Remain flat with #Gas | 18 August 2023

 #NIKKEI weekly

Remain flat with #Gas

Technical observation

#NIKKEI rose to the key level 33850 but did not penetrate above it, instead it bounced at this line and since then it has been trading with an increasing bearish bias, this week I anticipate a continuation of this downwards movement towards the supportive zone 25436-25126 followed by either a rejection within it or a clear break below it with a big red candle. If there is a bounce within the zone 25436-25126, pick bullish positions with your take profit at 33850 and stop-loss at 22611, on the other hand, if there is a clear breach below the zone I mentioned earlier, short #NIKKEI towards the supportive levels 15127 and 6946.

Trade recommendation

Wait for a correction to the zone 25436-25126 to buy #NIKKEI. 

#CAC40 weekly

Remain flat with #Gas

Technical observation

#CAC40 rose to the resistance level it established at 7594.9 then bounced at it and it is currently trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 5768.4-5682.1 and I anticipate a bounce within it to long this index with my take profit at the level 7594.9 and stop-loss at 5282.8. In case of a clear break above the level 7594.9, wait for a pullback to the broken line before you continue long, on the other hand, should there be a penetration below the zone 5768.4-5682.1, I expect the value of #CAC40 to plunge towards the supportive level 3769.4 or lower.

Trade recommendation

Wait for a correction to the zone 5768.4-5682.1 to buy #CAC40.

#Gas weekly

Remain flat with #Gas

Technical observation

On the chart above the value of #Gas is trading with an increasing bullish bias slightly above the supportive level, this upwards movement is a correction to the resistance zone 5.076-4.915 and I expect a rejection within this zone followed by a surge to the lower side. My advice, remain neutral and wait for a retracement to the zone I mentioned above then sell a bounce within it with your take profit at 1.531 and stop-loss at 6.117, in case of a penetration below the level 1.531, wait for a pullback to the broken line before you continue short, on the chart above, I can only recommend bullish positions above the zone 5.076-4.915.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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