We are neutral with #Brent | 21 July 2023

 #FTSE100 weekly

We are neutral with #Brent

Technical observation

#FTSE100 rose to the resistance level 8042.1 then bounced at it and since then it has been trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 6796.4-6721.7 and I expect a possible rejection within it to re-buy this index with my take profit at 8042.1 and stop-loss at 6372.9, in case #FTSE100 is not sustained above the zone 6796.4-6721.7 but clearly breaks below it with a big red candle, wait for a correction to the same zone  before you short this index towards the supportive level 4840.8 or lower.

Trade recommendation

Wait for a correction to the zone 6796.4-6721.7 to re-buy #FTSE100 with your take profit at 8042.1.

#NQ100 weekly

We are neutral with #Brent

Technical observation

#NQ100 retraced to the supportive zone 10689.3-10455.3 then bounced within it and since then it has been trading with an increasing bullish bias. This week I expect a further surge to the upper side and in case you are already holding bullish positions with this index, remain in the trade with your take profit at 16752.1 and stop-loss at 9121.5. If there is a clear break above the level 16752.1, I expect a correction to and a rejection at it followed by a further surge to the upper side, on the other hand should the value of #NQ100 decline below the zone 10689.3-10455.3, I expect bearish momentum towards the supportive levels 6837.1 and 3430.6.

Trade recommendation

Remain long with your take profit at 16752.1.

#Brent weekly

We are neutral with #Brent

Technical observation

On the chart above, #Brent is pulling back to the resistance zone it established at 89.08-86.78 and I expect a rise to the same zone followed by a possible bounce within it. My advice, remain neutral and wait for a correction to the zone indicated above then sell a bounce within it with your take profit at 46.07 and stop-loss at 103.06, if there is a clear break below the level 46.07, I expect the value of Brent to decline further towards the supportive level 19.15, on the other hand, if there is a breach above the zone 89.08-86.78 I anticipate possible bullish momentum towards the key levels 131.14 or higher.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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