WTI Crude oil dropped to S3

WTI Crude Oil dropped exactly to weekly S3 support. We had very nice monthly and weekly pivot resistance. After two day FED meeting, weekly S1 failed as a support and we have seen move down below weekly S3 support. However, in the end of week price return above this support and closed on Friday almost exactly at 80$.

WTI Oil, 1-hr chart:

The big fall on Wall st.

Last week was very bad for shares holders.

Let's take a look at 4-hour chart first at DJI30:



The 200 SMA was strong resistance, but finally the index managed to brake above it on September 15. There was another resistance - monthly pivot. Index failed 3 times this month to breake above this pivot. Finally, the fall begun. It stopped at monthly S1 and weekly S2 support.

And here is the same index, but on 1 hour chart:



The 200 SMA and weekly pivot which were very close to each other, failed as a support and a strong sell off has begun. We will see, if there will be any move up from this levels.

Silver down very hard

Silver felt very hard last week, this was the biggest fall on silver since 27 years.

For first half of the week, silver was trying to break above weekly pivot and 200 SMA. This didn't work, so it felt down hard. What is interesting, the fall stoped at monthly S3 support. It's great that pivots works even when it comes to deal with such a dramatic moves.

Silver, 1 hour chart: