Remain neutral with #ASX | 29 January 2021

 #FTSE100 weekly

Technical observation

The commodity on the weekly chart above is trading with an increasing bearish momentum above a supportive zone 6530.0-6467.1. I expect a loss of this bearish movement within the zone mentioned above for a surge to the upper side. My advice, remain flat temporarily and wait for a correction to the zone 6530.0-6467.1 and a rejection within it to buy #FTSE100 with your take profit at 7130.5 and stop loss at 6179.1. In case of a clear breakout above the level 7130.5 with a big green candle, I anticipate a further rise to the upper side towards the resistance line 7806.7 after a pullback to the just broken level.

 Trade recommendation

 Remain flat temporarily.

#CAC40 weekly

Technical observation

The commodity on the weekly chart above is trading with an increasing bearish momentum above a supportive zone 6530.0-6467.1. I expect a loss of this bearish movement within the zone mentioned above for a surge to the upper side. My advice, remain flat temporarily and wait for a correction to the zone 6530.0-6467.1 and a rejection within it to buy #FTSE100 with your take profit at 7130.5 and stop loss at 6179.1. In case of a clear breakout above the level 7130.5 with a big green candle, I anticipate a further rise to the upper side towards the resistance line 7806.7 after a pullback to the just broken level.

 Trade recommendation

 Remain flat temporarily.

#ASX weekly

Technical observation

#ASX rose up to the resistance line 6855.9 and is currently trading below it with an increasing bullish bias. I expect either a loss of this upwards movement at the line mentioned above followed by a correction to the supportive line 6201.0 or, a clear breakout above the line 6855.9 with a big green candle. In case of a retracement to the line 6201.0, buy a bounce at it with your take profit at 6855.9 and stop loss at 5945.9. However, in case of a break above the line 6855.9 with a big green candle, wait for a correction to it and a bounce confirming a further surge to the upper side before you buy #ASX.

 Trade recommendation

Remain neutral.

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