Daily Crude Oil Analsys

Intraday trade report for ES & GC

Emini S&P held first support at 2200/2197 perfectly.

Today’s Analysis – 07 December 2016 Updated at 10.41 pm on Dec 6th 2016

Emini S&P bounced through 2208/09 towards the new all-time high at 2213/14. A break above 2216 targets 2219/20 then 2224/25. 

More sideways action is the most likely scenario in overbought conditions. First support at 2209/08 but below here risks a retest of much better support at 2200/2198. A break lower today however risks a slide to good support at 2190/89. Again further losses target 2182/81 but below 2179 tests the best support for this week at 2172/70. Try longs with stops below 2165. A break lower however tests 100 day moving average support at 2159/57.

Levels: R3= 2222.50 | R2=2217.50 | R1= 2214.50 || S1= 2208.25 | S2=2205 |S3=2199.75

es-daily-12-07-2016

Gold very choppy & direction unclear but we are still trending lower in volatile conditions. 
We bounced to initial resistance at 1174/75 & topped exactly here.

Today’s Analysis – 07 December 2016 Updated at 10.41 pm on Dec 6th 2016

Gold has held first resistance at 1174/75 perfectly. Bears appear to be in full control but above here we could target strong resistance at 1185/86. Gains are likely to be limited in the negative trend. However shorts need stops above 1189 to target 1194/95.

For the downside, holding below 1172 keeps the outlook negative & re-targets 1168, 1164/63 & 1161/60 before the low at 1157. Further losses certainly very possible in the bear trend & initially targets 1147/46.

Levels to watch: R3= 1176.1 | R2=1171.8 | R1= 1169.8 || S1= 1165.7 | S2=1163.6 |S3=1160.3

gc-daily-12-07-2016

 

 

 

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