Remain long with #Gas | 22 July 2022

 ESTX50 weekly

Remain long with #Gas

Technical observation

#ESTX50 closed bearish above the supportive level 3378.3 and this week I expect bullish movements towards the resistance zone it established at 4006.1-3969. My advice, remain flat and wait for correction to the zone mentioned above then pick short positions within it with your take profit at 3378.3 and stop-loss at 4257.1. If there is a clear break below the level 3378.3 with a big red candle, I expect a further momentum towards the supportive level 2731.3 or even lower to the level 2270.3. In case of a clear breakout above the zone 4006.1-3969 with a big green candle, I expect it to surge towards 4407.3.

Trade recommendation

Wait for a correction to the zone 4006.1-3969 to sell #ESTX50.

#Gas weekly

Remain long with #Gas

Technical observation

Last week the value of the commodity on the weekly chart above rose with a big green candle and as long as it is contained above the supportive zone 5.786-5.646, I expect it to rally further upwards. If you picked long positions within the zone mentioned above after a bounce, remain in the trade with your take profit at 9.003 and stop-loss at 4.636. Continue long in case of a clear penetration above the level 9.003 with a big green candle, however, if there is a clear break below the zone 5.786-5.646, pick short positions towards the supportive level 3.607 after a correction to the broken zone followed by a bounce within it.

Trade recommendation

Remain long with your take profit at 9.003.

#FTSE100 weekly

Remain long with #Gas

Technical observation

The value of the commodity on the chart above is trading with an increasing bearish bias above the supportive zone 6951.1-6897.0 and I expect a continuation of this downwards movement to the same zone followed by a bounce within it to pick long positions with my take profit at 7693.7 and stop-loss at 6367.2. If there is a clear break above the level 7693.7 with a big green candle, wait for a correction to it and a bounce before you continue long, on the other hand, should there be a clear breach below the zone indicated above, I expect the value of #FTSE100 to descend towards the supportive level 5531.3 or even lower to 4699.9.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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