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Remain long with #IBEX35 towards 9978.8

Remain long with #IBEX35 towards 9978.8 | 22 October 2021

#Brent weekly

Remain long with #IBEX35 towards 9978.8

Technical observation

The commodity on the weekly chart above has been trading with an increasing bullish bias for several weeks now, the value of #Brent has been increasing towards the resistance level 86.64 and it is currently trading just below it. If you are bullish with commodity you can pick your profits at the level 86.64. On the chart above, I expect either a loss of this upwards movement at the key level 86,64 followed by a correction to the supportive zone 71.55-70.38 or, a clear breakout above the resistance level 86.64 with a big green candle followed by a further surge to the upper side. Right now I can only recommend bullish positions for the commodity above.

 Trade recommendation

Remain long and pick your profits at 86.64.

#NIKKEI weekly

Remain long with #IBEX35 towards 9978.8

Technical observation

#NIKKEI is trading with an increasing bearish bias between the supportive zone 27208-26851 and a resistance level 30770, my expectation is a continuation of this bearish movement to the zone I have mentioned above followed by bounce within it for a momentum to the upper side. As it is on the weekly chart above, remaining neutral right now is ideal than picking any positions. My advice, wait for a pullback to the supportive zone 27208-26851 and buy a bounce within it with your take profit 30770 and stop loss at 25378. In case of a clear penetration below the zone 27208-26851 with a big red candle, I expect the value of this commodity to decrease towards the supportive level 24169.

Trade recommendation

 Remain neutral.

#IBEX35 weekly

Remain long with #IBEX35 towards 9978.8

Technical observation

#IBEX35 retraced to a supportive zone it established at 8529.4-8415.5 but it could not break below it, the value of this commodity was sustained above the zone and since then it has been rising steadily. I expect this upwards movement to continue to the resistance level 9978.8 followed by either a clear breakout above it with a big green candle, or a rejection at it. If you are currently holding bullish positions with this commodity I would advise you remain in the trade with your take profit at 9978.8 and stop loss at 7916.0. On the weekly chart above, as long as #IBEX35 is contained above the zone 8529.4-8415.5, I can only recommend bullish positions.

 Trade recommendation

Remain long with your take profit at 9978.8.

Imelda Maseno
Analyst of «FreshForex» company
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