Wait for a correction to sell #WTI | 07 June 2019

 #HSI weekly

Technical observation

Ever since the commodity on the weekly chart above penetrated below a supportive zone 29367-29044, its value has been declining steadily and my expectation is a correction to the just broken zone followed by a bounce within it for bearish rally towards the support 25235 and a possible breach below it for a further decline towards 21472.Remain flat and wait for a correction to zone 29367-29044 and a rejection within it to sell #HSI with your take profit at 25235 and stop loss at 30600, continue short after a clear penetration below the line 25235 with a big red candle followed  by a correction and a rejection at it.

Trade recommendation

Remain flat.

#SP500 weekly

Technical observation

#SP500 rose to a resistance line 2943.9 but could not break above it, it was rejected and is currently pulling back to a supportive zone 2681.1-2655.6 and my expectation is a clear rejection of this company’s shares within the above mentioned zone for bullish momentum towards 2943.9 and a possible break above the line for a further rise. Right now i would advise you remain neutral and wait for a decline to 2681.1-2655.6 and a bounce within it to buy these shares with your take profit at 2943.9 and stop loss at 2566.3.As long as #SP500 is contained above the zone 2681.1-2655.6, only long positions can be recommended.

Trade recommendation

Remain neutral.

#WTI weekly

Technical observation

The commodity on the weekly chart above went above a resistance zone 61.41-59.88 but could not be contained above it, it then penetrated below the same zone with a big red candle and last week it went down and we can still expect more bearish really this week. I expect a correction to the just broken zone and a rejection within it for downwards movement of this commodity towards the key line 43.20.My advice, wait for a correction to the zone 61.41-59.88 and a rejection within it to sell #WTI with your take profit at 43.20 and stop loss at 66.55, in case of a break below 43.20, continue short with your take profit at 27.59.

Trade recommendation

Wait for a correction to the zone 61.41-59.88 and a rejection within it to sell #WTI.