Wait for a breakout above 70.16 to buy brent

Brent weekly

Wait for a breakout above 70.16 to buy breny

Technical observation

 Last week Brent rose up to a key line 70.16,this week’s candle opened today at midnight and is showing signs of correcting to the support zone (62.35-60.83) short term traders can short Brent now up to (62.35-60.83)because currently price is at 70.16 which is a key resistance line. You can also wait for a correction to the zone then buy Brent within or around it or, wait for a breakout above 70.16 and a correction to it to buy Brent towards the key line 80.61.If price breaks down below 60.83,wait for a correction to it to confirm bearish movement of price before you buy Brent towards 45.33.

 Trade signal

Wait for either  a break out above 70.16 or a correction to (62.35-60.83) to buy Brent 

Gold weekly 

Wait for a breakout above 70.16 to buy breny

Technical observation

While on  a downward trend, Gold retraced at a key resistance zone (1366.46-1351.22) then rallied down wards .Recently, gold was corrected to the zone and again but could not break up above it and was rejected. Currently it is showing signs of correcting to the zone again and I expect a rejection of it within or around the zone for bearish movements towards the key line 827.03.In case gold does not get rejected and break above (1366.46-1351.22) with a big green candle, then I expect bullish movements towards the key line 1483.03 or even a breakout above it for a a further rise Right now, wait for a correction to (1366.46-1351.22).

Trade signal

Sell gold within (1366.46-1351.22)with your take profit at 1245.37 and stop loss around 1403.29

Platinum weekly

Wait for a breakout above 70.16 to buy breny

Technical observation

Platinum retraced at a key zone (1039.87-1022.98) five times while on a downward trend,currenty it is pulling back to the zone and I expect a rejection of it within or around the zone for a decline in price towards the key line 890.56 or even a breakout below it for a further decline in platinum. In case of a breakout above (1039.87-1022.98) with a big green candle, wait for a correction to the zone to confirm platinum is on a bullish move before you enter long position towards the key line 1172.70 or even further up to the next key line 1388.19if there’s a breakout above 1172.70.Right now remain flat .

Trade signal

Remain flat and wait for a correction to (1039.87-1022.98) to sell platinum.

 

 

 

 

 

 

 

 

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Imelda Maseno
Analyst of «FreshForex» company
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