Sell #ASX within 6900.3-6825.7 | 01 July 2022

#FTSE weekly

Technical observation

On the weekly chart above #FTSE rose with a green candle and as long as it is sustained above the same zone, I expect a further surge to the resistance level 7813.1 followed by either a clear breakout above it with a big green candle, or a bounce at it followed by another correction to the supportive zone 6951.1-6897.0. If you are currently holding bullish positions with the commodity above, remain in the trade with your take profit at 7813.1 and stop-loss at 6487.1. In case of a break above the level I expect a correction to it and a bounce followed by a further momentum to the upper side. I can only recommend short positions below the zone 6951.1-6897.0.

Trade recommendation

Remain long with your take profit at 7813.1.

#SP500 weekly

Technical observation

Last week the value of the commodity on the chart above rose with a big green candle to the resistance zone 3950.7-3900.2 but could not break above it and as long as it remains below the same zone I expect a momentum to the lower side. This week i anticipate possible bearish movements of #SP500 and I would advise that you pick short positions within the zone mentioned above with your take profit at the level 2743.5 and stop-loss at 4202.6. Should there be a clear penetration below 2743.5 with a big red candle, wait for a correction to it before you continue short towards the lower supportive level marked at 1734.2.

Trade recommendation

Sell #SP500 within 3950.7-3900.2 with your take profit at 2743.5.

#ASX weekly

Technical observation

#ASX is trading with an increasing bullish bias below the resistance zone 6900.3-6825.7, this upwards movement is a correction to the zone mentioned above and I expect a rejection of it within the same zone to pick short positions with my take profit at 5769.0 and stop-loss at 7267.0. Should there be a clear break below the level 5769.0, wait for a correction and a rejection at it before you continue short towards the lower supportive level 4507.3. On the other hand if #ASX is not sustained below the zone 6900.3-6825.7 but clearly breaks above it, I expect a possible surge to the upper side after a correction to the broken zone.

Trade recommendation

Pick short positions within 6900.3-6825.7 with your take profit at 5769.0.