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We are flat with #Gas

We are flat with #Gas | 26 May 2023

#Brent weekly

 We are flat with #Gas

Technical observation

 On the chart above, the value of #Brent is trading with an increasing bearish bias below the resistance zone 89.08-86.78 and as long as it is sustained below the same zone I anticipate a further momentum to the lower side. If you picked short positions within the zone I have indicated above, my advice is, remain in the trade with your take profit at 46.07 and stop-loss at 103.70. Should there be a clear break below the level 46.07 with a big red candle, you can anticipate a decline in the value of this commodity towards the supportive level 19.15 or lower. I can only recommend bullish positions above the zone 89.08-86.78.

Trade recommendation

Remain short with your take profit at 46.07.

#Gas weekly

We are flat with #Gas

Technical observation

 #Gas declined to the supportive level 1.531 but did not break below it, instead it bounced above the same line and since then it has been trading with an increasing bullish bias. This week, I expect a further surge to the upper side; the anticipated upwards movement is a correction to the resistance zone # Gas established at 5.076-4.915 and I expect a possible rejection within the same zone followed by a rally to the lower side. My advice, remain neutral  and wait for a pullback to the zone I have mentioned above then sell a bounce within it with your take profit at 1.531 and stop-loss at 6.100. Continue short in case of a penetration below the level 1.531.

Trade recommendation

Remain neutral.

#NQ100 weekly

We are flat with #Gas

Technical observation

The commodity above has been trading with an increasing bullish bias for several weeks now and this week I anticipate a further surge to the upper side, if you are already holding bullish positions, I recommend you remain in the trade with your take profit at 16752.1 and stop-loss at 9121.5. In case of a clear break above the level 16752.1 with a big green candle, wait for a correction to it before you continue long, on the other hand, if there is a clear penetration below the supportive zone 10689.3-10455.3, you can pick short positions towards the key levels 6837.1 and 3430.6 after a correction to the broken zone.

Trade recommendation

Remain long with your take profit at 16752.1.

Imelda Maseno
Analyst of «FreshForex» company
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