Buying Gas

Gas weekly Review

Buying Gas

Wave Analysis

After a spectacular spike to the upper side, Gas corrected itself 100% buy failed to break below both the supportive trendline and also below the level 2.633. As long as these two remains intact, we expect a possible slow move upwards towards 4.530 or even higher. On its way upwards, the key lines to look for include 3.670, 4.360 and 4.705. And on the contrary, should price break below 2.633, then this will be an ideal place to look for long term short positions towards 1.775 and may breakout even lower towards 1.00.

Trade Recommendations:

Wait for a clear bounce from 2.633 to pick a long position.

Gold Weekly Review

Buying Gas

Wave Analysis

According to the chart attached, there's a possible cup formation. From late 2017, we saw a possible Cup handle  formation, and currently, where the price is now, we're seeing a possible completion of the curved part of the cup. Despite the two bearish candles seen last two weeks, we expect the bounce from  1293.70 to have marked an end to the impulsive wave (iii), that any clear move to the lowerside will be the continuation of the corrective wave (iv) to the lowerside but should not go below the supportive trendline where we'll be looking to buy the last impulsive wave (v) towards 1348.82.

Trade Recommendations:

Rebuy a bounce from the lower trendline towards 1348.82.

SPX500 Weekly Review

Buying Gas

Wave Analysis

Few weeks ago, SPX500 bounced off from the weekly support level 2422.5, and has now pulled back to a key zone 2585.9-2623.2, as we mentioned previously, as long as the price does not break clearly above this level, we are waiting for a possible bounce to pick a sell position, a rise above 2585.9 will mean waiting for  another break above 2623.2 to confirm that we're long towards 2944.5. On its way upwards, the key lines to look for include 2770.5, 2886.0 or even higher. As it is, its good to remain on the sidelines and wait for a clear sign.

Trade Recommendations:

On the sidelines.

BECOME FRESHFOREX ANALYST!

 

Graham Osano
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