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Remain flat with Brent

Remain flat with Brent | 08 January 2021

 #WTI weekly

Remain flat with Brent

Technical observation

The value of the commodity on the chart above rose and broke above a zone 44.66-43.25 with a big green candle; it then retraced to it but was contained above it and is currently trading with an increasing bullish momentum above the same zone price. I expect this upwards movement to continue to the line 64.93 followed by either a clear breakout above it with a big green candle, or a bounce at it followed by a pullback to the supportive zone mentioned above. My advice, if you bought #WTI within 44.66-43.25 after a bounce, remain long with your take profit at 64.93 and stop loss at 35.14.

 Trade recommendation

 Remain long with your take profit at 64.93.

#ESTX50 weekly

Remain flat with Brent

Technical observation

Following its rejection within 3111.5-3083.9, the commodity on the chart above has been rising steadily towards a line 3674.0. The value of this commodity is currently trading below the resistance line with an increasing bullish momentum and I expect either a loss of this upwards movement at the line or a clear breakout above it with a big green candle. My advice, if you picked long positions at within the zone 3111.5-3083.9 after a bounce, remain long and pick your profits at 3674.9. However, If you are flat, wait for either a break above 3674.9 or a retracement to 3111.5-3083.9 to buy #ESTX50.

 Trade recommendation

 Remain long with your take profit at 3674.9.

#Brent weekly

Remain flat with Brent

Technical observation

 On the weekly chart above, #Brent is trading with an increasing bullish bias below a resistance zone 53.05-51.99, my expectation is a clear breakout above the zone with a big green candle, however, the value of this commodity could still rally downwards.  In case there is a clear break above the zone 53.05-51.99 with a big green candle, wait for a correction to it and a bounce confirming a possible momentum to the upper side before you buy # Brent with your take profit at 72.02 and stop loss at 46.17. On your way upwards the key levels to look for include, 72.07, 97.45, and the upper resistance line 126.57.

 Trade recommendation

 Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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