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Monday, August 7, 2017

Technical Forecasts for CFDs (August 2017)


AUS200
Dominant bias: Neutral
In the last two months, this market has not moved in a directional mode. It has been moving only in a zigzag manner since then, in a quite choppy environment. This has led to the current neutrality on the market – which is supposed to continue in the next few weeks. The market is currently not attractive, and thus, no position is recommended until there is a directional movement, which would either push price above the resistance line at 5840.00, or below the support line at 5630.00. As long as price stays between the aforementioned resistance and support lines, the neutral bias on the market would be in place.   

SPX500
Dominant bias: Bullish
SPX500 is bullish in the long-term and neutral in the short-term. While the overall bias remains bullish, price has consolidated in the last two weeks, though bull is still intent on pushing price further northwards. A movement above the resistance level at 2485.0 would result in more emphasis on the bullish bias; while a movement below the support level at 2400.0 would result in a threat to the bullish bias (but that would require a very serious and protracted selling pressure). Before a directional movement occurs, the current short-term consolidation would continue for several trading days.  

US30
Dominant bias: Bullish
US30 is bullish, both in the long-term and the short-term. The bullishness in the market is strong – as emphasized by the Bullish Confirmation Pattern in it. Price was bullish both in June and July (gaining more than 500 points in July). August also started on a bullish note, and price has gone upwards so far, gaining additional 130 points along the way. This month, US30 is expected to continue its slow and steady journey to the north, raking in at least, another 200 points. There could be occasional pauses or shallow pullbacks along the way, but the market movement would generally be bullish.



GER30
Dominant bias: Bearish
This interesting market, fluctuated wildly in June, and became bearish in July. The wild fluctuation is still in place – only that it is happening in a context of a bearish bias. In July, price reached a high of 12679.0 and a low of 12081.9. Any bullish attempts in this market may be seen as opportunities to sell short at better prices. This August, price would first exceed the low of July (12081.9), and then go towards the demand level at 12000.0 which is the ultimate target for the month. However, that does not rule out the possibility that the ultimate target might be breached to the downside, especially in the face strong bearish pressures.  

FRA40
Dominant bias: Bearish
FRA40 became bearish in June, after reaching the high of 5487.7 in May. That high has thus remained the highest price of FRA40 this year, and it could eventually be the high of the year. From the May high, till now, price has moved southward by 3,700 points, doing so in a slow and steady way in July. There is a Bearish Confirmation Pattern in the market, which means that the upwards bounce that has been witnessed in this month is not something to be taken seriously, for price would go further downwards, targeting the demand zones at 5079.0, which could even be breached to the downside. There is a strong demand zone at 5000.0.


Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

Traders’ Mindset: Traders' Mindset
  
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