Daily analytical report (10/11/17)

2017-11-10T15:59:27
  • Wall Street traders are not satisfied with the details of the new US tax plan and we can see this dissatisfaction the SP500 chart. In technical terms, the price created a double top formation and broke the mid-term upwards trend line. Luckily for buyers, we still have a horizontal support at 2569 and a long-term upwards trend line (black). What is more, the price performed a V-shaped reversal yesterday. Thanks to this, the situation can still be perceived as positive.
  • DAX is having a slightly worse time than its American counterpart. Here, we broke the long-term upwards trend line, which opens the way for a 250-point downswing. The closest support is the green area around 12930 points.
  • Bitcoin is heading down; technically influenced by the false bullish breakout of the ascending triangle. The closest target for the current movement is the long-term upwards trend line around 6600 USD.

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