Weekly Trends: Commodities still above long term support, equities bullish

Gold, crude oil, and EURUSD are still above their long term support with indications of bottom formation. Russian RTSI has managed to hold despite a fall in crude oil. There was little upward movement in KOSPI as the Korean markets had a shortened week. S&P 500 has maintained its uptrend.

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	1204.40	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	50.34	ACTION	Hold long	S2	47
	TREND	Up	STRENGTH	Low	S1	50
	POSITION	Long duration charts are indicating a bottom			R1	57
	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	61
S&P500	PCP	2110.3	ACTION	Hold long	S2	2065
	TREND	Up	STRENGTH	High	S1	2090
	POSITION	Approaching cycle top			R1	2115
	REMARK	Avoid short selling			R2	2145
KOSPI	PCP	1961.45	ACTION	Hold long	S2	1922
	TREND	Up	STRENGTH	Low	S1	1950
	POSITION	Near short term top, long term bottom			R1	1963
	REMARK	Long term downtrend is weakening and last month's low of 1876 may be bottom for this swing. Prefer buying on dips near 1950.			R2	1990
RTSI	PCP	910.42	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	1.1381	ACTION	Hold long	S2	1.100
	TREND	Down trending	STRENGTH	Low	S1	1.126
	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