Spread Betting Week Ahead: Markets approach key resistance levels again…

Spread Betting Week Ahead: Markets approach key resistance levels again

Sandy Jadeja, Chief Technical Analyst at spread betting provider City Index (http://www.cityindex.co.uk/) gives his spread betting insights for the week beginning 28th March:

"Last week's movements have taken the indices back towards the key resistance levels on the upside. The recent moves have certainly caused some uncertainty as to the near term trend. Across different time frames we have both bullish and bearish signals which suggest that very soon we may get a signal that could provide a much clearer pathway for the month of April. Oil prices have retreated from the recent $108.25 high but if we manage to hold onto positive momentum then a re-test of the highs could be on the cards for this week ahead.

FTSE 100 clears 5877 barrier Since the recent low of 5594 the index has gained +5.8% and has also cleared the initial 5847-5877 area. Currently the index is looking to tackle the 5907 and 5975 levels for this week. However the index really needs to maintain the 5775 level as a breach of this support may see the index head back lower towards the 5600 support level. Momentum remains positive and with the index back above its 20 day Moving Average the bulls may hold the upper hand for now. The real test is to see if the 6101 high can be taken out to aim for 6117 6135.

Dow Jones 5 wave pattern still intact From the July lows the Dow Jones index has created a five wave pattern on the Weekly chart. As the recent high of 12391 fell short of the main 12544 level the possibility still remains for a test of this level. But as the index has created a typical 5 wave Elliott Wave pattern within the 12333 12544 resistance barrier the bears will need to take out the 12072 level. This week the index will also need to clear 12291 to maintain a bullish stance.

Crude Oil in range bound mode again... Oil prices maintained the $97.02 level and have seen a move higher but straight into a short term wall. This week the commodity will need to clear $104.65 - $105.66 to ensure that the $108.25 high can be tested. The Moving Average is now flat lining which may suggest that a range bound move is more likely unless a strong momentum thrust is achieved very quickly. Medium term oil prices are probably still in a bullish mode and so pullbacks may favour buying opportunities as long as $97-$94 provide support.

Learn more about spread betting on indices at http://www.cityindex.co.uk/range-of-markets/indices-spread-betting.aspx

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