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The oil prices led the equities markets to short-lived correction

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 20, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
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    SP-MAR16 Daily 20-01-2016 07-30-24 ص.jpg

    The oil benchmarks have watched yesterday shy try to correct to the upside ended to filling the downside gap opening of this week by short lived period above $30, before retreating again.

    The equities markets in EU and US have tracked the oil prices to watch retreating by the end of yesterday session, after rebounding in the beginning of it.

    Today Asian session has followed US to watch the red color coming back painting the major equities indexes with no snapping of the oil slide even during the Asian session.

    SP-MAR16 could rise to 1907.25 to place another lower high to fall from again breaking 1849.25 which could supporting level by the end of last week.

    SP-Mar16 has been exposed to increasing down side momentum following forming a lower high at 2074.65 on Dec. 30, after facing difficulty several times to keep a place above 2100 to be exposed to the current downside extension, after failing to return above its daily SMA100 forming resistance at 2016.50.

    SP-Mar16 daily RSI is referring now to existence in its oversold area below 30 reading 26.932 and also its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in the oversold region below 20 reading 17.777 leading its signal line which is still in the neutral territory reading now 24.963.

    Important levels: Daily SMA50 @ 2021.34, Daily SMA100 @ 2005.82 and Daily SMA200 @ 2044.55


    S1: 1830.50
    S2: 1812.38
    S3: 1802.63
    R1: 1907.25
    R2: 1927.25
    R3: 1946.25

    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143

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    #1 fx-recommends, Jan 20, 2016
    Last edited: Jan 20, 2016
    prav likes this.

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