Remain bearish with #HSI | 17 March 2023

#Brent weekly

 Remain bearish with #HSI

 

Technical observation

Last week the value of the commodity on the weekly chart above declined with a big red candle after it bounced within the zone 89.08-86.78, and this week as long as it is sustained below the zone I have mentioned above, I expect a continuation of this downwards movement. My advice, if you are currently holding short positions with this commodity, remain in the trade with your take profit at the supportive level 46.07 and stop-loss at 101.57, in case of a clear break below the level 46.07 with a big red candle, wait for a pullback and a bounce at it before you continue short with Brent towards the supportive level 19.15.

Trade recommendation

 

Remain short with your take profit at 46.07.

#HSI weekly

Remain bearish with #HSI

Technical observation

Since it bounced within the zone 22713-22263, #HSI has been trading with an increasing bearish bias for several weeks and I still expect it to descend further. If you picked short positions within the zone I have mentioned above, I recommend that you remain in the trade with your take profit at 14752 and stop-loss at 25216. In case there is a clear break below the level 14752, wait for a pullback to the broken line and a bounce at it before you continue short, on the other hand, should there be a clear break above the zone 22713-22263, I expect the value of this index to ascend towards the resistance level 30210 or even higher to 33304.

Trade recommendation

Remain bearish with your take profit at 14752.

#ASX weekly

Remain bearish with #HSI

Technical observation

#ASX rose to the resistance level 7613.3 but did not break above it, instead it bounced at the same level and since then it has been trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 6503.6-6440.1 and I expect a rally to the zone indicated above followed by a rejection within it. My advice, remain flat and wait for a correction to the zone 6503.6-6440.1 then buy a bounce within it with your take profit at 7613.3 and stop-loss at 6080.2. In case of a clear break below the 6503.6-6440.1, I expect the value of #ASX to decline towards the levels 5491.5 or lower to 4506.1.

Trade recommendation

Wait for a correction to the zone 6503.6-6440.1 to buy #ASX.

Imelda Maseno
Analyst of «FreshForex» company
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