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Wait for a correction to buy #ASX

Wait for a correction to buy #ASX | 01 January 2021

 #FTSE100 Weekly

Wait for a correction to buy #ASX

Technical observation

The value of the commodity on the weekly chart above is trading with an increasing bearish bias, this downwards movement is a retracement to the supportive zone it established at 6530.0-6467.1, I expect a loss of this movement within same zone for a momentum to the upper side. My advice, remain flat temporarily and wait for a bounce within the zone 6530.0-6467.1 to buy #FTSE100 with your take profit at 7130.5. In case there is a clear breakout below the zone mentioned above with a big red candle, you can anticipate the value of this commodity to plummet to the lower side after a retracement .

 Trade recommendation

Remain neutral temporarily.

#CAC40 weekly

Wait for a correction to buy #ASX

Technical observation

 The commodity on the chart above is trading with an increasing bullish momentum between a supportive zone 5232.9-5175.1 and a resistance key line 5774.0, my expectations is either a rise to the resistance line 5774.0 or a decline to the supportive zone mentioned above. In case of a rise to the line 5774.0, I expect either a clear breakout above it with a big green candle or a bounce at it. This commodity could still decline to the zone 5232.9-5175.1 and if this is the case, you can pick long positions within the same zone after a bounce. Right now remaining neutral with #CAC40 is ideal than picking any position.

 Trade recommendation

 Remain flat.

#ASX weekly

Wait for a correction to buy #ASX

Technical observation

#ASX broke above a zone 6150.4-6099.7 with a big green candle then rallied upwards, currently it is trading below a resistance line 6878.8 with an increasing bearish momentum. This bearish movement is a retracement to the zone mentioned above and I expect a loss of it within the same zone for a surge to the upper side. My advice, wait for a correction to the zone 6150.4-6099.7 and a bounce at it to buy #ASX with your take profit at 6878.8. In case of a clear breakout above the level with a big green candle, I expect the value of this commodity to plummet further to the upper side after a correction.

 Trade recommendation

Wait for a correction to 6150.4-6099.7 to buy #ASX.

Imelda Maseno
Analyst of «FreshForex» company
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