Brent Oil Weekly Review
Technical Observation
According to the weekly chart attached, Brent oil is in an active downtrend. However, the price is approaching a significant weekly support level 57.20. This is a very key level and while the price is contained above it, we choose to remain flat temporarily, we're expecting a possible break below it to pick a long term sell order with an ideal take profit at 44.88. On its way to the lowerside, the key levels to look for include 53.90, 50.95 and the last is 44.88. If price successful goes below the last target, then a move towards 36.20 is expected.
Trade Recommendations:
Wait for a break below 57.20 to pick a long term sell order.
SPX500 weekly review
Technical Observation:
Although this symbol is in active up trend, we're currently approaching a significant resistance trendline. This is a key trendline and while the price is contained below it, we remain hesitant to pick any buy position, However, in case the price successfully break above it, then we'll only wait for a pullback to the just broken trendline to pick a long term buy order with an ideal take profit at 3033.00. And on the other side, should the price bounce off from the same trend line, we'll be looking for a sell.
Trade Recommendations:
Buy a break above the upper trendline.
CAC40 weekly review
Technical Observation
Although CAC40 is currently in an active up trend. The price is approaching a very significant key resistance trendline. This is a key level and while the price is not able to clearly breakout above, we choose to remain flat, we're waiting for a clear breakout above to pick a long term sell order. Or a bounce from it to pick a long term sell order. In case of a bearish move, the key levels we will be looking at include 5292.3, 5281.12 and 4644.00. If these levels are broken, then a momentum even lower is expected.
Trade Recommendation:
Wait for a breakout above the upper trendline to pick a long term buy position.
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