Remain long with #ASX | 28 October 2022

#Gold weekly

Technical observation

Last week the value of the commodity above rose slightly despite the anticipated momentum to the lower side, however it did not break above the resistance zone 1698.9-1675.24 and as long as it is sustained below this zone, I expect nothing but a rally to the lower side, If you are currently holding short positions with the commodity above I would recommend that you remain in the trade with your take profit at 1372.29 and stop-loss at 1809.19. Should there be a clear break below the level 1372.29, you can expect the value of Gold to plummet further towards the supportive level 1053.92 or even lower to 678.60.

Trade recommendation

Remain short with your take profit at 1372.29.

#FTSE100 weekly

Technical observation

#FTSE retraced to the supportive zone it established at 6849.3-6734.3 but did not break below it, instead, it bounced within this zone and last week it rose with a big green candle. This week I expect a continuation of this bullish movement and in case you picked long positions within the zone I have indicated above, I recommend that you remain in the trade with your take profit at 7648.7 and stop-loss at 6373.6. If there is a clear break above the level 7648.7, I expect the value of this commodity to plummet further to the upper side, but in case of a clear penetration below the zone 6849.3-6734.3, I expect the value of #FTSE to decline towards 5483.6.

Trade recommendation

Remain long with your take profit at 7648.7.

#ASX weekly

Technical observation

Last week the value of #ASX rose above the resistance zone 6512.1-6439.5 and this week I expect it to rally further to the upper side. If you picked long positions within the zone indicated above I recommend that you remain in the trade with your take profit at 7612.9 and stop-loss at 5946.2, should there be a clear break above the level 7612.9 with a big green candle, wait for a correction to the just broken level and a rejection at it before you continue long with this commodity. As it is on the weekly chart above, as long the value of #ASX is sustained above the zone 6512.1-6439.5, I can only recommend picking bullish positions.

Trade recommendation

Remain bullish with your take profit at 7612.9.