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Wait for a pullback to 5.076-4.856 to sell #Gas.

Wait for a pullback to 5.076-4.856 to sell #Gas. | 24 February 2023

 #Gold weekly

Wait for a pullback to 5.076-4.856 to sell #Gas.

Technical observation

#Gold is trading with an increasing bearish bias between the supportive zone 1673.28-1642.25 and a resistance level 2034.43; this downwards movement is a correction to the zone I have mentioned above and I expect a possible rejection within it followed by a rally to the upper side. My advice, remain neutral and wait for a pullback to the zone 1673.28-1642.25 then buy a bounce within it with your take profit at 2034.43 and stop-loss at 1536.84. If there is a clear break above the level 2034.43, I expect the value of this commodity to ascend in value, on the other hand a decline in the value of Gold can be expected in case of a break below the zone 1673.28-1642.25.

Trade recommendation

Remain neutral. 

#CAC40 weekly

Wait for a pullback to 5.076-4.856 to sell #Gas.

Technical observation

On the chart above #CAC40 rose to the resistance level 7230.6 but did not break above it, instead it bounced at the same level and it is currently trading with an increasing bearish bias, I expect a continuation of this downward movement to the supportive zone 5768.4-5682.1 followed by either a rejection within it or a clear break below it with a big red candle. In case of a bounce within the zone I have indicated above, buy this index with your take profit at 7230.6 and stop-loss at 5185.1, and should there be a clear break below the same zone, wait for a pullback to it before you pick short positions towards the level 4124.3.

Trade recommendation

Remain flat.

#Gas weekly

Wait for a pullback to 5.076-4.856 to sell #Gas.

Technical observation

 The commodity on the chart above declined below the zone 5.076-4.856 and since then it has been trading with an increasing bearish bias. This week, i expect a loss of this downwards movement followed by a correction to the resistance zone indicated above and my advice is, remain flat and wait for a pullback to the zone 5.076-4.856 then sell Gas within it with your take profit at 1.531 and stop-loss at 5.857. If there is a clear break below the level 1.531, I anticipate a further momentum to the lower side after a correction to the broken line. As it is on the chart above, I can only recommend bullish positions in case of a break above the zone 5.076-4.856.

Trade recommendation

Wait for a pullback to the zone 5.076-4.856 to sell #Gas.

Imelda Maseno
Analyst of «FreshForex» company
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