We are neutral with #Brent | 11 August 2023

 #WTI weekly

We are neutral with #Brent

Technical observation

The value of the commodity on the chart above retraced to the supportive zone 66.33-64.20 but did not break below it, instead it bounced within this zone and for the past three consecutive week it has been trading with an increasing bearish bias. This week I expect a further surge to the upper side and in case you already picked bullish positions within the zone I mentioned earlier, I recommend that you remain in the trade with your take profit at 126.36 and stop-loss at 51.35. If there is a penetration above the level 126.36, I expect the value of this commodity to ascend further after a correction and a bounce at the broken line.

Trade recommendation

Remain long with your take profit at 126.36. 

#DJI30 weekly

We are neutral with #Brent

Technical observation

#DJI30 is ascending towards the resistance level 36468 and I expect either a bounce at this line or a clear break above it with a big green candle. If you are holding bullish positions, remain in the trade and pick your profits at the level mentioned above. As it is on the chart above, in case of bounce at the level 36468, wait for a correction to the supportive zone 29130-28734 to re-buy this index, on the other hand, if there is a clear breach above level 36463, remain flat and wait for a correction to the broken line and a rejection at it before you continue long. On the weekly chart above, I can only recommend bearish positions below the zone 29130-28734.

Trade recommendation

Remain long with your take profit at 36468.

#Brent weekly

We are neutral with #Brent

Technical observation

 On the chart above, #Brent has been trading with an increasing bullish bias for several weeks now and this week I expect a continuation of this upwards movement to the resistance zone 89.08-86.78 followed by a possible bounce within it, My advice, remain flat temporarily then sell a bounce within the zone I have mentioned above with your take profit at 46.07 and stop-loss at 101.56. If there is a clear break below the level 46.07, I expect the value of this commodity to plummet towards the supportive level 19.15 or lower, on the other hand, in case of a clear break above the zone 89.08-86.78, I anticipate bullish movements towards level 131.14.

Trade recommendation

Remain flat temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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