Expecting #Gas to rally to 6.521

 #Brent weekly

Expecting #Gas to rally to 6.521

Technical observation

For the past several weeks the commodity on the weekly chart above has been trading with an increasing bearish bias. This bearish movement is a correction to the supportive zone it established at 70.13-68.96. I expect a further decline to the zone mentioned above followed by a rejection within it to buy this commodity with my take profit at 85.10 and stop loss at 61.74. In case of a clear breakout below the zone 70.13-68.96 with a big red candle, I expect the value of this commodity to descend to the supportive level 45.73 after a correction to the broken zone. Further bullish movements can be anticipated above the level 85.10.

 Trade recommendation

 Remain neutral.

#NIKKEI weekly

Expecting #Gas to rally to 6.521

Technical observation

 Last week the value of the commodity in the chart above rose with a big green candle and it is currently trading slightly below the resistance level 30299. Despite the currently bearish rally, I expect a further rise to the level I have mentioned above followed by either a clear breakout above it with a big green candle, or a bounce at it followed by a correction to the supportive zone 27146-26880. If there is a break above the level 30299 with a big green candle, wait for a correction to it then pick long positions after at the same line however, should there be a retracement to the zone 27146-26880, re-buy #NIKKEI within it with your take profit  at 30299 and stop loss at 25584.

 Trade recommendation

 Remain neutral.

#Gas weekly

Expecting #Gas to rally to 6.521

Technical observation

#Gas, retraced to the supportive zone it established at 4.843-4.757 but it could not break below it, instead it bounced above the zone and since then the value of this commodity has been trading with an increasing bullish bias. I expect a continuation of this upwards movement to the resistance level 6.521 followed by either a clear breakout above it with a big green candle, or a bounce at it. If you bought #Gas within the zone I stated above after a bounce, remain in the trade with your take profit at 6.521 and stop loss at 4.210. As long as the value of this commodity remains above the zone 4.843-4.757, I can only recommend bullish positions.

 Trade recommendation

 Remain long with your take profit at 6.521.

Imelda Maseno
Analyst of «FreshForex» company
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