I expect #ASX to rally towrads 7613.3 | 09 December 2022

 #Brent weekly

Technical observation

#Brent pulled back to the supportive zone 85.75-83.11 then bounced within it and last week it rose with a big green candle, this week i expect a further momentum to the upper side and in case you already picked bullish positions, I recommend that you remain in the trade with your take profit at 126.20 and stop-loss at 69.64.  In case of a clear penetration above the level 126.20, I expect the value of #Brent to ascend further after a retracement to the broken line, on the other hand, if there is a clear break below the zone 85.75-83.11 I expect #Brent to plummet towards the supportive level 46.50 or even lower to the line 19.15.

Trade recommendation

Remain long with your take profit at 126.20.

#Gold weekly

Technical observation

Gold has been trading with an increasing bullish bias for the past three consecutive weeks and as long as it remains above the zone 1673.28-1643.25 I expect it to rally further to the upper side. If you picked bullish positions within the zone I have mentioned above, I recommend that you remain in the trade with your take profit at 2034.43 and stop-loss at 1527.9. Should there be a clear break above the level 2034.43 with a big green candle, I expect the value of Gold to surge further to the upper side after a correction and a rejection to the broken line. A surge to the lower side can only be expected in case of  a break below the zone 1673.28-1643.25

Trade recommendation

Remain long with your take profit at 2034.43.

#ASX weekly

Technical observation

#ASX retraced to the supportive zone 6503.6-6440.1 but did not break below it, instead it bounced within it and since then it has been trading with an increasing bullish bias. This week I expect a continuation of tis upwards movement and in case you are currently holding bullish positions, I recommend that you remain long with your take profit at 7613.3 and stop-loss at 5949.3. If there is a clear break above the level 7613.3 with a big green candle wait for a correction and a rejection at it before you continue long. I can only recommend short positions in case of a clear break below the zone 6503.6-6440.1.

Trade recommendation

Remain bullish with your take profit at 7613.3.