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Wait for a correction to buy # WTI

Wait for a correction to buy # WTI | 04 December 2020

#ASX weekly

 Wait for a correction to buy # WTI

Technical observation

The commodity on the chart above is trading with an increasing bearish momentum above a supportive zone it established around 6148.7-6099.7. My expectation is a continuation of this downwards movement to the above-mentioned zone followed by a bounce within it for a momentum to the upper side. My advice, remain flat and wait for a correction to the zone 6148.7-6099.7 and a rejection within it to buy #ASX with your take profit at 6893.3 and stop loss at 5854.1. In case of a break above the line 6893.3, wait for a pullback to it and a bounce before you continue long.

Trade recommendation

 

Remain flat.

#Brent weeky

Wait for a correction to buy # WTI

Technical observation

Last week, the value of the commodity in the weekly chart above penetrated above a zone 45.91-44.62 with a big green candle, this week I expect a pullback to the just broken zone followed by a rejection within it for bullish movement towards the key level 57.94. My advice, remain neutral and wait for the retracement to the zone mentioned above and a bounce within it to but this commodity with your take profit at 57.94 and stop loss at 39.97. In case there is a clear breakout above the line 57.94 with a big green candle, you can anticipate a further surge to the upper side towards the resistance level 71.90.

 Trade recommendation

 Remain neutral.

#WTI weekly

Wait for a correction to buy # WTI

Technical observation

For the past two weeks, the commodity on the chart above has been trading with an increasing bullish bias and this week I expect bearish movements towards the zone 41.50-40.24 followed by a bounce within it for bullish movements towards 60.88. My advice, wait for a correction to the zone 40.24-41.50 and a rejection within it to buy #WTI with your take profit at 60.88 and stop loss at 35.14. If this take profit is triggered and there is a clear breakout above it with a big green candle, the value of this commodity could plummet further to the upper side towards the resistance line marked at 76.85.

 Trade recommendation

Wait for a correction to the zone 41.50-40.24 to buy # WTI.

Imelda Maseno
Analyst of «FreshForex» company
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