OakMarketTrends

OakMarketTrends

Technically, CL2! is at crucial level as it is challenging a key resistance area, corresponding to 2018 lows. A breach above this resistance could have major bullish implications for oil prices and for the weak energy sector (XLE), over the coming months. Significant increase in oil prices could be seen as inflationary, pushing yield to the upside and increasing...

OakMarketTrends

Since the beginning of this week, the USD has been growing in the currency market and in the pair USD/CAD. The rise in the USD is caused by greater expectation of Dec rate hike and in anticipation of the release of the non-farm payroll scheduled for 8:30 (GMT -4). Technically, an ascending channel has formed with theoretical target at 1.3856. Looking at technical...

OakMarketTrends

Technically, the EURUSD is developing a bearish flag pattern. Furthermore, the 100-week simple moving average (here in green) acts as a resistance. The bear camp continues to have the edge in my opinion.

OakMarketTrends

Technically, the EURUSD is developing a bearish flag pattern. Furthermore, the 100-week simple moving average (here in green) acts as a resistance. The bear camp continues to have the edge in my opinion.

OakMarketTrends Updated 

The SPX has completed a pull back on its neckline. The inverted head & shoulders pattern continues to have bullish implications towards 2116 (theoretical target).

OakMarketTrends Updated 

Technically, a symmetrical triangle pattern is confirmed. The bull camp continues to have the edge.

OakMarketTrends Updated 

Fron a chartist point of view, April WTI has been trading sideways between 28.60 - 36.30 so far this year. A double bottom has developed which has usually bullish implications.

OakMarketTrends

The pair has reacted positively on a key support area around 105.40. The 105.40 level corresponds to the 200 simple moving average, the top of 2013 and approximately 38.2% Fibonacci retracement. Looking at indicators, the weekly RSI has also bounced off a strong level around 28 which has been a support since 2010. As long as 105.40 isn't broken by a significant...

OakMarketTrends

Technically, the pair has struck against a significant resistance at 1.1615 given by the high of August 2015 (close price) and the channel resistance. In addition, a shooting star has formed which represents a potential trend reversal. Furthermore, the MACD is displaying a bearish divergence. As long as 1.1615 isn't broken by a significant margin, the bear camp...

OakMarketTrends

Technically, the falling wedge pattern calls for a rebound towards 2111 (theoretical target). Regarding technical indicators, the MACD is posting a bullish divergence and is positive. The 50-hour simple moving average is turning up and acts as a support. The bull camp continues to have the edge.

OakMarketTrends

The USDCAD downtrend is running out of steam as technical indicators are showing bullish divergences on a short term basis. A falling wedge pattern has developed which has usually bullish implications with in this case a theoretical target at 1.2790. On a broader time frame, 1.265 is a key support area given its previous top and 38.2% Fib retracement while key...

OakMarketTrends

The SPX500 uptrend is running out of steam as technical indicators are showing bearish divergences. In addition, a rising wedge pattern has developed which has usually bearish implications with in this case a theoretical target at 1972. I think that a break below 2036 would call for a bearish acceleration towards 2007 and 1972 in extension.

OakMarketTrends

Technically, the pair has struck against the 200-day simple moving average and the lower end of its bearish flag pattern. This price action is a typical pullback that reinforce the bearish stance. Look for a new down leg towards 1.0400 (theoretical target of the flag).

OakMarketTrends

Technically, the S&P500 Index is gaining upward momentum after breaching its February's tops. However, the Index is about to face a resistance at 2000 which corresponds to the 61.8% Fibonacci retracement level, 100d moving average and December market bottom. In addition, a rising wedge pattern has developed which has usually bearish implications.

OakMarketTrends

Weekly charts: the XLF/SPY ratio has bounced off the 61.8% fibonacci retracement level of its major long term move started in 2011. Hammer pattern has formed on heavy volume on an absolute basis. Real opportunity to enter in the financial sector.

OakMarketTrends

If SPX breaks 1835, likely to see 1854 (61.8% Fib retracement) and 1874 (previous top) in extension.

OakMarketTrends

So far XLI is doing well (cf: my previous Idea). The recent decline in the dollar helps the Industrials and their exportations. The ratio XLI/SPY is rising. The strength of Industrials is likely to continue on a short term basis.

OakMarketTrends

Nice recovery at the end of today's session, the medium term support area around 1820 remains intact on SPX. DJ transportation has almost closed positive today despite the overall market drop. I'm looking at XLI as a possible buy on a short term basis.