Buy #ESTX50 within 3163.4-3129.8 | 28 August 2020

 #ESTX50 weekly

Technical observation

Last week the commodity on the chart above went down but could not penetrate below the supportive zone 3163.4-3129.8. This week I expect the value of this commodity to rise to the resistance line 3515.0 followed by a clear breakout above it with a big green candle for further bullish movements. My advice, pick long position within the zone 3163.4-3129.8 after a bounce with your take profit at 3515.0 and stop loss at 3019.7. In case of a clear breakout below the zone 3163.4-3129.8 with a big red candle, wait for a correction to the just broken zone before you short this commodity towards 2695.7.

Trade recommendation

Buy #ESTX50 within 3163.4-3129.8 with your take profit at 3515.0.

#Brent weekly

Technical observation

On the weekly chart above, Brent retraced to a resistance zone around 45.27-44.36 but could not penetrate above it. It bounced within the zone and is currently trading with an increasing bearish momentum. I expect this bearish movement to continue to the supportive level 24.97 followed by a clear breakout below it for a further surge to the lower side. My advice, sell #Brent within the zone 45.27-44.36 with your take profit at 24.97 and stop loss at 50.96. In case of a break above 45.27-44.36, wait for pullback and a bounce within it to confirm possible bullish movements before you buy #Brent.

 Trade recommendation

Sell #Brent within the zone 45.27-44.36 with your take profit at 24.97.

#ASX weekly

Technical observation

Last week #ASX rose to the resistance zone 6138.0-6100.5 but could not penetrate above it. This commodity is currently trading with an increasing bullish momentum and I expect a loss of this upwards movement within the zone 6138.0-6100.5, however, the value of this commodity could still rise above the same zone.  In case of a rejection within 6138.0-6100.5, pick short position within it with your take profit at 4779.9 and stop loss at 6364.8. However, in case of a clear breakout above 6138.0-6100.5, wait for a pullback to the just broken zone and a bounce within it before you buy #ASX towards 7117.4.

Trade recommendation

Sell a bounce within 6138.0-6100.5 with your take profit at 4779.9.