Last week, the Brent oil surged significant to the lowerside but failed to break below the support level 76.732. This is a major support zone and while the price is not able to clearly break and close below it, we expect a rebound from it to pick a possible long term buy position towards 85.072 and may breakout even higher towards 90.000 or even higher. On the otherside, a break below 76.732 will push the price much lower towards 65.045.
Trade Recommendations:
We're waiting to buy a rebound from 76.732 towards 85.072.
Gold Weekly Review
Wave Analysis:
Recently, Gold rallied to the upperside and ended up breaking above the upper trendline, while the price remains above the upper trendline, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the last impulsive wave (c) to the upperside and should see the price break above 1917.40 towards 2072.49. A break above this level will push the price much higher. As it is now, only buy positions looks ideal and can safely be recommended.
Trade Recommendations:
We're buyers towards 1917.40.
SPX500 Weekly Review
Wave Analysis:
SPX500 is currently in an active up trend. While the price remains above the moving average shown above, we expect nothing but buy positions. We're actually looking forward to low risk buy positions towards 5000 and may breakout even higher. As it is now, keep looking for buy orders. Sell positions on this chart looks very risky and may not be recommended.
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