Top 3 charts of the week: US500, TNOTE, OIL.WTI

Summary:
- Bull market on Wall Street is not over yet
- TNOTE pulls back towards the support level
- WTI crude (OIL.WTI) trades above the resistance level

Upbeat sentiment is still present on the global financial markets. This is especially true when we take a look at the US stock market. Following the latest batch of better-than-expected Chinese data as well as some promising remarks made in relation to the ongoing trade conflict, S&P 500 (US500) pushed higher and distanced away from the support level at 2800 pts handle. Having said that, the odds that US500 will test its ATH in the nearby future increased significantly. 50-session moving averages channel and the aforementioned 2800 pts handle should serve as the closest support level while the all-time-high around 2940 pts handle can be seen as the target for bulls.

Source: xStation5

Situation also looks interesting on the US debt market. 10-year Treasuries (TNOTE) are seen as some kind of a safe haven asset therefore the latest increase in risk appetite can be named as the cause of the latest price drop. From a technical point of view, TNOTE pulled back towards the level marked by the local peak from the turn of the year. The area around $125 handle should be seen as the nearest resistance zone as the 61.8% exterior retracement level of the upward move started in September 2018 can be found there.

Source: xStation5

Last but not least, let’s take a look at the oil market. Oil prices are buoyed by the appetite for riskier assets as well as rumours saying that the OPEC+ group may extend the output cut agreement. In turn, WTI (OIL.WTI) price broke above the 61.8% Fibo level of the latest downward move and the resistance zone marked by the local lows from mid-2018. Moreover, commodity is trading above the 200-session moving average as well, what further highlights bulls’ strength. This moving average should serve as a support level in case a deeper correction occurs. When it comes to potential resistance levels traders should pay attention to $69-70 area as 78.6% Fibo level can be found there. However, it should be noted that strong upward momentum poses risk of a sharp correction occurring later on.

Source: xStation5

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