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Wait for a correction to sell #ASX

Wait for a correction to sell #ASX | 24 June 2022

 #Gas weekly

Wait for a correction to sell #ASX

Technical observation

Last week the value of the commodity on the chart above declined with a big red candle and closed above the supportive level 6.520. This week I expect a continuation of this downwards movement to the same level followed by a rejection at it to pick long positions with my take profit at the resistance level 9.003 and stop-loss at 5.584. In case of a clear break above the line 9.003, i expect a further momentum to the upper side; on the other hand should there be a clear penetration below the supportive level 6.520, I expect price to plummet towards the supportive zone 3.607-3.435 or even lower to the key level 1.527.

Trade recommendation

Buy #Gas at 6.520 with your take profit at 9.003.

#FTSE100 weekly

Wait for a correction to sell #ASX

Technical observation

For the past two weeks the value of  #FTSE has been trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 6951.1-6897.0 and I expect a rejection within the same zone to pick long positions with my take profit at 7693.7 and stop-loss at 6487.1. A further surge to the upper side can be anticipated after a clear break above the level 7693.7, however, in case of a clear break below the supportive 6951.1-6897.0 with a big red candle, I expect the value of the commodity above to surge to the supportive level 5531.3 after a pullback to the broken zone and a rejection within it.

Trade recommendation

Remain flat.

#ASX weekly

Wait for a correction to sell #ASX

Technical observation

 On the weekly chart above, #ASX declined with a big red candle below the resistance zone 6900.3-6825.7 and this week I expect possible upwards movements towards the same zone followed by a rejection within it. My advice, remain neutral and wait for a correction to the zone I have mentioned above then pick short positions within it after a bounce  with your take profit at 5769.0 and stop-loss at 7198.6. In case of a clear breakout below the supportive level 5769.0 with a big red candle, I expect a further surge to the key level 4507.3, as long as the value of #ASX is sustained below the zone I can only recommend short positions.

 Trade recommendation

Wait for a correction to the zone 6900.3-6825.7 to sell #ASX.

Imelda Maseno
Analyst of «FreshForex» company
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