Oil Hits the Bottom and S&P500 Jumps!

<p>Good day!</p>
<p>WTI oil has gradually dropped till the 19.00 level against the OPEC+ deal to cut oil output. Oil could potentially hit lows between the 19.00 and 28.00 levels and this range might become a double bottom. Therefore, it would be wise to check the candlestick formations to see if oil gradually grows.</p>
<p>Oil could also break this range down. In this case, oil price might hit the 12.00 level. Of course, everything is still possible in light of current circumstances:</p>
<p><img class="alignnone size-large wp-image-41881" src="http://blog.tickmill.com/wp-content/uploads/2020/04/0-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/0-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/0-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/0-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/0.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>The S&amp;P500 is repeatedly trying to close below the 2790.00 level with a bearish engulfing pattern. Let us remind you that this level is also the middle point of the entire drop that started on February 20, 2020. Therefore, the index could slightly drop targeting the 2340.00 level:</p>
<p><img class="alignnone size-large wp-image-41882" src="http://blog.tickmill.com/wp-content/uploads/2020/04/1-18-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/1-18-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/1-18-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/1-18-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/1-18.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>The price of Euro has formed a very bold and symmetrical triangle, breaking it on top. Having pulled back, the asset has touched the very top of this triangle therefore the EUR/USD could jump:</p>
<p><img class="alignnone size-large wp-image-41883" src="http://blog.tickmill.com/wp-content/uploads/2020/04/2-14-1024×475.png" alt="" width="1024" height="475" srcset="https://blog.tickmill.com/wp-content/uploads/2020/04/2-14-1024×475.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/04/2-14-300×139.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/04/2-14-768×357.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/04/2-14.png 1094w" sizes="(max-width: 1024px) 100vw, 1024px" /></p>
<p>Let us remind you that this material is provided for informative purposes only and cannot be considered as a direct go ahead to implement transactions in the financial markets. Trading in the financial markets is very risky.</p>
<p>The post <a rel="nofollow" href="https://blog.tickmill.com/tech-analysis/oil-hits-bottom-sp500-jumps/">Oil Hits the Bottom and S&P500 Jumps!</a> appeared first on <a rel="nofollow" href="https://blog.tickmill.com">Tickmill</a>.</p>