Wait for a pullback to 2.925-2.873 to buy #Gas. | 16 October 2020

 #Gas weekly

Technical observation

 The commodity on the chart above penetrated a zone 2.925-2.873 with a big green candle, it then rose and gapped to the upper side, this an indication of a possible bullish dominance and therefore you can anticipate upwards movement of the value of this commodity. My advice, wait for a correction to the just broken zone and a bounce within it to confirm possible upwards movements before you pick long positions within the same zone with your take profit at 3.740 and stop loss at 2.577. On the weekly chart above, as long as #Gas is contained above 2.925-2.873 you can only expect bullish movements.

Trade recommendation

Wait for a pullback to 2.925-2.873 to buy #Gas.

#ASX weekly

Technical observation

The value of #ASX rose up to the resistance zone 6148.7-6094.1 but did not penetrate above it, this commodity is trading with an increasing bullish momentum within the above mentioned zone and I expect a rejection within it to pick short positions towards the supportive level 5495.1. My advice, sell a bounce within the zone mentioned above with your take profit at 5495.1 and stop loss at 6363.0. Should there be a clear breakout below the line 5495.1 with a big red candle, wait for a pullback to it confirming further bearish rally before you continue short with #ASX towards the key level 4718.4.

Trade recommendation

 Sell a bounce within 6148.7-6094.1 with your take profit at 5495.1.

#IBEX35 weekly

Technical observation

#IBEX35 decline up to the supportive level 6501.7 but could not penetrate below it, it bounced at the line and is currently trading with an increasing bullish momentum., I expect this upwards rally to continue to the resistance zone 7905.8-7822.2 followed by a clear bounce within it to sell this commodity. My advice, remain neutral and wait for a correction to the resistance zone mentioned above and a rejection within it to pick short positions with your take profit at 6501.7 and stop loss at 8296.0. You can only anticipate bullish movements in case of a clear break above 7905.8-7822.2 with a big green candle.

Trade recommendation

 Remain flat.