#WTI weekly
Technical observation
Last week the commodity on the weekly chart above declined towards the supportive zone 58.77-58.74. It neither reached the zone nor rally upwards. This week, i expect a continuation of this bearish movement to the zone mentioned above followed by a rejection within it for a momentum to the upper side. My advice, remain neutral temporarily and wait for a bounce within the zone 58.77-58.74 to buy # WTI with your take profit at 76.73 and stop loss at 53.85. In case of a clear penetration below the zone 58.77-58.74 with a big red candle, pick short positions within it after a retracement and a rejection within it.
Trade recommendation
Remain neutral.
#Gas weekly
Technical observation
Last week, #Gas rose with a big green candle and I still anticipate a surge to the upper side. With the currently looking bearish, I am optimistic of a possible momentum to the upper side. However, in case this bearish movement continues to the supportive zone. If this commodity declines and is contained above the zone mentioned above, it will indicate the presence of buyers, and in case of a clear penetration below it with a big red candle, I expect a rally to the lower side towards the key level .1552 after a retracement to the just broken zone. Right now remain neutral with your take profit at 3.421 and stop loss at 2.181.
Trade recommendation
Remain long with your take profit at 3.421.
#XAUUSD weekly
Technical observation
For the past few weeks, the commodity on the weekly chart above has been rising steadily towards the resistance zone 1784.55-1762.66 and is currently trading within it with an increasing bullish bias. I expect a loss of this bullish rally for a possible reverse momentum towards the key level 1449.85. Right now within the zone 1784.55-1762.66, is the ideal place to pick short position with your take profit at 1449.85 and stop loss at 1855.66. In case of a clear penetration above the zone 1784.55-1762.66 with a big green candle, I anticipate a momentum to the upper side after a retracement to the just broken zone.
Trade recommendation
Sell #XAUUSD within 1784.55-1762.66 with your take profit at 1449.85.
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