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Remain Short with #WTI

Remain Short with #WTI | 11 September 2020

 #Brent weekly

Remain Short with #WTI

Technical observation

On the weekly chart above, price bounced within the resistance zone 45.91- 44.49. Last week, the value of this commodity declined with a big red candle and I still expect this downwards movement to continue to the lowest supportive level 25.10. My advice, if you went short with this commodity within the zone mentioned above after a rejection, remain short with this #Brent with your take profit at 25.10 and stop loss at 49.77. On the chart above, as long as price is contained below the zone 45.91-44.49, only bearish movements of #Brent can be anticipated. However you ca expect bullish movements above the zone.

Trade recommendation

Remain short with your take profit at 25.10.

 

#WTI weekly

Remain Short with #WTI

Technical observation

#WTI is trading with an increasing bearish bias below a resistance zone it established 44.66-43.25 and as long as it is contained below this zone, only bearish movements is expected. If you sold the shares of this company within the zone mentioned above after a bounce, remain short with your take profit at 18.14 and stop loss at 49.56. Should there be a clear breakout above the zone 44.66-43.25 with a big green candle, wait for a correction to the just broken zone and a rejection within it to confirm bullish movements of price before you buy with your take profit at 64.11 and stop loss at 38.10.

Trade recommendation

 

 Remain short with your take profit at 18.14.

#ESTX50 weekly

Remain Short with #WTI

Technical observation

On the chart above, the value of the commodity #ESTX50 went down last week with a big red candle and this week this commodity could decline further to the supportive zone 3083.9-3111.5. This downwards movement is a correction to the above-mentioned zone and I expect a rejection within it for bullish movements towards the key level 3674.0. My advice, remain flat with this commodity and wait for a correction to the zone 3083.9-3111.5 and a rejection within it to buy #ESTX50 with your take profit at 3674 and stop loss at 2949.4. Bearish movement can only be anticipated below the zone 3083.9-3111.5.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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