Remain short with #HSI | 16 September 2022

#HSI weekly

Technical observation

#HSI bounced within the resistance zone 22455-22169 and since then it has been rallying towards the lower side, this week I expect further bearish movements towards the supportive level 17385 followed by either a clear break below it or a rejection at it. If you are currently holding short positions I would recommend that you remain in the trade with your take profit at 17385 and stop-loss at 24212, in case of a clear break below the line 17385, I expect a further surge towards the supportive level 11921, on the other hand if there is a clear break above the zone 22455-22169, I expect #HSI to rise towards the key level 30210.

Trade recommendation

Remain short with your take profit at 17385.

#Brent weekly

Technical observation

#Brent pulled back to the supportive zone 88.92-86.78 but could not break below it, currently this commodity is trading with an increasing bearish bias within the zone indicated above and I expect a loss of this downwards movement followed by a rally to the upper side. My advice, place a pending buy limit order within the zone I have mentioned above with your take profit at 131.13 and stop-loss at 72.21, if there is a clear break above the level 131.13, wait for a correction to the broken line before you continue long.  On the weekly chart above, I can only recommend short positions in case of a clear break below the zone 88.92-86.78.

Trade recommendation

Buy #Brent within the zone 88.92-86.78 with your take profit at 131.13.

#XAUUSD weekly

Technical observation

Last week the value of Gold rose as I had predicted and as long as it remains above the supportive zone 1698.09-1675.24, I expect a continuation of this upwards movement. If you picked long positions within the zone indicated above after a bounce I would advise that you remain in the trade with your take profit at 2037.38 and stop-loss at 1569.97. In case of a break above the level 2037.38, continue long after a correction to the broken line and a rejection at it, however, if there is a clear penetration below the zone 1698.09-1675.24, wait for a correction and a bounce within it before you pick short positions towards the supportive level 1372.29.

Trade recommendation

Remain long with your take profit at 2037.38.

Imelda Maseno
Analyst of «FreshForex» company
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