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Sell Brent within 80.71-79.28

Brent weekly

Sell Brent within 80.71-79.28

Technical observation

Brent is still declining towards the support 62.19 and I expect a loss of this momentum followed by  a correction to the just broken zone 80.71-79.28 for possible downwards movements to 62.19 and a clear breach below it for further bearish movements towards 43.21.Right now I would advise you wait for the correction to 80.71-79.28 and  a rejection within it to sell Brent with your take profit at 62.19 and stop loss slightly above 80.71.Only short positions can be recommended on the weekly chart above. Long positions may only be advisable above the zone 80.71-79.28 after a correction to it confirming possible bullish movements. 

Trade signal

Wait for a correction to 80.71-79.28.                     

     Gold weekly

Sell Brent within 80.71-79.28

Technical observation

Last week, Gold declined towards the support 1065.10 but could not reach it I still expect more bearish movement towards the above mentioned line followed by a clear break below it for further decline. Should there be no decline towards 1065.10 but arise to the key resistance zone 1382.59-1365.49 and a bounce within it, re-sell Gold within it with your take profit at 1065.10 and stop loss slightly above 1382.59.Long positions may only be advisable in case of a clear breakout above 1.1382.59 with a big green candle followed by a correction to it more than once confirming possible bullish movements towards 1610.36.

Trade signal

We are flat.

                                         Palladium weekly

Sell Brent within 80.71-79.28

Technical observation

Last week Palladium rose to the resistance line 1122.45 but could not penetrate above it and was rejected. Currently it is moving downwards  and I expect a steady rally towards 904.30 and a rejection at it to pick long positions with my take profit at 1122.45 and stop loss around 829.80, you can continue long with palladium after a clear breakout above 1122.45 followed by  a correction to it. In case of a clear break below 904.30, wait for a correction to it to confirm bearish movements of Palladium before you pick short positions, on your way downwards the key lines to look for include; 745.54, 617.17 and 480.71.

Trade signal

Wait for a correction to 904.30 to buy Palladium.

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Sell Brent within 80.71-79.28

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Imelda Maseno
Analyst of «FreshForex» company
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