Last week on Friday, the Australian index rallied steadily to the upperside and is still pretty much bullish both on the daily and on the weekly charts. As long as the price remains above the lower trendline, we expect nothing but a possible momentum to the upperside. A breakout and close beyond 6006.0 will mean we are continuing to the upperside with an ultimate target set around 6199.00 and could breakout much higher. On this chart, only a breakout and close below 5716.0 will push the price to the lowerside.
Look for buy positions towards 6008.0.
Lukoil Weekly Review
On the daily chart attached, look oil is currently heading to the lowerside. We we continue to see sustainable below 23.36% fib level, we expect nothing but a possible momentum to the lowerside, the anticipated bearish price rally is the continuation of the impulsive wave (v) to the lowerside and should breakout beyond 4290.5. If you are looking at this chart now, keep looking for long term sell positions with an ultimate target fixed beyond 4100.00 and may breakout much lower.
Look for long term sell positions.
GazpromNef Weekly Review
GazpromNef continues to rally to the lowerside and is still pretty much bearish both on the daily and on the weekly charts. While we continue to see sustenance below 23.6% fib level, we recommend looking for long term sell positions with an ultimate target set around 285.0 and could breakout much lower. If the price pulls back upwards, then expect it to continue upwards towards 38.2% fib level. A breakout above this level will push the price much higher towards 61.8% fib level.
Look for low risk sell positions towards 285.00.