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Technical Outlook for Dow Jones, DAX 30, Crude Oil, Gold Price, Copper & More

Technical Outlook for Dow Jones, DAX 30, Crude Oil, Gold Price, Copper & More

Paul Robinson, Strategist

Global stock markets have continued to recover impressively, led by the Dow Jones treating resistance levels as only minor speed bumps. The DAX recaptured the 2011 trend-line, which is a positive as there is a bit of room for the index to run before the next level of resistance arrives. Crude oil is working its way upward with a series of higher-highs and higher-lows developing over the past month. Gold is backing off towards support, taking interest in how it is treated considering its recent strength.

Technical Highlights:

  • Dow and DAX have a little more room on the upside
  • Crude oil working its way higher with HHs, HLs
  • Gold is backing down towards support test
  • Copper reaching into range resistance

New Quarterly Forecasts are out, check them out along with other helpful resources on the DailyFX Trading Guides page.

Dow and DAX have a little more room on the upside

The Dow’s relentless rise off the December low has allowed the index to take out resistance levels along the way with relative ease, most recently leaving the 200-day in its wake. This puts it on path towards 26k or better. It could turn down without extending that high given how stretched it is, but momentum still favors higher prices at the moment. A quick breather would do it some good first. Shorts won’t hold appeal again until we see a strong break in the upward trajectory.

Dow Daily Chart (between 200-day, price resistance)

Dow daily chart, between 200-day, price resistance

For an intermediate-term fundamental and technical outlook check out the Global Equities Forecast

The push higher yesterday not only put it outside of its recent range but firmly above the 2011 trend-line. If yesterday’s low at 11177 isn’t broken then the bias is towards higher prices, with the area around 11600 targeted next.

DAX Daily Chart (Has room to run a bit higher)

DAX daily chart, has room to run a bit higher

Crude oil working its way higher with HHs, HLs

Crude oil will continue to hold bullish posturing if it can maintain the higher highs and higher lows it began carving out last month. A spot would-be longs may want to lean on is the trend-line connecting those lows. A break of that would be cautionary, with a drop below 51.14 creating a lower-low and tilting the chart in favor of sellers.

WTI Crude Oil 4-hr Chart (Watch for another higher low)

WTI Crude oil 4-hr chart, watch for another higher low

For an intermediate-term fundamental and technical outlook check out the Crude Oil Forecast

Gold is backing down towards support test

Gold is backing off with support not far below. The 1310/05 area may hold here, but if it doesn’t not too far below there is an intersection of support by way of the November trend-line and the January 4 high at 1298. It would make for a nice spot to see how price action plays out.

Gold Daily Chart (Backing down towards support)

Gold daily chart, backing down towards support

For an intermediate-term fundamental and technical outlook check out the Gold Forecast

Copper reaching into range resistance

Copper has been working with a range for several months now and as long as it stays within the top and bottom side levels they will be viewed as points for reversals to take shape. The area from around 2.82 to 2.87 is viewed as significant resistance. Ideally, a reversal bar develops soon, providing a strong cue that we will see the top of the range respected once again.

Copper Daily Chart (Range resistance)

Copper daily chart, range resistance

Resources for Index & Commodity Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, and trading guides to help you improve trading performance.

We also have a series of guides for those looking to trade specific markets, such as the S&P 500, Dow, DAX, gold, silver, crude oil, and copper.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.