Wait for a correction to sell #Brent | 08 May 2020

 #Brent weekly

Technical observation

On the weekly chart above, Brent declined to the supportive level 24.97 but could not penetrate below it. Currently this pair is trading with an increasing bullish momentum above the level and I expect this upwards rally to continue to the resistance zone 43.00-42.05. I previously sold this pair within the zone 43.00-42.05 after a bounce and picked my profits ta the line 24.97. Right now, I am wait for another retracement to the zone 43.00-42.05 and a rejection within it to re-sell this commodity with my take profit at 24.97 and stop loss at 49.66. Only short positions look ideal on the chart above.

Trade recommendation

Wait for a correction to the zone 43.00-42.05 to sell #Brent.

#Gazprom weekly

Technical observation

#Gazprom is trading between a supportive zone 171.09-168.30 and a resistance zone 215.65-212.04. I expect a correction to the resistance zone followed by a rejection within it for possible bearish movements. Remain neutral and wait for a correction to the above-mentioned resistance zone and a rejection within it to sell this commodity with your take profit at 171.09 and stop loss at 227.75. In case of a clear penetration below the supportive zone 171.09-168.30 with big red candle, wait for a correction to the just broken zone and a rejection within it to continue short with this commodity towards the level 132.69.

Trade recommendation

Remain neutral

#NIKKEI weekly

Technical observation

On the weekly chart above, #NIKKEI bounced within the resistance zone 20304-20136 after a correction to it. This week I expect bearish movements towards the zone 17287-17120. If you sold this commodity within the zone 20304-20136 after a bounce, remain short with your take profit at 17287 and stop loss at 21346. Should there be a clear breakout below the zone 17287-17120 with a big red candle, I expect further bearish price movements towards the key level 14793 or even lower to the supportive level 12203. Wait for a correction to the zone 17287-17120 and a bounce within it to continue short with this commodity.

Trade recommendation

Remain short with your take profit at 17287.