#WTI weekly
Technical observation
The value of the commodity on the weekly chart above is trading between a supportive zone 59.77-58.74 and a resistance level 76.73. my expectations is bullish movements to the key level 76.73 followed by either a clear break above it with a big green candle, or a bounce at it followed by a another retracement to the zone I have mentioned above. If you picked long positions within the zone 59.77-58.74 and is currently long, remain in the trade with your take profit at 76.73 and stop loss at 52.70. AS long as #WTI is backed above the zone 59.77-54.74, I can only recommend bullish positions for the commodity above.
Trade recommendation
Remain bullish with your take profit at 76.73.
#Gas weekly
Technical observation
The value of the commodity on the chart above rose and penetrated above a resistance level 4.398 and currently it is trading above the just broken level with an increasing bearish bias. This bearish movement is a backtrack to the just broken level and I expect a loss of it at the same line followed by a momentum to the upper side. However, it is ideal to pick long positions on the second retracement to the key 4.398 than on the first one. My advice, wait for a correction to the level 4.398 and a buy a bounce at it with your take profit at 5.215 and stop loss at 4.143. In case of a breach below the level 4.398, I anticipate a surge to the lower side.
Trade recommendation
Buy #Gas at 4.398 with your take profit at 5.215.
#XAUUSD weekly
Technical observation
Since its rejection within the supportive zone 1693.37-1682.43, #XAUUSD has been trading with an increasing bullish bias for two consecutive weeks and I still expect further bullish movements this week towards the resistance level 1976.02. If you bought this commodity within the zone I have mentioned above after a rebound, remain long with your take profit at 1976.02 and stop loss at 1594.90, In case of a break above the resistance level 1976.02 with a big green candle, I expect possible further bullish movements if this commodity. On the weekly chart above I can only recommend short positions below the zone 1693.37-1682.43.
Trade recommendation
Remain long with your take profit at 1976.02.
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