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We are flat with #Brent

We are flat with #Brent | 19 November 2021

#Gas weekly

 We are flat with #Brent

Technical observation

The value of the commodity on the weekly chart above retraced to the supportive zone 4.843-4.757  and bounced within it as I had anticipated. Right now it is trading with an increasing bullish bias and I expect a continuation of this bullish movement to the resistance line 6.521 followed by either a clear breakout above it with a big green candle, or a rejection at it followed by another pull back to the zone I have mentioned above. If you are currently holding bullish positions with this commodity, remain in the trade with your take profit at 6.521 and stop loss at 4.181. I can only recommend short position below the zone 4.843-4.757.

 Trade recommendation

 

 Remain long with your take profit at 6.521.

#NIKKEI weekly

We are flat with #Brent

Technical observation

 For the past two consecutive weeks #NIKKEI has been trading with an increasing bullish bias below the resistance level 30299, I expect either a loss of this upwards movement at the same level followed by a correction to the supportive zone 27146-26880, or, a clear break above it with a big green candle.  In case of a correction to the zone I have mentioned above, buy a bounce within it with your take profit at 30299 and stop loss at 25407, however, should there be a clear breakout below the same zone with a big red candle, I expect a possible momentum to the supportive level 24169 after a correction to the broken zone.

Trade recommendation

 Remain flat.

#Brent weekly

We are flat with #Brent

Technical observation

 The commodity on the chart above rose steadily up to the resistance level 85.10 but it could not break above it; it bounced at the line and for several weeks now its value has been declining. This bearish movement is a correction to the zone #Brent established at 70.13-68.96 and right now I expect a further surge to the lower side followed by a bounce within the zone to pick long positions with my take profit at 85.10 and stop loss at 62.64. In case of a clear breakout below the supportive zone I have mentioned above with a big red candle, wait for a correction to it before picking short positions towards the level 45.73.

 Trade recommendation

 Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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