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Short #Brent within 42.05-43.27

Short #Brent within 42.05-43.27 | 23 October 2020

 #ASX weekly

Short #Brent within 42.05-43.27

Technical observation

Last week, the value of the commodity on the weekly chart above penetrated above a zone 6148.7-6099.7 with a big green candle. This commodity is still trading with an increasing bullish bias however; I expect correction to the just broken zone and a rejection within it for a surge to the upper side. My advice wait for a correction to the zone mentioned above and a rejection within it to buy #ASX with your take profit at 6893.3. In case of a clear breakout above the line 6893.3 with a big green candle, wait for a correction to it and a bounce confirming further bullish movements before you continue long.

Trade recommendation

 Wait for a correction to buy #ASX. 

#HSI weekly

Short #Brent within 42.05-43.27

Technical observation

#HSI pulled back to a resistance zone it established around 25081-24817 and did not break above it. The value of this commodity was contained below the zone and is currently trading with an increasing bearish momentum. I expect this downwards movement to continue to the supportive zone 20942 followed by a clear breakout below it with a big red candle for a surge to the lower side. My advice, if you went short within the zone 25081-24817 after a bounce remain in the trade with your take profit at 20942 and stop loss at 2601. Only bearish positions look ideal for the commodity above.

Trade recommendation

Remain short with your take profit at 20942. 

#Brent weekly

Short #Brent within 42.05-43.27

Technical observation

#Brent is trading with an increasing bullish bias within a resistance zone 42.05-43.27, I expect a loss of this bullish movement within the same zone for a momentum to the lower side. My advice, sell a bounce within the zone 42.05-43.27 with your take profit at 24.84 and stop loss at 49.66. However, In case there is a clear break above the zone 42.05-43.27 with a big green candle, wait for a correction to it and a bounce within it to confirm a rise in value of this commodity before you pick long position. On your way upwards, the levels to look for include; 57.95, 72.29 and the upper resistance line 86.69.

Trade recommendation

Sell #Brent within 42.05-43.27 with your take profit at 24.84.

Imelda Maseno
Analyst of «FreshForex» company
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