#ASX weekly
Technical observation
The commodity in the chart above penetrated above a resistance zone it established around 6148.7-6099.7 with a big green candle and is still showing signs of rising even further. However, I expect a correction to the just broken zone followed by a clear bounce within it to pick long position towards the resistance level 6689.8. My advice, remain flat temporarily and wait for a correction to the above-mentioned zone and a rejection within it to buy #ASX with your take profit at 6689.8 and stop loss at 5950.5. In case of a clear break above the line 6689.8, you can anticipate further bullish movements.
Trade recommendation
Remain flat.
#FTSE100 weekly
Technical observation
The value of the commodity on the weekly chart above is rising steadily towards a resistance zone 6526.1-6466.3. I expect a clear bounce of this upwards movement within the same zone for a momentum to the lower side towards the key level 5532.8. My advice, wait for a correction to the zone 6526.1-6466.3 and a rejection within it to sell #FTSE100 with your take profit at 5532.8 and stop loss at 6795.4. In case of a penetration below the level 5532.8, wait for a correction to it and a bounce confirming a further surge before you continue short with this commodity towards the key level 4826.7.
Trade recommendation
Sell #FTSE100 within 6526.1-6466.3 with your take profit at 5532.8.
#Brent weekly
Technical observation
On the weekly chart above, #Brent is trading with an increasing bullish bias below a resistance zone 44.62-43.46. My expectation is either a rejection of this upwards rally within the zone for a momentum to the lower side, or, a clear breakout above 44.62-43.46 with a big green candle for a surge to the upper side. In case of a rejection within this zone, sell #Brent within it with your take profit at 24.84 and stop loss at 50.42. However, in case of a clear breakout above the zone with a big green candle, wait for a correction to the just broken zone and bounce within it before you buy #Brent towards 57.94.
Trade recommendation
Remain flat temporarily.
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