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Expecting #Gas to rally towards 7226.1

Expecting #Gas to rally towards 7226.1 | 11 November 2022

#Gas weekly

 Expecting #Gas to rally towards 7226.1

Technical observation

The value of the commodity on the chart above declined but bounced at the trend line around the supportive zone 5.330-5.077 and since then it has been trading with an increasing bullish bias. As long as it is sustained above this zone, I expect a continuation of this upwards movement to the resistance level 9.527 followed by either a clear break above it with a big green candle. If you are currently holding bullish positions with #Gas, I recommend that you remain in the trade with your take profit at 9.527 and stop-loss at 3.599. If there is a clear break above the level 9.527 continue long towards the level 13.475 after a correction to the broken line and a bounce at it.

Trade recommendation

Remain long with your take profit at 9.527.

#Brent weekly

Expecting #Gas to rally towards 7226.1

Technical observation

 For the past three consecutive weeks the value of #Brent has been trading with an increasing bullish bias and as long as it is contained above the supportive zone it established at 86.78-84.85, I expect a further surge to the upper side. If you bought this commodity within the zone indicated above after a bounce I recommend that you remain bullish with your take profit at 126.20 and stop-loss at 69.64. In case of a break above the level 126.20, wait for a pullback to it before you continue long with #Brent. On the weekly chart above, I can only recommend short positions in case of a clear break below the supportive zone 86.78-84.85.

Trade recommendation

 Remain bullish with your take profit at 126.20.

#ESTX50 weekly

Expecting #Gas to rally towards 7226.1

Technical observation

#ESTX50 has been trading with an increasing bullish bias for a while now and this week I expect a continuation of this movement to the upper side. The anticipated upwards movement is a correction to the resistance zone 3850.1-3809.1 and I expect a possible bounce within this zone. My advice, remain neutral and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 2955.6 and stop-loss at 4075.8, if there is a clear break below the level 2955.6 with a big red candle, wait for a correction and a rejection at it before you continue short towards the lower supportive levels 2274.4 and 1760.0.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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