Market Update 16/11:S&P and Oil

Oil has been trading very consistently to what was anticipated following its major fall from the 91.2-92$ level.It is now moving close to the upper band of a downward moving channel and just below the 61.8% fibo support.We expect to see downward momentum towards the 83-84.5$ levels.If not,a breaking of the channel could signify a move towards the 88.5$ support.

S&P is experiencing an ongoing correction along with all major indices.We would like to highlight here the breaking of a macro-bull trendline that helped intensify this fall,as well as the overall movement within the major upward channel formed after the 2009 low.Also,worth noticing is the wedge formation that was recently broken,packing more potential for downward pressure.

This entry was posted in Markets.

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