Buy #Brent within 91.33-89.39 | 26 August 2022

#ASX weekly

Technical observation

#ASX pulled back to the supportive zone 6446.5-6365.7 but could not break below it, instead it bounced within the zone and since then it has been trading with an increasing bullish bias and this week I expect a continuation of this upwards movement towards the resistance level 7615.1 followed by either a clear break above it or a bounce at it. If you are currently holding bullish positions with the commodity above, I would recommend that you remain long with your take profit at 7615.1 and stop-loss at 5942.6. As it is on the weekly chart above, I can only recommend short positions in case of a clear break below the zone 6446.5-6365.7.

Trade recommendation

Remain long with your take profit at 7615.1.

#WTI weekly

Technical observation

#WTI is trading with an increasing bearish bias slightly above the supportive zone it established at 74.88-76.69, this downwards movement is a correction to the zone I have mentioned above and I expect a rejection of it within the same zone to pick long positions with my take profit at the key level  118.95 and stop-loss at 61.62. If the value of this commodity rises above the level 118.95, I expect it to ascend towards the level 147.06, however, should there be a clear penetration below the zone 74.88-76.69, I expect it to plummet towards the supportive level 27.92 or lower to the level 9.74. Right now remaining neutral is ideal than picking any position.

Trade recommendation

Remain flat.

#Brent weekly

Technical observation

Last week the value of the commodity above declined to the supportive zone 91.33-89.39 but could not break below it, instead it bounced within the same zone and as long as it remains above this zone I anticipate bullish movements. My advice, pick long positions now within the zone 91.33-89.39 with your take profit at 131.32 and stop-loss at 69.83, if there is a clear break above the level 131.32 with a big green candle, wait for a pullback to it and a bounce before you continue long, however, in case of a clear penetration below the zone indicated above, wait for a pullback to it then sell a bounce within it with your take profit at the level 53.05.

Trade recommendation

Buy #Brent within 91.33-89.39 with your take profit at 131.32.