Expecting #HSI to rally towards 14752. | 03 March 2023

#Brent weekly

Technical observation

On the weekly chart above, #Brent declined below the supportive zone 89.08-86.78 with a big red candle; it then retraced to the just broken zone and bounced within it. Currently the value of this commodity is trading with an increasing bearish bias and as long as it is sustained below the resistance zone 89.08-86.78 I expect a continuation of this downwards movement. Right now if you are holding short position with this commodity, I recommend that you remain in the trade with your take profit at 47.07 and stop-loss at 101.33. In case of a penetration below the level 46.07, wait for a pullback to it before you continue short towards 19.15.

Trade recommendation

Remain short with your take profit at 46.07.

#HSI weekly

Technical observation

#HSI retraced to the resistance zone 22713-22263 then bounced within it as I had predicted earlier and since then it has been trading with an increasing bearish bias. As long as the value of this index is sustained below the zone I have mentioned above, I expect it to rally further to the lower side. If you are currently holding short positions with this HSI, I recommend that you remain in the trade with your take profit at the supportive level 14752 and stop-loss at 25130. Should there be a clear break below the level 14752, I expect the value of #HSI to decline further after a pullback and rejection at the broken line.

Trade recommendation

Remain short with your take profit at 14752.

#ASX weekly

Technical observation

The commodity on the chart above rose to the resistance level 7613.3 but did not break above it, instead it bounced at the same level and since then it has been trading with an increasing bearish bias. This downwards movement is a correction to the supportive zone 6503.6-6440.1 and I expect a decline to the zone I have mentioned above followed by a rejection within it. My advice, remain neutral and wait for a pullback to the zone I have indicated above then buy a bounce within it with your take profit at 7613.3 and stop-loss at 6021.8. If there is a clear break below the zone 6503.6-6440.1, I expect the value of ASX to decline towards 5491.5.

Trade recommendation

Remain neutral.