SGT Chart Book

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WTI Oil: 4-hour Close-Only Chart

Oil broke down after potential signs of slowing global demand, and the break below the recent trading range opens up the downside for potential price targets of retest of 64.80 then 61.50/62.00 area. MACD turning over to downside provides a level of support to this observation.

SP500: 4-hour Close-Only Chart

After significant low put in place October 2022, the choppy price action reacting to various fundamental new items, from interest rates hikes, inflation data, crypto world, banking potential crisis, has traced out a series of higher lows. Levels to watch on the downside are 3,850 and then 3,760/70 areas, upside levels are 4,050/60 and then 4,200.

US 10-year Rates: 4-hour Bar Chart

After peaking late last year around 4.2%, the 10-year yield has chopped around heading lower with some level of support seen on chart at the 3.2 % level, as the market has traced out a down sloping channel topside 4.0 %. This is very fluid and new/data driven. Some market participants believe this is key driver at moment to equities and FX market direction.

Gold 4-hour Bar Chart

Markets seems to be very bullish gold. With a crowded trade like this we may need to see more sideways action before a break and close above the 2,000 level and retest previous chart highs at 2,060 area back in 2022. A break below 1,935 would open for more corrective action.

BTC/USD Daily Close Chart

BTC seems to be benefitting from the financial/banking turmoil. Charts suggest a clean break and close above the resistance zone will get the bulls excited. Support is seen around 24,500/25,000 area on the close only chart.

EUR/USD 1-hour Bar Chart

The first observation would be to comment on the choppy intra-day price action, pulled around by the significant new event of the past few weeks. Breaking of the uptrend line on hourly chart led to deeper move to 50% Fib level at 1.0725, break here offers deeper pullback to 1.0675 (61.8% fib level) and then previous lows around 1.0520 area. The 1.0800/20 area offering initial resistance then 1.0930 previous high from last week price action.

Disclaimer

Trading Desk Observations are not trade recommendations. The purpose of these charts is to bring to your attention potential chart patterns you may wish to monitor.

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