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Remain long with Gazprom

Remain long with Gazprom | 21 February 2020

 Gazprom weekly

Remain long with Gazprom

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

Remain long with Gazprom

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

Remain long with Gazprom

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.

Imelda Maseno
Analyst of «FreshForex» company
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