)
Interesting picture shown by the weekly chart. Price stuck at 45$ level which acted as strong support end of 2014 and beginning of 2015. Then market broke through it and is now meeting with resistance just above it. This dynamic can mean further downside to come.
(Daily)
The daily chart shows how price seems to be trading in a triangular pattern and within it attempted to break above the 50 sma and the 38.2 Fib level but failed. So next week we should see a re-test of the bottom of this consolidation pattern around 43$ which we will be watching closely as a key level.
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Have a great week!
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