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Daily analytical report (05/04/17)

  • Oil advances higher ahead of the Crude Oil Inventories data. The market is expecting a decline here. Mid-term sell signal on Oil is denied and the price came back above a crucial long-term support on the 53.60 USD per barrel. If the data doesn't disappoint, the buy signal will be on.
  • DAX bounced from the upper line of the channel up formation creating a head and shoulder pattern. We are currently fighting on the neckline. A breakout here could trigger a short-term sell signal with the potential target on the lower line of the aforementioned channel up formation.
  • SP500 is inside a wedge, trying to correct the post-Trump optimism. Correction is flat, bulls are strong, so it is more probable that we will see another upswing anytime soon.

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