On the weekly chart above, Brent broke above a key resistance zone then went up. It then got corrected to a key support zone (62.35-59.57), price then went up to a key resistance line 70.16 then got corrected again to the support zone but it could not penetrate below it and got rejected around the zone. Right now price is on a bullish move toward 70.16 and I expect a breakout above it followed by a retracement to the it to buy Brent with my take profit at 70.16 and stop loss around 55.18.In case there’s a clear breakout below (62.35-59.57) wait for a correction to it to confirm bearish movements of price before you short Brent.
Wait for a breakout above 70.16 then buy Brent with my take profit at 70.16 and stop loss around 55.18
Gold weekly review
On the weekly chart above, gold is currentlt rallying around a key resistance line 1349.77. Unless this line is breached above with a big green candle, I choose to remain short on this metal. My expectations is that Gold should plummet in value and may break below 1066.90 towards 1020.0 or lower, As it is, I went short precisely at 1349.77, and is still holding. My expectations is that the price will drop intensely with a possible turn around being 1066.90. On the way downwards, the key lines to look for include 1213.20, 1103.20 and 1066.90. A break below these lines will push the price lower to 1020.00.
Short towards 1066.90
On the weekly chart above,USDILS while on a downward trend retraced at a key resistance zone (3.5479-3.5333) then went down up to a key line 1.3865,USDILS was then corrected back to the resistance zone but could not penetrate above it and it was rejected within it.Last week’s candle closed red and I still expect a possible bearish movement of price this week and the weeks to come. My advice, if you had not entered trade yet you can Short USDILS now with your take profit at 1.3865 and stop loss around 3.5822.In case there’s a clear breakout above (3.5479-3.53330, wait for correction to it before you enter long positions.
Sell USDILS now with your take profit at 1.3865 and stop loss around 3.5822.