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Wait for a correction to buy #WTI

Wait for a correction to buy #WTI | 23 September 2022

 #ASX weekly

Wait for a correction to buy #WTI

Technical observation

On the weekly chart above #ASX is trading with an increasing bearish bias slightly above the supportive zone 6446.5-6365.7, this bearish movement is a retracement to the zone mentioned above and I expect a rejection within it to pick bullish positions with my take profit at 7615.1 and stop-loss at 5943.1. If there is a clear break above the level 7615.1 with a big green candle, I expect the value of #ASX to continue upwards with an increasing bullish momentum; on the other hand, in case of a clear penetration below the supportive zone 6446.5-6365.7, I expect a surge towards the supportive level 4724.8.

Trade recommendation

 Wait for a pullback to the zone 6446.5-6365.7 to buy #ASX.

#SP500 weekly

Wait for a correction to buy #WTI

Technical observation

Last week #SP500 declined with a big red candle and this week I expect further bearish movements towards the supportive zone 3680.1-3633.8 followed by a possible bounce within it. My advice, remain neutral and wait for a correction to the zone I have mentioned above then pick bullish positions within it with your take profit at 4785.0 and stop-loss at 3268.6.  I expect the value of the commodity above to plummet further to the upper side in case of a clear break above the level 4785.0, however if there is a break below the zone 3680.1-3633.8, I expect #SP500 to descend  towards the supportive levels 2409.2 and 1530.1.

Trade recommendation

Remain neutral temporarily.

#WTI weekly

Wait for a correction to buy #WTI

Technical observation

# WTI is trading with an increasing bearish bias above the supportive zone 74.86-73.07 and this week I expect a continuation of this downwards movement to the same zone followed by a rejection within it. My advice, remain neutral temporarily and wait for a pullback to the zone indicated above then buy a bounce within it with your take profit at 118.94 and stop-loss at 58.74. In case of a clear penetration above the level 118.94, a further surge to the upper side can be expected after a correction to the broken line, on the other hand, I expect the value of the commodity above to plummet to the lower side in case of a breakout below the zone 74.86-73.07.

Trade recommendation

Wait for a correction to the zone 74.86-73.07 to buy #WTI.

Imelda Maseno
Analyst of «FreshForex» company
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