Short platinum below 890.56

Gas weekly

Short platinum below 890.56

Technical observation

After breaking above a resistance zone 2.617-2.557, gas retraced severally to the zone as a support before moving up towards a resistance 3.468.Currently it is rallying between 2.617-2.557and 3.468 and I expect either a correction to the zone and a rejection from it for possible bullish momentum or a rally to 3.468 and a rejection from it for possible bearish momentum advisable for short term traders. I would advise you remain flat and wait for the retracement to 2.617-2.557 then long gas within the zone with your take profit at 3.468 and stop loss around 2.194.Remain long in case of a breakout above 3.468.

Trade signal

 Remain flat.

 

 

         Platinum weekly

Short platinum below 890.56

Technical observation

 Platinum is trading on a downward trend. Platinum retraced six times at a resistance zone 1039.87-1023.40 before rallying down towards a support 890.56, currently it is around 890.56 and I expect a breakout below it followed by a correction to it for possible bearish momentum this week and the weeks to come. I would advise you wait for a breakout below 890.56 followed by a correction to it to short platinum with your take profit at 753.96 and stop loss around 1100.41.If it does not break below 890.56 and instead pulls back to 1039.87-1023.40, short platinum within the zone with your ideal target at 890.56.

 Trade signal

 Wait for a breakout below 890.56 to short platinum

 

 

   Brent weekly          

Short platinum below 890.56

Technical observation

 Brent has been on an upward trend ,recently after rallying to a resistance line 80.61,it could not penetrate above it and was rejected, it then  went down but could not reach the zone 62.35-60.83.Currentlt it is rising towards 80.61 and I expect a breach above it with a big green candle followed by a correction to it for possible bullish momentum towards 103.86.I would advise you remain flat and wait for the breakout above 80.16 then long Brent after a correction to it.If it does not break above 80.16 and instead corrects to the support zone 62.35-60.83,long Brent within the zone with your take profit at 80.61.

Trade signal

Remain flat.

 

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Imelda Maseno
Analyst of «FreshForex» company
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