Remain long with Brent towards 57.90 | 12 February 2021

#Brent weekly

Technical observation

The commodity on the chart above is trading with an increasing bullish bias above a supportive zone it established at 37.95-36.50. I expect this upwards movement to continue to the level 57.90 followed by either a clear breakout above it with a big green candle, or a bounce at it followed by a retracement to the zone mentioned above. My advice, if you bought #Brent within the zone 37.95-36.50 after a bounce, remain long with your take profit at 57.90 and stop loss at 29.11. Should there be a clear penetration above the level 57.90 with a big green candle, I expect the value of this commodity to increase towards 79.14.

 Trade recommendation

 Remain long with your take profit at 57.90.

#WTI weekly

Technical observation

#WTI broke above the zone 50.59-49.29 with a big green candle then retraced to it. It then retraced to the just broken zone but did not break below it; the value of this commodity was contained within the zone and is currently trading with an increasing bias. I expect this upwards movement to continue to the key level 76.59 followed by either a clear break above it with a big green candle, or a bounce at it followed by a pullback to the zone 50.59-49.29. If you bought this commodity within the zone mentioned above after a bounce, i would recommend you remain long with your take profit at 76.59 and stop loss at 42.48.

Trade recommendation

 Remain bullish with your take profit at 76.59.

#NIKKEI weekly

Technical observation

#NIKKEI penetrated above a zone 24208-24011 with a big green candle then rose up to the resistance line 28773. Right now, it is trading below the line 28773 with an increasing bearish bias. My advice, wait for a correction to the zone 24208-24011 and a rejection within it to buy this commodity with your take profit at 28773 and stop loss at 21947. In case of a clear breakout above 28773 with a big green candle, I expect a further momentum to the upper side. On the weekly chart above as long as the value of the commodity #WTI is contained above the zone 24208-24011, i can only recommend bullish position.

Trade recommendation

 Wait for a retracement to 24208-24011 to buy #NIKKEI.

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