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Wait for a correction to re-buy #FTSE100.

Wait for a correction to re-buy #FTSE100. | 10 November 2023

 #FTSE100 weekly

Wait for a correction to re-buy #FTSE100.

Technical observation

On the weekly chart above, the value of #FTSE100 is trading with an increasing bullish bias between the supportive zone 6861.2-6801.1 and a resistance level 8039.6, this upwards movement is a slight rally to the upper side and I expect a loss of it followed by bearish movements of price, the anticipate surge to the lower side is a pullback to the zone I have indicated above and I expect a rejection within it to re-buy #FTSE100 with my take profit still at 8039.6 and stop-loss at 6367.9. If there is a clear break above the level 8039.6 wait for a retracement to this line before you continue long with this index.

Trade recommendation

Wait for a correction to the zone 6861.2-6801.1 to re-buy #FTSE100.

#CAC40 weekly

Wait for a correction to re-buy #FTSE100.

Technical observation

The value of #CAC40 bounced at the level 7597.5 and since then it has been trading with an increasing bearish bias, this week I anticipate a further surge towards the supportive zone 5747.3-5667.1followed by a bounce within it; my advice, remain neutral and wait for a correction to the zone indicated above then pick bullish positions within it with your take profit at 7597.5 and stop-loss at 5186.0. If there is a clear break below the zone I mentioned earlier, wait for a pullback to this zone and a rejection within it before you short this index towards the supportive level 3519.1 or lower.

Trade recommendation

Wait for a correction to the zone 5747.3-5667.1 to re-buy #CAC40.

#XAUUSD weekly

Wait for a correction to re-buy #FTSE100.

Technical observation

The value of Gold has been rising steadily for the past three consecutive weeks and I expect a possible further surge to the upper side to the key level 2074.17 followed by either a rejection at it or a clear penetration above it with a big green candle. My advice, if there is a bounce at the level I have mentioned above, wait for another correction to the supportive zone 1659.89-1641.82 then re-buy   this commodity within it with your take profit still at 2074.17 and stop-loss at 1503.19. On the other hand in case of a clear break below the zone 1659.89-1641.82, I expect the value of Gold to plunge towards the supportive levels 1033.99 and 539.81.

Trade recommendation

Wait for a retracement to the zone 1659.89-1641.82 to buy #XAUUSD.

Imelda Maseno
Analyst of «FreshForex» company
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