#SP500 weekly
Technical observation
The commodity on the weekly chart above is trading with an increasing bearish bias slightly above the supportive zone 3590.6-3523.7, this downwards movement is a correction to the zone i have mentioned above and I expect a rejection within it followed by a surge to the upper side. My advice, remain neutral and wait for a correction to the zone indicated above then buy a bounce within it with your take profit at 4791.3 and stop-loss at 3202.9 . In case of a clear break above the level 4791.3 with a big green candle, I expect the value of this commodity to ascend further to the upper side. Short positions can only be recommended below the zone 3590.6-3523.7.
Trade recommendation
Remain neutral.
#WTI weekly
Technical observation
#WTI pulled back to the supportive zone 71.95-68.82 but did not break below it, instead it bounced within the zone and since then it has been trading with an increasing bullish bias and as long as this commodity is contained above the zone I mentioned earlier, I can only recommend bullish positions. If you picked bullish positions within the zone I have indicated above, remain in the trade with your take profit at 119.86 and stop-loss at 56.95 and in case there is a clear break above the zone 119.86, remain long with #WTI after a correction to the broken line and a rejection at it. I can only recommend short positions below the zone 71.95-68.82.
Trade recommendation
Remain long with #WTI with your take profit at 119.86.
#Brent weekly
Technical observation
On the weekly chart above, # Brent declined below the zone 87.42-84.85 then pulled back to it and it is currently trading within it with an increasing bullish bias, this upwards movement is a correction to the zone I have mentioned above and I expect a rejection within it to pick short positions with my take profit at 54.85 and stop-loss at 98.99, in case of a clear break below the level 54.85 with a big red candle, I expect the value of this commodity to plummet further to the lower side towards the supportive level 19.29. As long as this commodity is contained below the zone 87.42-84.85, I can only recommend short position.
Trade recommendation
Sell #Brent within 87.42-84.85 with your take profit at 54.85.
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