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Wait for a correction to buy #Brent.

Wait for a correction to buy #Brent. | 25 February 2022

#NIKKEI weekly

Wait for a correction to buy #Brent.

Technical observation

Last week the value of #NIKKEI declined as I had predicted and this week I expect a continuation of this bearish movement towards the supportive level 24041. If you picked short positions within the resistance zone 27470-27146, I would advise that you remain in the trade with your take profit at 24041 and stop loss at 28766. At the level 24041 I expect either a clear breakout below it with a big red candle, or a bounce at it followed by another correction to the zone I have mentioned above. In case of a clear breakout below the level 24041 with a big red candle, I expect the value of #NIKKEI to descend towards the supportive level 19778.

 Trade recommendation

 Remain short with your take profit at 24041.

#WTI weekly

Wait for a correction to buy #Brent.

Technical observation

#WTI rose with a big green candle above the level 83.67 and last week it declined towards the same line. This bearish movement is a correction to the level I have mentioned above and I expect a further decline to the level followed by a rejection at it and a surge to the upper side. My advice, remain flat and wait for a correction to the line 83.67 then pick long positions at it after a bounce with your take profit at 110.17 and stop loss at 75.75. In case of a clear breakout above the level 110.17 with a big green candle, I anticipate a further surge upwards. As long as #WTI is contained above the level 83.67, I can only recommend bullish positions.

 Trade recommendation

 Remain flat.

#Brent weekly

Wait for a correction to buy #Brent.

Technical observation

The value of the commodity on the weekly chart above rose with a big green candle above the resistance zone 86.66-84.91, it then proceeded upwards for some weeks however last week it declined with a big red candle. This week I expect a continuation of this bearish movement to the zone I have mentioned above followed by a rejection within it to pick long positions with my take profit at 117.59 and stop loss at 75.58. In case of a clear break above the level 117.59, I expect a further momentum to the upper side, on the flip side in case of a break below the zone 86.66-84.91; I expect the value of #Brent to plummet towards 52.95.

 Trade recommendation

Wait for a correction to the zone 86.66-84.91 to buy #Brent.

Imelda Maseno
Analyst of «FreshForex» company
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