Remain long with Gazprom | 21 February 2020

 Gazprom weekly

Technical observation

For the past two weeks, Gazprom has been pulling to the upper side and this is a bullish dominance signal. As long as this it is contained above the zone 224.34-220.94, I still expect more of this upward movement this week towards the resistance line 272.65. If you bought Gazprom within the zone 224.34-220.94 after a rejection, remain long with your take profit at 272.65 and stop loss at 204.53. If the line 272.65 is broken then a further rally upwards can be expected. As it is on the chart above, only long positions look ideal and may be recommended, short positions can only be advisable below 224.34-220.94.

Trade recommendation

Remain long with your take profit at 272.65.

Exxon weekly

Technical observation

The general trend for the commodity on the weekly chart above is downwards. Exxon retraced to a resistance zone 70.79-70.10 and was rejected within it before declining towards a support 59.75. For the past two weeks however, this commodity has been trading on an increasing bullish bias and I expect this upward movement to continue towards the zone mentioned above followed by a rejection within it for bearish rally towards 59.75. If you previously sold this commodity within the zone 70.79-70.10, 59.75 was the ideal place to pick your profits, if you are not in a trade yet wait for a correction to 70.79-70.10 to sell Exxon.

Trade recommendation

Wait for a correction to 70.79-70.10 to sell Exxon.

FedEx weekly

Technical observation

FedEx is correcting itself to the upper side but is still below the resistance zone 177.94-175.26 and as long as it is contained below this zone, only short positions can be expected. Wait for a correction to the zone 177.94-175.26 and a rejection within it to sell FedEx with your take profit at 141.67 and stop loss at 191.02. If this take profit is hit and there’s a clear penetration below it with a big red candle, wait for a correction to the just broken line and a rejection at it to confirm further bearish movements before you sell this commodity towards the key level 105.22 with your stop loss at 154.15.

Trade recommendation

Wait for a correction to 177.94-175.26 to sell FedEx with your take profit at 141.67.