We're flat temporarily with #ASX | 29 May 2020

 #Brent weekly

Technical observation

#Brent continues to rise steadily towards the resistance zone 43.00-42.05. I expect a loss of this bullish momentum within the zone for a possible decline in the value of this commodity towards the support 24.97. My advice, remain flat and wait for a retracement to the zone 43.00-42.05 and a bounce within it to sell this commodity with your take profit at 24.97 and stop loss at 49.13. You can anticipate further bearish movements of #Brent in case of a clear penetration below the line 24.97 with a big red candle. On the weekly chart above, as long as Brent is contained below 43.00-42.05, I can only recommend short positions.

Trade recommendation

Remain flat.

#NIKKEI weekly

Technical observation

The value of the commodity on the weekly chart above penetrated above the resistance zone 20304-20136 instead of bouncing within it as I had predicted. I expect a retracement to the just broken zone followed by a rejection within it for possible bullish movements of this commodity towards the resistance line 24213. My advice, remain neutral and wait for a correction to the zone 20304-20136 and a clear rejection within it to buy #NIKKEI with your take profit at 24213 and stop loss at 19332. You can anticipate further bullish movements of this commodity in case of a clear breach above the line 24213.

Trade recommendation

Remain neutral.

#ASX weekly

Technical observation

#ASX has been rising steadily towards the resistance zone 5639.8-5591.6 and is currently trading within it with an increasing bullish momentum. I expect a rejection of this bullish movement within the above-mentioned zone for possible bearish rally toward the supportive level 4718.4. Remain neutral temporarily and wait for a bounce within 5639.8-5591.6 to sell this commodity with your take profit at 4718.4 and stop loss at 5854.1. Continue short with this pair in case of a clear penetration below the line 4718.4 with a big red candle followed by a retracement and a rejection at it.

Trade recommendation

Remain flat temporarily.