Remain Short with #WTI | 31 May 2019

 #HSI weekly

Technical observation

For the past several weeks, the commodity on the weekly chart above has been declining steadily towards a supportive level 26960, currently it is trading around the line on an increasing bearish momentum and my expectation is either a rejection at the line followed by a correction to the zone 30306-29954, or a clear penetration below it with a big red candle followed by a correction to it for a further bearish rally. If you sold this company’s shares within the above mentioned Zone you can pick your profits now at 26960, but if you are not in a trade currently, remain flat and wat for either another correction or a breakout to trade #HSI.

Trade recommendation

Remain flat.

#SP500, weekly

Technical observation

SP500 is trading between a resistance level 2943.9 and a supportive zone 2681.1-2655.6, I expect a possible decline to the zone followed by a clear breach below it with a big red candle and a correction to it for downwards movement of these shares. Remain neutral and wait for a penetration below 2681.1-2655.6 and a pullback to it to sell this commodity with your take profit at 2403.1 and stop loss at 2758.9, however should there be no break below 2403.1 but a rejection at it then bullish movements of this commodity can be anticipated. On your way downwards the levels to look for include; 2403.1, 2127.5 and 1814.9.

Trade recommendation

Remain neutral.

# WTI, weekly

Technical observation

On the weekly chart above, the value of #WTI’s shares rose towards a resistance zone 63.25-61.56 penetrating above it, however it could not be contained above the zone and went below it before retracing to it. Last week this commodity went down with a big red candle after a bounce within the zone 63.25-61.56 and I still expect more of this bearish rally towards the key level 45.19, if you went short with this commodity within the zone 63.25-61.56 last week, remain in the trade with your take profit at 45.19 and stop loss at 68.45, if you had not sold it yet you can still sell it now. Only short positions can be advisable on the chart above.

Trade recommendation

Remain short with your take profit at 45.19 and stop loss at 68.45.