Wait for a correction to sell #NQ100 | 27 May 2022

 #ASX weekly

Technical observation

#ASX is trading above the supportive zone it established at 7012.2-6956.2 and as long as it is sustained above this zone, my expectation is rally to the resistance level 7617.2 followed by either a clear breakout above it with a big green candle, or a bounce at it followed by a retracement to the zone I mentioned above. If you picked long positions within the zone 7012.2-6956.2 after a bounce, remain long with your take profit at 7617.2 and stop-loss at 6552.2. Should there be a clear penetration below the same zone mentioned earlier, I expect the value of #ASX to decline towards the supportive level 5706.9.

Trade recommendation

 Remain long with your take profit at 7617.2.

#NQ100 weekly

Technical observation

 Since it broke below the zone 13348.1-13106.6, #NQ100 has been trading with an increasing bearish bias, however, I expect a loss of this downwards movement followed by a correction to the zone mentioned above and a bounce within it to pick short positions with my take profit at 10933.0 and stop loss at 14378.8. Should there be a clear penetration below the level 10933.0, I expect the value of the commodity above to surge further towards the supportive level 8036.5 or even lower to the level 4980.8. Bullish positions can only be advisable in case #NQ100 not sustained below the resistance zone 13348.1-13106.6.

 Trade recommendation

Wait for a correction to the zone 13348.1-13106.6 to sell #NQ100.

#DJI30 weekly

Technical observation

 For the past several weeks the value of the commodity on the weekly chart above has been trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone 29589-29176 and I expect a rejection within it to pick long positions with my take profit at 37013 and stop loss at 26432. In case of a clear above the level 37013 with a big green candle, a further surge to the upper side can be expected after a correction to the broken line. I can only recommend bearish positions should the value of #DJI30 descend below the zone 29589-29176 followed by a correction and a bounce within it.

 Trade recommendation

Remain flat.