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We are long with #Brent towards 131.04

We are long with #Brent towards 131.04 | 17 November 2023

 #Brent weekly

We are long with #Brent towards 131.04

Technical observation

 Last week #Brent retraced to a lower trend line as indicated above but did not break below it; this week I expect possible bullish movements in the value of this commodity, and I recommend that you enter a trade now with your take profit at 131.04 and stop-loss at 62.07. In case of a clear break above the level 131.04, I expect the value of #Brent to rally further upwards after a retracement to the broken line, on the other hand if there is a clear break below the zone 67.99-69.61, I anticipate a possible plunge towards the supportive levels 46.82 and 19.49 or lower.

Trade recommendation

We are bullish with our take profit at 131.04 and stop-loss at 62.07.

#XAUUSD weekly

We are long with #Brent towards 131.04

Technical observation

The value of the commodity on the weekly chart above has been on a steady upward trend for several weeks now and this week I expect it to ascend even further. If you already picked bullish positions within the zone 1659.89-1641.82, my advice; remain bullish with your take profit at the level 2074.17. Should the value of gold penetrate above the level 2074.17, I expect it to rally further upwards towards 2415.10, however, if there is a bounce at the same line, I anticipate another correction to the zone I mentioned earlier and possible bounce within it to re-buy this commodity.

Trade recommendation

Remain bullish with your take profit at 2074.17.

#NQ100 weekly

We are long with #Brent towards 131.04

Technical observation

On the weekly chart above, #NQ100 retraced to a supportive zone it established at 10860.9-10694.9 then bounced within it and since then it has been trading with an increasing bullish bias with a slight retracement to the lower side. This week I expect a further surge to the upper side and if you are already holding bullish positions with this pair, I recommend that you remain in the trade and pick your profits at the level 16626.9. If there is a clear break above level,16626.9 with a big green candle, you can continue long with this index after a retracement to the broken line.

Trade recommendation

Remain long with your take profit at 16626.9.

Imelda Maseno
Analyst of «FreshForex» company
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