Bullish pin bar in gas

Gas weekly Review

Wave Analysis

After a massive correction during the previous week, gas recovered almost 100% the value it lost last week. The previous week's weekly candle is a perfect bullish pin bar below a key resistive trendline, We expect a possible breakout above this trendline to pick a long position with an ultimate target at 3.505, and the next at 3.695.  The anticipated bullish price rally should be an impulsive five wave cycle and may break above 3.695 but should not go above 4.650. a clear rebound from this trendline may push the price to the lowerside with an ideal target at 2.567.

Trade Recommendations:

Wait for a breakout above the upper trendline to pick a long position towards 3.695.

Gold weekly Review

Wave Analysis

During the previous week ending 1st of may, gold markets lost slightly against the US Dollar  but is still around akey level 1293.68. We expect the consolidations around this zone to be the end of the corrective wave (iv), that any clear movements to the upperside will be the unfolding of the impulsive wave (c) and (v) to the upperside and may breakout above 1399.96. Unless there's a clear break above this target, then we expexct a possible rebound to pick a short position with an ultimate target at 1203.19.

Trade Recommendations:

Flat but wait for a buy position.


Wave Analysis

During the previous trading week, SPX500 rose significantly to the upper side and is still pretty much bullish both on the daily and the weekly. As long as the price remains above 2715.8, we expect a possible rally to the upper side. The anticipated bullish price rally is the continuation of the impulsive wave (5) to the upper side and may breakout above 2857.0. If this target is broken, then the price will likely rise further but should not go beyond 3000.00 by the end of this month. We don't recommend selling now.

Trade Recommendation.

Remain long towards 2857.0.

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Graham Osano
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