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Wait for a pullback to buy #CAC40.

Wait for a pullback to buy #CAC40. | 04 August 2023

 #SP500 weekly

Wait for a pullback to buy #CAC40.

Technical observation

On the chart above, #SP500 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 that you remain in the trade with your take profit at 4785.2 and stop-loss at 3207.9. If there is a clear break above the level 4785.2, wait for a correction to the broken line and a bounce at it before you continue long, on the other hand, should there be a clear break below the zone 3582.0-3516.3, I expect the value of this index to plummet towards the supportive levels 2185.4 or even lower to the level 998.9.

Trade recommendation

Remain long with your take profit at 4785.2.

#CAC40 weekly

Wait for a pullback to buy #CAC40.

Technical observation

#CAC40 rose to the resistance level 7571.5 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 5768.4-5682.1 and I expect a rejection at it followed by a surge to the upper side. My advice, remain neutral and wait for a pullback to the zone mentioned above then buy a bounce within it with your take profit at 7571.5 and your stop-loss at 5181.3. In case of a penetration below the zone 5768.4-5682.1, pick short positions towards the supportive level 3769.4 or lower.

Trade recommendation

Wait for a correction to the zone 5768.4-5682.1 to buy #CAC40.

#HSI weekly

Wait for a pullback to buy #CAC40.

Technical observation

Since it bounced within the resistance zone 22713-22263, #HSI has been trading with an increasing bearish bias and this week I expect it to plummet even further, if you are already holding short positions, I recommend that you remain in the trade with your take profit at 14752 and stop-loss at 24894. In case the value of this commodity breaks below the level 14752, wait for a pullback to the broken line before you continue short, on the other hand, if there is a break above the zone 22713-22263, I expect a correction and a rejection at the broken zone followed by possible bullish movements towards the key level 31096.

Trade recommendation

Remain short with your take profit at 14752.

Imelda Maseno
Analyst of «FreshForex» company
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