We are back after the Easter break and the sentiment is definitely positive. Traders are talking more and more about lifting crucial parts of the lockdowns and are looking on global recovery with hope and optimism. The big story over the weekend was oil with its OPEC meeting but traders don’t seem amazed and the price is currently flirting with the local bottom.
Let’s start with the Jones, where traders are in a good mood and the price is close to its mid-term high. Here, we are still in the wedge, which is a trend continuation pattern, so it still promotes the second leg down. Following a drop below the 38,2% Fibonacci retracement level, the price has dropped even further below the important Fibonacci resistance level of 50%. This can be a good occasion to go short but, to be honest, indices are climbing higher and higher, breaking one resistance after the other. Furthermore, buyers here are supported by the Fed and other central banks…
