Charts of the Week: Massive drop in Oil prices, GER30 falls below another significant support level – Op Ed

AxiTrader

USOIL had a massive gap lower at today´s market open following Saudi-Arabia´s decision to increase output despite reduced demand and therefore triggering a price war, say analysts at AxiTrader

The management team at AxiTrader take a look at oil volatility and the lows in the stock market this week

USOIL had a massive gap lower at today´s market open following Saudi-Arabia´s decision to increase output despite reduced demand and therefore triggering a price war. Usually, such weekend gaps are eventually filled, but in current market conditions it might take much longer for such a bounce to occur. Looking at the monthly chart, next major support can be expected around $27.30, while to the topside, resistance is seen between $39.50 and $40

Meanwhile, USD/JPY has found itself under strong pressure as investors remain highly risk averse and are fleeing into safe havens. Lower rate expectations in the US are weighing on the Greenback as well. Looking at the Monthly chart, traders can expect strong support at the 50 % Fibo of the 2011-2015 rally, which lies around $100.78, followed by the psychological support level of $100. To the topside, immediate resistance is seen at $104.60, followed by $105.

GER30 has breached another major support level overnight at 11,000 points, paving the way for further losses. A test of 10,850 support looks increasing likely in the near-term, and DAX bears see the 2018 low at 10,266 points as next significant target. To the topside, traders will be keeping an eye on the 11,255 resistance level, followed by 11,413 points.

The information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. Readers should seek their own advice. Reproduction or redistribution of this information is not permitted.

Find out more about AxiTrader here

The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

Read this next

Digital Assets

TRON approves Wintermute to mint, burn USDD stablecoin

TRON Reserve DAO has welcomed crypto market-making giant Wintermute as the ninth member and whitelisted institution to mint Tron network’s stablecoin, Decentralized USD (USDD).

Metaverse Gaming NFT

Nas Academy and Invisible College introduce innovative model for Web3 education

Singapore-based online learning platform, Nas Academy is joining forces with Invisible College to teach people everything they need to know about the Web3.

Digital Assets

Top exec at BitMEX pled guilty US Bank Act violations, pays $150K fine

BitMEX’s head of business development, Gregory Dwyer pled guilty to violating the US Bank Secrecy Act (BSA) and allowing customers to use the platform to circumvent the federal anti-money laundering rules.

Retail FX

CySEC slaps €150,000 fine on FXBFI, operator of 101investing brand

The Cyprus Securities and Exchange Commission (CySEC) today announced that it has reached a settlement with FXBFI Broker Financial Invest Ltd, trading as 101investing, ordering the firm to pay €150,000 for violating the Investment Services and Activities and Regulated Markets Law.

Retail FX

X Open Hub expands multi-asset offering with new cryptocurrencies and indices

X Open Hub, a multi-asset liquidity provider, announced today that it has extended its offering with inclusion of 30 new cryptocurrencies and two emerging market indices.

Retail FX

Interactive Brokers now offers 24/7 access to crypto trading

Interactive Brokers Group, Inc. (NASDAQ: IBKR) has widened access to cryptocurrency trading for its clients. Specifically, the discount broker extended trading hours for its cryptocurrency products to be traded 24/7, including on the weekends.

Inside View

Natural Language Generation for Multi-Language Social Media Strategies 

Natural Language Generation (NLG) is a crucial growth area in the digital landscape, with the unique potential to be used across multiple industries.

Market News, Technology

The B2Core Android App is Now Available For Download

The first version of the B2Core Android app is available for download, and it has many beneficial features for users.

Digital Assets

XBO taps custodian Fireblocks ahead of crypto exchange’s launch

XBO.com has integrated with digital asset and crypto technology platform Fireblocks ahead of the crypto exchange’s upcoming launch.

<