Remain neutral with #Brent | 26 February 2021

 #WTI weekly

Technical observation

The commodity on the weekly chart above is trading with an increasing bullish bias below a resistance line 64.11. I expect a loss of this upwards movement at the same line for a retracement to the supportive zone 44.66-43.25 followed by a bounce within it to pick long positions. My advice, remain flat with this commodity and wait for a correction to the zone mentioned above and buy a bounce within it with your take profit at 64.1 and stop loss at 33.69. Should there be a clear breakout above the line 64.11 with a big green candle, wait for a retracement to it before you continue long towards 86.83.

 Trade recommendation

 Remain neutral.

#IBEX35 weekly

Technical observation

#IBEX35 is trading below a resistance zone 8494.7-8388.8 with an increasing bullish bias and i expect a loss of this bullish movement within the zone for a possible surge to the lower side. My advice, remain flat temporarily and wait for a correction to the zone mentioned above and a rejection within it to pick short positions with your take profit at 6413.0 and stop loss at 9011.6. In case there is no bounce within the zone mentioned above but a clear breakout above it with a big green candle, wait for a pull back to it and a bounce confirming bullish movements before you pick long positions towards 9952.7.

Trade recommendation

 Remain flat temporarily.

#Brent weekly

Technical observation

#Brent rose and broke above a resistance line 57.94 with a big green candle, currently, it is trading above the same line with an increasing bearish bias. This downwards movement is a correction to the line 57.94 and I expect a rejection at it for a momentum to the upper side. My advice, remain flat and wait for a second correction to the line 57.94 to buy #Brent with your take profit at 72.03 and stop loss at 50.96. In case the value of this commodity penetrates above the line 72.03, you can anticipate a further momentum to the upper side to the key level 88.50 after a retracement to the just broken line.

Trade recommendation

Remain neutral.

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