We are flat with #WTI | 16 July 2021

 #WTI weekly

Technical observation

 #WTI rose steadily up to the resistance level 76.73 but did not break above it, it bounced at the line and is currently trading with an increasing bearish bias. This bearish movement is a correction to the supportive zone 59.77-58.74 and I expect a rejection within it to pick long positions. My advice, remain flat and wait for a correction to the supportive zone 59.77-58.74 and a rejection within it to buy #WTI with your take profit at 76.73 and stop loss at 51.80. In case of a clear breakout above the level 76.73 with a big green candle, I expect a further momentum to the upper side after a correction to the just broken level.

Trade recommendation

 Remain neutral.

#Gas weekly

Technical observation

#Gas rose and broke above a key level 3.421 with big green candle, it then retraced to the just broken line and was contained above it. As long as this commodity is above the key level 3.421, I expect a momentum to the upper side towards the resistance level 4.398. In case of a clear penetration above the level 4.398 with a big green candle, I expect a further surge to the upper side. On the chart above, if you picked lone positions at 3.421 after a bounce, remain long with your take profit at 4.398 and stop loss at 3.093, If you are currently flat with this commodity, wait for a another retracement to the level 3.421 to buy #Gas.

 Trade recommendation

 Remain flat.

#XAUUSD weekly

Technical observation

The commodity on weekly chart above has been trading with an increasing bullish bias for the past three consecutive weeks; I expect further bullish movements this week towards the resistance level 1976.02 followed by a possible break above it with a big green candle, or a bounce at it followed by a correction to the zone 1693.37-1682.43. If you are currently long with this commodity remain in the trade with your take profit at 1976.02 and stop loss at 1593.08. As long as Gold is contained above the zone 1693.37- 1682.43, I can only recommend bullish positions. I expect bearish movements below the zone 1693.37-1682.43.

 Trade recommendation

 Remain long with your take profit at 1976.02.