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Wait for a correction to buy Brent

Wait for a correction to buy Brent | 20 April 2018

Brent weekly

Wait for a correction to buy Brent

Technical observation

On the weekly chart above, Brent broke above the key line 70.16 with a big green candle and is currently pulling back to it.I expect a rejection of it within the line or a round it for bullish movements of Brent towards the key line 80.61 and a breakout above it for a further rise in price. I would advise you wait for the correction to buy Brent with your take profit at 80.61 and stop loss around 66.01.On this chart only long positions can be advised right now towards the key line 80.16.Short positions can only be advised in case of a breakout below the key zone (62.35-60.83) with a big red candle.

Trade signal

Wait for a correction to buy Brent with your take profit at 80.16 and stop loss around 66.

 

                                                                                                                                                                               Gold weekly

Wait for a correction to buy Brent

Technical observation

Last week gold corrected to the key zone (1366.46-1351.22) and could not break out above it and got rejected. Right now price is rallying below the zone and I’m looking to sell gold within or around the zone. You can sell gold now or remain flat temporarily and sell gold within the zone with your take profit at 1202.98 and stop loss around 1412.30.In case of a breakout above the zone with a big green candle, wait for a correction to the zone then buy gold towards the key line 1483.03.Right now only short positions look ideal and can be advised. I expect a decline in gold this week and the weeks to come.

Trade signal

Remain flat temporarily.

  Platinum weekly

Wait for a correction to buy Brent

Technical observation

On the weekly chart above, platinum is rallying towards a key line890.56 and I expect a breakout below it for a decline in price towards the key line 811.58 and a breakout below 811.58 for a further decline in price, My advice, wait f or a breakout below 811.58 and a correction to it then short platinum with your take profit at 811.58 and stop loss around 947.32.If price corrects to the zone (1039.87-1023.40) and gets rejected, you can still short platinum from the zone towards the key line 890.56.You can only buy platinum in case of a breakout above the zone with a big green candle and a correction to it.

Trade signal

 

Wait for a breakout below the line 890.56 to short platinum.

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Imelda Maseno
Analyst of «FreshForex» company
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