We are flat with #SP500 | 03 June 2022

#ESTX50 weekly

Technical observation

Last week the value of the commodity on the chart above rose with a big green candle and this week I expect a continuation of this upwards movement to the resistance zone 4006.1-3939.1 followed by a bounce within it to pick short positions with my take profit at 3378.1 and stop-loss at 4219.5. At the supportive level 3378.3, the value of this pair could either penetrate below it with a big red candle or bounce at it then pullback to the zone I have mentioned above. Right now as it is on the weekly chart above I would recommend that you remain neutral and wait for a pullback to 4006.1-3939 to short #ESTX50. Further bearish movements of the value of this commodity towards the level 2731.3 can be expected in case of a break below 3378.1.

Trade recommendation

 Wait for a correction to the zone 4006.1-3939.1 to sell #ESTX50.

#CAC40 weekly

Technical observation

#CAC40 rose with a big green candle last week and as long as it is sustained above the zone 6145.2-6063.8, I expect a continuation of this upwards movement towards the resistance level 7226.1. If you are currently holding bullish positions with the pair above, remain in the trade with your take profit at 7226.1 and stop-loss at 5686.3. Should there be a clear break above the level 7226.1 wait for a pullback to it and bounce before you continue long with this commodity, on the other hand, should there be a penetration below the zone I mentioned above, I expect the value of the commodity above to plummet towards the supportive level 4568.4.

 Trade recommendation

 Remain long with your take profit at 7226.1.

#SP500 weekly

Technical observation

The value of the commodity on the weekly chart above is trading with an increasing bullish bias below the resistance zone it established at 4254.4-4203.8, this upwards movement is a correction to the zone I have mentioned above and I expect a bounce within the same zone to pick short positions with my take profit at 3657.9 and stop-loss at 4512.2. As long as the value of #SP500 is sustained below the zone 4254.4-4203.8, I can only recommend bearish positions and on your way downwards the key levels to look for include; 3657.9, the supportive zone 3031.0-2985.5 and the lower level 2186.6. Right now remaining neutral is ideal than picking any positions.

Trade recommendation

Remain flat.