Upward flag on S&P, oil seen consolidating – Colin Twiggs
Oct 04, 2016, 01:59 PM
Tip TV’s Nick Batsford and Zak Mir discuss technical charts from Colin Twiggs which suggests the S&P 500 index could see selling pressure in the medium-term, while oil may consolidate.
Key points:
Dow Jones Global Index daily chart shows inverted scallop
S&P500 has upward flag formation
DJIA – Potential for long-term selling pressure as highlighted by bearish divergence on Twiggs money flow
NYMEX Crude – A fake OPEC deal, prices could consolidate
Gold – Loses direction