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Looking to buy #Brent within 72.71-71.55

Looking to buy #Brent within 72.71-71.55 | 12 November 2021

 #IBEX35weekly

Looking to buy #Brent within 72.71-71.55

Technical observation

#IBEX35 retraced to the supportive zone 8508.7-8405.2 but it could not break below it, instead it bounced within the zone and is currently trading with an increasing bullish bias. As long as this commodity remains above the zone I can only recommend bullish positions. If you bought #IBEX35 within the zone mentioned above, remain long with your take profit at 9978.4 and stop loss at 7711.5. In case of a clear breakout above the level 9978.4 with a big green candle, I expect a further rise towards the upper resistance level 11489.3; however, in case of a clear penetration below the zone 8508.7-8405.2, I expect this commodity to plummet to the level 6427.8.

 Trade recommendation

 Remain long with your take profit at 9978.4.

#XAUUSD weekly

Looking to buy #Brent within 72.71-71.55

Technical observation

The value of the commodity on the weekly chart above is trading with an increasing bullish bias between a supportive zone 1687.90-1702.49 and a resistance level 1904.90, I expect either a continuation of this bullish movement to the resistance level 1904.90 or a loss of this bullish movement followed by a momentum to the supportive zone I mentioned above. In case of a rise to the level 1904.90, I expect either a clear breakout above it with a big green candle or a bounce at it followed by a decline to the zone 1687.90-1702.49. As it is on the chart above, right now remaining neutral is ideal than picking any position.

Trade recommendation

 Remain neutral.

#Brent weekly

Looking to buy #Brent within 72.71-71.55

Technical observation

 #Brent rose up to the resistance level 88.64 as I had anticipated but it could not break above it, it bounced at the level and for the past few weeks it had been trading with an increasing bearish bias, this bearish movement is a correction to the supportive zone 72.71-71.55 and I expect it to continue to the zone followed by a rejection within it. My advice, remain neutral and wait for a correction to the zone mentioned above then buy # Brent within it with your take profit at 88.64 and stop loss at 64.83. In case of a clear breakout below the zone 72.71-71.55, I expect a surge to the lower supportive level 54.77 after a retracement to the broken zone.

 Trade recommendation

 Wait for a correction to the zone 72.71-71.55 to buy #Brent.

Imelda Maseno
Analyst of «FreshForex» company
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