Wait for a correction to sell #HSI | 02 September 2022

HSI weekly

Technical observation

Last week the value of #HSI is rose with a big green candle and closed bullish between the supportive level 17385 and a resistance zone 22455-22167, and this week I expect a continuation of this upwards movement to the zone mentioned above followed by a rejection within it to pick short positions with my take profit at 17385 and stop-loss at 24703. In case of a clear break below the level 17385 with a big red candle, I expect the value of #HSI to descend further towards the supportive level 11921, however, in case of a break above the zone 22455-22167, I expect it rise to the resistance level 30210 or even higher.

Trade recommendation

Wait for a correction to the zone 22455-22167 to sell #HSI.

#SP500 weekly

Technical observation

On the chart above #SP500 bounced within the zone 3633.8-3682.8 then rose steadily for a while, however, for the past two weeks the value of the commodity above has been trading with an increasing bearish bias, this is a slight correction to the zone mentioned above and I expect a loss of it followed by a surge to the upper side. If you are currently holding long positions I would advise that you remain in the trade and pick your profits at the level 4785.0 and stop-loss at 3267.6 and in case you are flat, remain neutral and wait for another correction to the zone 3633.8-3682.8, or a break above the level 4785.0 to pick long positions.

Trade recommendation

Remain long with your take profit at 4785.0.

#XAUUSD weekly

Technical observation

Last week Gold declined with a big red candle and closed above the supportive zone 1698.9-1675.2 and this week I expect further bearish movements to the same zone followed by a rejection within it. My advice, remain flat and wait for a correction to the zone 1698.9-1675.24 the buy a bounce within it with your take profit at 2037.38 and stop-loss at 1569.76, if there is a clear break above the level 2037.38 with a big green candle, wait for a correction to it before you continue long, on the other hand, in case of a break below the zone 1698.9-1675.24, you can expect a possible rally towards the supportive level 1372.29.

Trade recommendation

Pick long positions with your take profit at 2037.38.