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Remain Short with Brent

Remain Short with Brent | 20 July 2018

Brent weekly

Remain Short with Brent

Technical observation

 On the weekly chart above, Brent retraced to a resistance zone 80.61-78.85, it could not penetrate above it and was rejected. Currently it is rallying towards the support level 61.32.I expect another correction to the resistance zone followed by a rejection from it for possible bearish momentum towards 61.32.If you already sold Brent within 80.61-78.85, remain short with your ideal target at 61.32, if you hadn’t sold it yet, you can wait for a pullback to the zone then short Brent within it with your take profit at 61.32 and stop loss slightly above 80.61.Long positions may only be recommended above 80.61-78.85.

 Trade signal

 Remain short      

Gazprom Weekly

Remain Short with Brent

  Technical observation

 Gazprom is trading on an upward trend. After breaking above a resistance zone 135.56-134.58, it went up then corrected to the broken zone twice before racing up towards the resistance 157.77 but was rejected before reaching it. Right now it is still rallying up towards 157.77 and I expect a rejection of it from the level followed by a correction to 135.56-134.54 and a rejection within the zone for bullish movements towards 157.77.Right now you can wait for a correction to 135.56-134.58 then long Gazprom within the zone with your take profit at 157.77 and stop loss slightly below 134.58.

 Trade signal

 Wait for a correction to 135.56-134.58 then long Gazprom within the zone with your take profit at 157.77 and stop loss slightly below 134.58.

 Platinum weekly

 

Remain Short with Brent

Technical observation

 Four weeks ago Platinum broke down below a key support level 885.02 then rallied down towards a support 753.96 but could not reach it.Currently it is pulling back to the broken zone and I expect a rejection of it from 885.02 for possible bearish momentum towards 753.96.You can remain flat right now and wait for the pullback to 885.02 then short Platinum at it with your take profit at 753.96 and stop loss slightly above 885.02.In case of a breach below 753.96,wait for a correction to it to continue short with platinum towards the lower support level 599.40.Only short positions are ideal on the chart above.

 Trade signal

 Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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