#Brent weekly
Technical observation
Last week, #Brent continued to rally downwards following its penetration below a supportive level 57.80. This commodity is currently trading on an increasing bullish bias and I expect a loss of this upward movement at the line 57.80 for possible bearish price rally towards the key level 43.26 followed by a breakout below it for a further decline in price towards the level 27.60. Wait for a correction to 57.80 and a rejection at it to sell #Brent with your take profit at 43.26 and stop loss at 62.31. Continue short after a penetration below 43.26. Only short positions can be recommended on the chart above.
Trade recommendation
Sell #Brent at 57.80 with your take profit at 43.26.
#HSI weekly
Technical observation
#HSI is trading between a resistance zone 29097-28788 and a support 24871. I expect either a rise to the resistance zone, followed by a rejection within it for bearish movements towards 1.24871. Or, a decline to the support level 24871 followed by a clear penetration below it and a correction to it for downwards movements. Remain flat and wait for either a correction to 29097-24871 or a clear breakout below it and a retracement to it to sell this commodity. On the weekly chart above as long as the value of this commodity is below the resistance zone 29097-24871 only short positions can be advisable.
Trade recommendation
Remain flat.
#WTI weekly
Technical observation
A breakout was seen when this commodity went down below a supportive zone 52.94-51.91 and continued to rally on an increasing bearish momentum last week. Currently it is retracing to the just broken zone and I expect a rejection within it for a downward rally towards the support 42.27 followed by a possible breakout below it for a further decline in value of this commodity. Wait for a correction to the zone 52.94-51.91 and a bounce within it to short #WTI with your take profit at 42.27 and stop loss at 56.25. Further bearish movements can be recommended below the supportive level 42.27.
Trade recommendation
Wait for a correction to the zone 52.94-51.91 to short #WTI with your take profit at 42.27 and stop loss at 56.25.
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