#ASX weekly
Technical observation
Last week,#ASX went down below a supportive key line 6130.0 with a big red candle, it rallied steadily towards the key supportive zone 5684.1-5639.7 but could not reach it and is still showing signs of declining towards it.This week’s candle opened below 6130.0 and is declining towards the zone, I expect a rally to 5684.1-5639.7 and a rejection within followed by a correction to 6130.0 for possible bearish momentum towards 5684.1-5639.7 and a possible breakout below it for a further decline in price towards 5123.0 or even further down to 4699.7.Wait for a correction to 6130.0 to sell #ASX with your target at 5684.1.
Trade signal
Sell #ASX at 6130.0 with your take profit at 5684.1 and stop loss around 6329.2.
Technical observation
Brent is approaching the resistance zone 80.88-79.19, I expect either a rejection of it within the zone followed by bearish momentum towards the support 67.07 and a breakout below it for a further decline towards 53.34, or, a clear breakout above 80.88-79.19 with a big green candle followed by a correction to it for possible bullish momentum towards the resistance line 90.45 and a possible breach above it for a further rise. I would advise you remain flat temporarily and wait for a close within 80.88-79.19, or a breach above it to trade Brent. On your way downwards the key lines to look for include; 67.07, 53.34 and 38.12.
Trade signal
Remain flat temporarily.
Technical observation
#WTI was rejected at the resistance line 76.87 then rallied down towards 62.63-60.95 but could not reach it. Currently it is pulling back to 76.87 and I expect nothing but a rejection of it at the line followed by bearish momentum towards 62.63 and a breach below it for a further decline towards 41.52.Right now I’m waiting for the correction to 76.87 to pick short position at it with my take profit at 62.63 and stop loss slightly above 76.87.Should there be a breach above 76.87 with a big green candle, wait for a correction to it confirming possible bullish momentum of #WTI before you pick long position towards 92.94.
Trade signal
Wait for a correction to 76.87 to sell Light sweet crude oil.
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