News & Analysis
Eightcap CFD technical insights 12/12/17
UK100 – we’ve seen two solid days of rallies, price has returned to a potential level of resistance. Buyers have beaten 7460 key level but a previous low remains at 7465. This level lines up with a last high made on the 28th of November. The CCI remains indifferent so we’re looking for how price reacts at this current position. We have a strong bull move that’s extended, can buyers continue though this potential resistance, or will we see a short-term correction develop?
GER30 – after last weeks rally buyers looked to have hit a wall from 13,195 – 13,245. Since the 10th of November buyers haven’t been able to close above 13,195 setting up a range high. Momentum looks to be slowing for buyers, are we going to see a drop back into the range or to test the range low? A close above resets the bullish case.
USOUSD (OIL) – bulls have forged a strong move since price hit it’s December low, confirming a new tend point. Price is currently testing $58.30 high. If bulls continue we could see a new test of 58.93, the November and 2017 high. OPEC’s meeting looks to be having the desired effect on oils price for the moment.
Good Trading from Eightcap.
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