We are long with #SP500 | 19 August 2022

 #SP500weekly

We are long with #SP500

 Technical observation

Last week #SP500 rose with a big green candle and as long as it is sustained above the zone 3633.8-3682.8 I expect a continuation of this upwards movement towards the resistance level 4785.0. In case you are currently holding bullish positions with the commodity above i would recommend that you remain bullish with your take profit at 4785.0 and stop-loss at 3262.6; you can continue long if there is a clear penetration above the level 4785.0, however, should there be a clear break below the zone 3633.8-3682.8 with a big red candle, I expect a possible momentum towards the supportive level 2409.2 or even lower to the level 1530.1.

Trade recommendation

 Remain long with your take profit at 4785.0.

#HSI weekly

We are long with #SP500

Technical observation

#HSI retraced to the resistance zone 22455-22169 but could not break above it, instead it bounced within the zone and since then it has been trading with an increasing bearish and this week I expect a further surge to the lower side. If you sold #HSI within the zone indicated above after a bounce, remain in the trade with your take profit at 17385 and stop-loss at 24060 and should there be a clear penetration below the level 17385 with a big red candle, continue short towards the supportive level 11921. As it is on the weekly chart above, I can only recommend bullish positions in case of a break above the zone 22455-22169.

Trade recommendation

Remain short with your take profit at 17385.

#NIKKEI weekly

We are long with #SP500

Technical observation

The value of the commodity on the weekly chart above has been rising steadily for several weeks now and this week I expect a continuation of this upwards movement towards the resistance level 30293 followed by either a clear break above it or a bounce at it. As it is on the chart above, I would recommend that you remain long with your take profit at 30293 and stop-loss at 23114. If there is a clear rise above the level 30293 you can expect a further momentum to the upper after a correction to the broken line, I can only recommend short positions in case of a clear breakout below the supportive zone 25458-25126.

Trade recommendation

Remain long with your with take profit at  30293.

Imelda Maseno
Analyst of «FreshForex» company
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