Wait for a pullback to buy #CAC40. | 10 March 2023

#NIKKEI weekly

Technical observation

Last week #NIKKEI rose to the trend line shown on the weekly chart above but could not break above it and this week I expect possible bearish movements towards the supportive zone 25458-25126 followed by a clear break below it. My advice, remain flat and wait for a breakout below the zone I have mentioned above then pick short positions after a pullback to the same zone with your first take profit at 18999 and the next at the supportive levels 13170 and 6946. On the other hand in case there is no breach below the zone 25458-25126 but a rejection within it, you can pick bullish positions with your take profit at 28500.

Trade recommendation

 Wait for a correction to the zone 25458-25126.

#CAC40 weekly

Technical observation

#CAC40 rose steadily to the resistance level 7402.7 then bounced at it and this week I anticipate a plunge in the value of this index to towards the supportive zone 5768.4-5682.1; at this zone I expect either a rejection within it or a clear penetration below it with a big red candle. My advice, remain flat  and wait for a pullback to the zone I have mentioned above and in case of a rejection within it, re-buy #CAC40 with your take profit still at 7402.7 and stop-loss at 5138.7. In case of a break below the zone mentioned above, I expect a possible rally to the supportive level 3922.8 or even lower to the level 2463.3.

Trade recommendation

Wait for a pullback to the zone 5768.4-5682.1 to buy #CAC40.

#Gas weekly

Technical observation

 #Gas broke below the zone 5.076-4.856 before declining steadily towards the supportive level 1.531, however, for the past two consecutive days the value of this commodity has been trading with an increasing bullish bias and I expect a continuation of this upwards movement to the zone I have mentioned above followed by a rejection within it. My advice, remain flat and wait for a pullback to the zone I have indicated above then buy a bounce within it with your take profit at 1.531 and stop-loss at 1.624. In case of a penetration below the supportive level 1.531, I expect the value of #Gas to descend further.

Trade recommendation

Remain neutral.