Remain flat with #Brent | 13 November 2020

Technical observation

The commodity on the chart above has been trading above a supportive zone it established around 5811.2-5763.0. This commodity retraced to the zone mentioned above but could not break below it, it bounced within the same zone and last week, it rallied upwards. I expect a further momentum to the upper side towards the resistance line 6363.0 followed by a clear breakout above it with a big green candle. My advice, If you bought #ASK within the zone 5811.2-5763.0 after a bounce, remain long with your take profit at the level 6363.0 and stop loss at 5554.1. Only bullish positions look ideal on the chart above.

 Trade recommendation

Remain long with your take profit at 6363.0.

#Brent weekly

Technical observation

On the weekly chart above, #Brent is pulling back to a resistance zone 44.62-43.51 with an increasing bullish bias. I expect a loss of this upwards momentum within the zone for a possible rally to the lower side. However, this commodity could still penetrate above the same zone with a big red candle. My advice, remain neutral with #Brent and wait for a rejection within the zone mentioned above to pick short positions with your take profit at 24.84 and stop loss at 49.66. In case there is a clear break above 44.62-43.51, wait for a pullback t it and bounce before you buy this commodity towards 57.94.

 Trade recommendation

Remain flat.

#ESTX50 weekly

Technical observation

#ESTX50 bounced within a supportive zone 2952.5-2928.0. Last week this commodity rose with a big green candle and is still showing sign of rising even further. If you went long within the zone mentioned above after a bounce, remain so with your take profit at 3371.3 and stop loss at 2775.2. In case there is a clear breakout above the line 3371.3 with a big green candle, wait for a correction to it and a bounce confirming further bullish movements of this commodity before you continue long towards the resistance line 3848.2. Only bullish positions look ideal for the commodity on the chart above.

Trade recommendation

 Remain bullish with your take profit at 3371.3.