#SP500 weekly
Technical observation
Last week, #SP500 declined below a supportive zone it established at 4304.9-4254.4 and closed bearish; this week I expect either a continuation of this downwards movement or a correction to the just broken zone. In case there is a pullback to the zone I have mentioned above, pick short positions within it after a bounce with your take profit at 3657.9 and stop loss at 4527.4. Should there be a clear breakout below the supportive level 3657.9 with a big red candle, I expect a further surge towards the lower supportive zone 2970.2-2935.0 or even lower to the level 1804.8. Right now remaining neutral is ideal than picking any positions.
Trade recommendation
Remain neutral.
#Brent weekly
Technical observation
#Brent is trading below a level 117.59 with an increasing bearish bias, my expectation is a decline to the supportive zone 86.66-84.91 followed by a bounce within it for a possible surge to the upper side. My advice, remain neutral and wait for a correction to the zone mentioned above to buy this commodity with your take profit at 117.59 and stop loss at 75.85. In case #Brent rises above the level 117.59 with a big green candle, I anticipate further bullish movements towards the level 131.10 or even higher. As it is on the chart above, I can only recommend short positions in case of a clear breakout below the supportive zone 86.66-84.91.
Trade recommendation
Remain flat.
#FTSE100 weekly
Technical observation
On the weekly chat above, if you bought #FTSE100 within the zone 6969.1-6896.7, remain long and pick your profits at 7812.7. However, if your currently neutral, you can anticipate a bounce at the line 7812.7 followed by another correction to the zone mentioned above to pick long positions. If there is a penetration above the line 7812.7 with a big green candle, wait for a correction to the just broken line and a bounce at it to confirm a possible further momentum to the upper side before you continue long with #FTSE100. In case of a break below the zone 6969.1-6896.7, I expect a decline to the supportive level 5532.8.
Trade recommendation
Remain long with your take profit at 7812.7.
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