Remain bullish with #WTI | 28 July 2023

 #WTI weekly

Technical observation

#WTI retraced to the supportive zone 66.33-64.20 then bounced within it and since then it has been trading with an increasing bullish bias for the past four consecutive weeks. This week I anticipate a further momentum to the upper side and if you picked bullish positions within the zone 66.33-64.20, remain in the trade with your take profit at 126.36 and stop-loss at 51.80. If there is a rise above the key level 126.36, continue long with this commodity after a pullback and a bounce at the broken line. As it is on the weekly chart above as long as the value of #WTI is sustained above the zone 66.33-64.20, I can only recommend bullish positions.

Trade recommendation

Remain long with your take profit at 126.36.

#Gold weekly

Technical observation

Gold rose to the resistance level 2034.17 but did not break above it, instead it bounced at the same line and since then it has been trading with an increasing bearish bias. This downwards movement is a correction to the zone 1661.65-1643.25 and I anticipate either a rejection within it or a clear break below it with a big red candle. My advice, remain neutral and wait for a correction to the zone  mentioned above then buy a bounce within it with your take profit at 2034.17 and stop-loss at 1534.94, and in case of a clear break below the same zone, short this commodity towards the supportive level 1176.45.

Trade recommendation

Wait for a pullback to the zone 1661.65-1643.25 to buy #XAUUSD.

#DJI30 weekly

Technical observation

On the weekly chart above, #DJI30 has been trading with an increasing bullish bias for several weeks now and this week I expect it to ascend even further. In case you are already holding long positions with this index, I recommend that you remain in the trade with your take profit at 36396 and stop-loss at 26468. If there is a penetration above the level 36396 with a big green candle, wait for a pullback and a bounce at the broken line before you continue long, on the other hand you can pick short positions towards the supportive levels 18582 and 11251 should there be a clear penetration below the zone 29130-28734.

Trade recommendation

Remain long with your take profit at 36396.