Remain flat with #FTSE100 | 11 March 2022

 XAUUSDweekly

Technical observation

Last week the value of the commodity on the weekly chart above rose above the resistance zone 1916.49 -1904.53 with a big green candle and closed bullish above it. This week I expect a correction to the same zone however I would advise that you wait for a second retracement to the zone and a rejection within it to pick long positions with your take profit at 2074.28 and stop-loss at 1836.23. In case of a clear break above the resistance level 2074.28 with a big green candle, I expect a further rise in the value of Gold after a correction to the broken line. I can only recommend short positions in case of a clear breakout below the zone 1916.49-1904.53.

Trade recommendation

Wait for a second correction to the zone 1906.49-1904.53 to buy #XAUUSD.

#NIKKEI Weekly

Technical observation

Last week #NIKKEI declined with a big red candle as I had predicted and this week I expect a continuation of this bearish movement towards the supportive zone 20291-20034 followed by either a bounce at it or a clear breakout below it with a big red candle. If you are currently holding short positions with #NIKKEI I would advise that you remain in the trade with your take profit at 20291 and stop-loss at 28761. On the weekly chart above as long the value of this company's shares is sustained below the zone I have mentioned above, i expect it to surge to the lower side. Bullish positions can only be recommended in case of a clear breakout above 20291-20034 with big green candle.

Trade recommendation

Remain short with your take profit at 2029.

#FTSE100 weekly

Technical observation

Last week the value of #FTSE100 plunged with a big red candle up to the supportive zone 6969.1-6896.7 for the first time in almost six months, however it did not break below the zone but closed bearish above it. As long as the value of this company's shares is sustained above the zone I have mentioned above I expect a possible rally to the upper side. However in case of a clear breakout below the same zone with a big red candle, I expect a correction and a bounce within it followed by a momentum to the lower side. My advice, buy a bounce within the zone 6969.1-6896.7 with your take profit at 7812. If you are skeptic about buying #FTSE100 now I would recommend that you remain neutral.

Trade recommendation

Remain flat temporarily.