We're short with Brent towards 25.07

 #WTI weekly

We're short with Brent towards 25.07

Technical observation

 Last week, the value of the commodity on the chart above rallied downwards with a big red candle and I still expect further bearish movements this week. If you sold this commodity within the zone 44.66-43.25 after a bounce, remain short with your take profit at 18.14 and stop loss at 49.43. Should there be a clear break above the zone 44.66-43.35 with a big green candle, wait for a correction to the just broken zone and a bounce within it to buy #WTI. On your way upwards the levels to look for are; 64.11, 78.48 and 93.26. As long as #WTI is contained below 44.66-43.35 only bearish positions are ideal.

 Trade recommendation

Remain short with your take profit at 18.14.

#ESTX50 weekly

We're short with Brent towards 25.07

Technical observation

On the chart above, #ESTX50 is trading with an increasing bullish momentum above a supportive zone 3111.5-3083.9. I expect a correction to the above-mentioned zone followed by a rejection within it to long this commodity towards the resistance line 3674.0.  Right now as it is on the chart above remaining neutral with this pair is ideal than picking any position. In case of a clear penetration below the zone 3111.5-3083.9 with a big red candle, I expect a surge to the lower side after a pullback to the just broken zone and a bounce within. You can sell #ESTX50 within 3111.5-3083.9 with your take profit at 2662.1.

Trade recommendation

Remain flat.

#Brent weekly

We're short with Brent towards 25.07

Technical observation

#Brent is trading with an increasing bearish momentum below a resistance zone 45.81-44.50. I expect this downwards movement to continue to the supportive line 25.07 followed by either a clear breakout below it with a big red candle, or, a bounce at it followed by a correction to the zone 45.81-44.50. My advice if you sold this pair within the above mentioned  zone after a bounce, remain short with your take profit at 25.07 and stop loss at 51.09. In case of a clear breakout above the zone 45.81-44.50 with a big green candle, wait for a correction to it before you pick long positions.

Trade recommendation

Remain short with your take profit at 25.07.

Imelda Maseno
Analyst of «FreshForex» company
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