Weekly Review | 10 апреля 2020

Brent Oil Weekly Review 

Wave Analysis

Brent oil is yet to show any clear moves to the lower side despite the previous bearish gap, We are expecting a possible fill up of this gap. At this moment, we expect further continuation of the corrective wave (4) but should not go beyond 45.500 where we'll be looking for possible long term sell order. The anticipated bearish price rally is the continuation of both the impulsive waves (5) and (c) and should break below 20.780. If the price breaks and closes above 45.500, the we may consider a possible long term buy order. As it is now, we are looking for a sell.

Trade Recommendations:

Waiting for a possible long term sell order from around 45.500-41.420.

SPX500 weekly Review

Wave Analysis

Last week, we saw a perfect 35.2% fib retracement when the price of SPX500 rose tremendously but could not go beyond 2670.0. We expect the bounce from the 38.2% fib level to have marked an end to the corrective wave (iv), that the current bearish price rally is the continuation of the impulsive wave (v) and should break below 2171.5 towards 2000.00 or even lower. This view will only be invaldiated in case the price breaks above the 38.2% fib level, if this is the case, the we expect further momentum to the upperside with the next ideal target being at 50.0%  fib level.

Trade Recommendations:

Remain short with your target at 2171.5.

NQ100 Weekly Review

Wave Analysis

NQ100 is currently in a range not going below 7326.00 or above 8272.0, we are waiting for a clear sign that the corrective wave (b) is ended so that we buy the last impulsive wave (c) with an ideal target around 8272. A break and close above the 50.0% fib level could mean we are continuing to the upperside with ultimate target around 8651.5. This view will only be reconsidered i case the price breaks and closes below 7326.0, if this is the case, then further momentum to the lowerside is expected.

Trade Recommendations:

Waiting for a rebound from 7326.0 to pick a low risk buy towards 8272.0.