Weekly Review | 19 February 2021

Gold Weekly Review

Wave Analysis

Late last week, Gold rallied to the lower side and even closed below the zone 1829.250. As long as the price remains below this level, we are sellers, we are basically waiting for a bounce from the same level to pick a possible long term sell position towards the lower trendline acting as support to the expanding wedge formation. If the price breaks and closes below this zone, then further momentum to the lower side is expected with an ultimate target set at 1701.00. On the flip side, should the price break above 1829.250, then this will be a good place to consider a possible long term buy position expecting a continuation towards the upper trendline.

Trade Recommendations:

Place a pending sell limit order at 1829.250.

Facebook Weekly Review

Wave Analysis

Facebook shares are currency rallying within a wider range, inside an expanding wedge formation. For the past two weeks, we've seen nothing much happening on this pair, we are basically waiting for a breakout above the range set for the past two week's if the price breaks above the upper range, then further momentum to the upperside is expected towards the upper wider trend. On the other side, should the price break below the lower inner range, then further momentum to the lowerside will be expected towards 255.19 or even lower. As it is now,we are temporarily on the sidelines.

Trade Recommendations:

Wait

Brent Oil weekly Review

Wave Analysis

Brent oil is currently in an active up trend, As long as the price remains above the Alligator and also above the other red moving averages, we expect nothing but a possible momentum to the upper side. If you are looking at this chart, expect a possible correction to the lower side towards a38.2% fib level to pick a low risk buy position. As it is now, keep looking for a long term buy positions. Any break above a key level will attract a possible long term buy positions expecting further momentum much higher. If the price breaks below 38.2% fib level, then we will be expecting further momentum to the lower side is expected towards 50.0% fib level and may break even lower.

Trade Recommendations:

Look for long term buy positions 

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