Remain flat with #Brent | 20 October 2023

#DAX30 weekly

 Remain flat with #Brent

Technical observation

#DAX30 rose to the level 16497.6 then bounced at it and since then it has been trading with an increasing bearish bias, this downwards movement is a correction to the supportive zone 12041.0-11811.4  and I expect a possible bounce within it to re-buy this index with my take profit at 16497.6 and stop-loss at 10853.8, if there is a clear break above the level 16497.6 with a big green candle, I expect the value of #DAX30 to ascend further after a pullback and a bounce at the broken line, however, should there be a clear break below the 12041.0-11811.4 , I anticipate possible bearish movements towards the supportive level 8189.0.

Trade recommendation

 

Wait for a correction to the zone 12041.0-11811.4 to buy #DAX30.

#NQ100 weekly

Remain flat with #Brent

Technical observation

On the chart above #NQ100 pulled back to the supportive zone 10664.3-10476.7 then bounced within it and since then it has been trading with an increasing bullish bias. If you are already holding bullish positions, I recommend that you remain in the trade with your take profit at 16627.0, should there be a clear break above the level 16627.0, wait for a correction to this line before you continue long with this index, on the other hand, if there is a rejection at the same line, wait for a correction to the supportive zone 10664.3-10476.7 and a bounce within it to re-buy #NQ100 with your take profit at 16627.0 or higher.

Trade recommendation

Remain long with your take profit at 16627.0.

#Brent weekly

Remain flat with #Brent

Technical observation

On the chart above the value of #Brent rose above the zone 89.60-87.14 but it was not sustained above it, instead it declined below the same zone and it is still trading with an increasing bearish bias. This week I expect a loss of this downwards movement followed by a correction to the zone I have mentioned above and a possible rejection within it. My advice, remain flat and wait for a correction  to the zone 89.60-87.14 then sell a bounce within it with your take profit at 52.23 and stop-loss at 103.49. If there is a clear break below the level 52.23 with a big red candle, I expect the value of this pair to plummet further towards 19.29.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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