#Brent weekly
Technical observation
On the chart above, #Brent pulled back to the resistance zone 89.08-86.78 then bounced within it and since then it has been trading with an increasing bearish bias. As long as it is sustained below the zone I have mentioned above, I expect a continuation of this downwards movement and if you are already holding short positions with this commodity, my advice is, remain in the trade with your take profit at 46.07 and stop-loss at 103.06. In case of a clear break below the level 46.07 with a big red candle, I anticipate the value of #Brent to plummet further towards the supportive level 19.15 or lower. I can only recommend bullish positions above the zone 89.08-86.78.
Trade recommendation
Remain short with your take profit at 103.06.
# Gold weekly
Technical observation
#Gold rose to the resistance level 2034.17 then bounced at it and it is currently trading with an increasing bearish bias, this downwards movement is a pullback to the zone 1666.31-1643.25 and I expect a possible rejection within the same zone. My advice, remain neutral and wait for a correction to the zone I have indicated above then buy a bounce a within it with your take profit at 2034.17 and stop-loss at 1501.65. If the value of this commodity penetrates below the zone I mentioned earlier, I expect it to plunge towards the supportive level 1176.45 or lower; however, in case of a break above the resistance level 2034.17, I expect the value of Gold to ascend after a correction to the broken line and a rejection at it.
Trade recommendation
Remain flat.
# SP500 weekly
Technical observation
#SP500 has been trading with an increasing bearish bias for several weeks now and this week I expect a continuation of this upwards movement, my advice, remain bullish with your take profit at 4785.2 and stop-loss at 3182.7. In case of a penetration above the level 4785.3 wait for a correction to it before you proceed further upwards, however, should there be a clear break below the supportive zone 3523.7-3587.1, I expect possible bearish movements of #SP500, and in that case, I recommend you wait for a correction to the zone and a rejection within it before you pick short positions with your take profit at 2292.4 or lower at 1274.1.
Trade recommendation
Remain long with your take profit at 4785.2.
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