Remain short with #ESTX50 | 13 May 2022

#ESTX50 weekly

Technical observation

#ESTX50 Retraced to the resistance zone it established at 4006.1-3969.1 but could not break above it, instead it bounced below it and since then it has been trading with an increasing bearish bias. I expect a continuation of this bearish movement to the supportive level 3378.3 followed by either a clear breakout below it with a big red candle, or a bounce at it followed by another correction to the zone mentioned above. If you are currently holding short positions with #ESTX50 remain in the trade with your take profit at 3378.3 and stop-loss at 4198.9. Should there be a break below the level 3378.3, I expect a further momentum to the level 2270.3.

 Trade recommendation

 Remain short with your take profit at 3378.3.

#Gas weekly

Technical observation

Last week the commodity on the chart above rose and sent a tail to the resistance level 9.003 but could not break above it, however, it still closed bullish below the same level. If you are currently neutral with the commodity above, remain flat and wait for a correction to the supportive level 6.520 then pick bullish positions at it after a bounce with your take profit at 9.003 and stop-loss at 5.674. In case of a clear break above the resistance level 9.003, I expect the value of #Gas to ascend further after a retracement to the broken line. As it is on the weekly chart above, I can only recommend bearish positions in case of a break below the supportive level 6.520.

Trade recommendation

 Remain flat.

#FTSE100 weekly

Technical observation

Since it bounced at the resistance  level 7693.7, #FTSE100 has been trading with an increasing bearish bias for the past five consecutive weeks, my expectation is a continuation of this bearish movement to the supportive zone 6951.1-6897.0 followed by a rejection within it to pick long positions with my take profit at 7693.7 and stop-loss at 6477.0. In case of a clear penetration above the level 7693.7 a further rally to the upper side can be expected after a pullback to the broken line, on the other hand, I expect the value of the commodity on the chart above to plummet towards the supportive level 5531.3 in case of a clear break below the zone I have mentioned above.

 Trade recommendation

 Wait for a correction to the zone 6951.1-6897.0 to buy #FTSE100.