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Wait for a correction to buy #Brent

Wait for a correction to buy #Brent | 25 December 2020

 #WTI weekly

Wait for a correction to buy #Brent

Technical observation

On the chart above price broke above a resistance zone 44.66-43.25 with a big green candle and currently, it is trading with an increasing bearish momentum towards the same zone. I expect a loss of this downwards movement within 44.66-43.25 for a surge to the upper side. My advice, wait for a correction to the above-mentioned zone followed by a bounce within it to buy this commodity with your take profit at 64.11 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, you can anticipate a further surge to the upper side towards the line 85.53.

 Trade recommendation

 Wait for a correction to 44.66-43.25 to buy #WTI.

#ESTX50 weekly

Wait for a correction to buy #Brent

Technical observation

The commodity on the chart above rose up to the resistance line 3533.3 but could not break above it and is currently trading with an increasing bearish bias. I expect a continuation of this bearish movement to the supportive zone 3111.5-3083.9. My advice, remain flat and wait for a retracement to the zone 3111.5-3083.9 and a bounce at it to buy #ESTX50 with your take profit at 3533.3 and stop loss at 2952.5. In case this commodity does not retrace to the zone mentioned above and instead penetrates above the key line 3533.3, wait for a correction to it before you pick long positions towards 39845.2.

 Trade recommendation

 

Remain flat.

#Brent weekly

Wait for a correction to buy #Brent

Technical observation

# Brent is trading with an increasing bearish bias above a supportive zone 45.85-44.63. I expect a loss of this downwards movement within the zone mentioned above followed by a surge to the upper side. My advice, wait for a pullback to the zone 45.85-44.63 and a bounce within it to buy this commodity with your take profit at 57.94 and stop loss at 36.35. In case this commodity rises above the resistance line 57.94, you can expect a further momentum to the upper side. On your way upwards the key levels to look for include; 57.94, 72.34and the upper resistance key line 88.03.

Trade recommendation

 Wait for a correction to the zone 45.85-44.63 to buy #Brent.

Imelda Maseno
Analyst of «FreshForex» company
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