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

 #ASX weekly

Wait for a correction to sell #NQ100

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

Wait for a correction to sell #NQ100

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

Wait for a correction to sell #NQ100

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.

Imelda Maseno
Analyst of «FreshForex» company
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