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We're flat with #WTI

We're flat with #WTI | 11 December 2020

 #FTSE100 weekly

We're flat with #WTI

Technical observation

The commodity on the weekly chart above broke above a resistance zone 6526.1-6472.3 and as long as it is contained above this zone, you can only anticipate a surge to the upper side In the meantime, I expect bearish movements to the just broken zone followed by a bounce within it to pick long positions towards the key level 7130.5. In case of a clear breakout above the line 7130.5 with a big green candle, the value of this commodity could plummet further to the upper side towards the upper resistance level 7800.7. Right now remaining neutral with FTSE100 is ideal than picking any position.

 Trade recommendation

 Remain flat.

#Brent weekly

We're flat with #WTI

Technical observation

 For two consecutive weeks now, the commodity on the weekly chart above has been pulling upwards with an increasing bullish bias. However, I anticipate bearish movements of price towards the zone 46.17-45.14, this anticipated bearish movement is a correction to the zone mentioned above and my expectation is a loss of it within the same zone for a momentum to the upper side. My advice, remain flat and wait for a pullback to the zone 46.17-45.14 and a bounce within it to buy #Brent with your take profit at 57.81. On your way upwards, the key levels to look for are 57.81, 72.16, and 83.79.

Trade recommendation

 

 Remain neutral.

#WTI weekly

We're flat with #WTI

Technical observation

The value of the commodity on the chart above is trading with an increasing bearish bias above a supportive zone 42.60-41.45. I expect a loss of this downwards movement within the zone for a surge to the upper side, My advice, remain flat and wait for a correction to the zone 42.60-41.45 and a bounce 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, wait for a retracement to it and a bounce confirming a further surge to the upper side, before you continue long towards 76.85.

 Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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