Gold, crude oil, and EURUSD are still above their long term support with indications of bottom formation. Russian RTSI is expected to move up in tandem with crude oil. KOSPI has moved up but caution is advised. S&P 500 has broken a crucial support at top and up trend looks exhausted.
This weekly Trend Analysis table uses a proprietary algorithm to identify trend direction, strength of trend, & entry/exit signals. It also indicates key support/ resistance levels based on traditional technical analysis.
GOLD
|
PCP
|
1213.10
|
ACTION
|
Hold long
|
S2
| 1150 |
TREND
| Down |
STRENGTH
|
Low
|
S1
| 1200 | |
POSITION
| Near swing bottom |
R1
| 1220 | |||
REMARK
| May consolidate between 1150 - 1300. Its short term downtrend is weakening. Investors may accumulate on dips. |
R2
| 1240 | |||
CRUDE
|
PCP
|
49.76
|
ACTION
|
Hold long
|
S2
| 44 |
TREND
| Up |
STRENGTH
|
Low
|
S1
| 47 | |
POSITION
| Long duration charts are indicating a bottom |
R1
| 52 | |||
REMARK
| Long term trend is still down though it is weakening. Crude is in short term uptrend and if it sustains above 57 then a major uptrend may be considered. Avoid positional shorts. |
R2
| 57 | |||
S&P500
|
PCP
|
2104.5
|
ACTION
|
Exit long
|
S2
| 2065 |
TREND
| Up |
STRENGTH
|
Low
|
S1
| 2090 | |
POSITION
| Approaching cycle top |
R1
| 2115 | |||
REMARK
| Up trend weakness is indicated |
R2
| 2145 | |||
KOSPI
|
PCP
|
1985.80
|
ACTION
|
Hold long
|
S2
| 1963 |
TREND
| Up |
STRENGTH
|
Low
|
S1
| 1980 | |
POSITION
| Near short term top, long term bottom |
R1
| 1995 | |||
REMARK
| Long term downtrend is weakening and last month's low of 1876 may be bottom for this swing. |
R2
| 2010 | |||
RTSI
|
PCP
|
896.63
|
ACTION
|
Hold long
|
S2
| 830 |
TREND
| Up |
STRENGTH
|
Medium
|
S2
| 893 | |
POSITION
| Near long term bottom, rising in short term |
R1
| 1000 | |||
REMARK
| Long term down trend is approaching a bottom. Trend is up in short term. Avoid shorts. |
R2
| 1100 | |||
EURUSD
|
PCP
|
1.1194
|
ACTION
|
Hold long
|
S2
| 1.100 |
TREND
| Down trending |
STRENGTH
|
Low
|
S1
| 1.110 | |
POSITION
| Near long term bottom |
R1
| 1.145 | |||
REMARK
| Long term trend is down. An uptrend may form as 1.12 is a multi years support. Traders avoid heavy short positions. |
R2
| 1.167 | |||
Abbreviations used -
- PCP = Previous closing price
- S2 = Second support, S1 = First support
- R1 = First resistance, R2 = Second resistance
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