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Short #ASX within 6138.0-6100.5

Short #ASX within 6138.0-6100.5 | 21 August 2020

Short #ASX within 6138.0-6100.5

Technical observation

The value of the commodity on the weekly chart above is trading with an increasing bullish momentum above a supportive zone 3111.5-3083.9. I expect this upwards rally to continue to the resistance level marked around 3554.7 followed by either a clear breakout above it with a big green candle or a bounce and a retracement to the supportive zone mentioned above. My advice, if you bought this pair within the zone 3111.5-3083.9 after a bounce, remain long with your take profit at 3554.7 and stop loss at 2918.9 . You can only anticipate bearish movements of this commodity below the zone 3111.5-3083.9.

Trade recommendation

 

Remain long with your take profit at 3554.7.

#Brent weekly

Short #ASX within 6138.0-6100.5

Technical observation

On the weekly chart above, the value of #Brent is penetrating above a resistance zone 44.36-43.27 and in case of a clear breach above it with a big green candle; I expect a correction to the just broken zone followed by a rejection within it for a surge to the upper side. My advice, remain flat and wait for a clear breakout above the resistance zone 44.36-43.27 with a big green candle followed by a retracement and rejection within it to buy # Brent with your take profit at 58.07 and stop loss at 37.70. As long as #Brent is contained above 44.36-43.27, you can only expect bullish movements of this commodity.

Trade recommendation

Remain flat. 

#ASX weekly

Short #ASX within 6138.0-6100.5

Technical observation

The commodity on the chart above is retracing to a resistance zone 6138.0-6100.5, I expect a loss of this bullish momentum within the above mentioned for bearish movements towards the supportive zone 5436.2-5393.4. My advice, sell a bounce within the zone 6138.0-6100.5 with your take profit at 5436.2 and stop loss at 6368.4. In case of clear breach below the zone 5436.2-5393.4 with a big red candle, you can expect a further surge to the lower side towards the supportive level 4779.9. However, in case of a break above 6138.0-6100.5, a surge to the upper side towards the resistance line 6855.9 is expected.

 Trade recommendation

 Sell #ASX within 6138.0-6100.5 with your take profit at 5436.2.

Imelda Maseno
Analyst of «FreshForex» company
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