Remain flat temporarily with Brent | 05 июля 2019

 #IBM weekly

Technical observation

Last week, the commodity on the weekly chart above declined after a rejection within a resistance zone 140.20-137.91. I still expect more of this bearish rally this week and the weeks to come towards the supportive level 109.90 followed by a clear penetration below it. If you went short within the above mentioned zone after a bounce hold on to that position with your take profit at 109.90 and stop loss at 148.31. In case there’s a clear break below 109.90 and a correction to it then more downwards movements can be expected. As long as #IBM is contained below 140.20-137.91 only short position can be expected.

Trade recommendation

Remain short with your take profit at 109.90.

#DAX30 weekly

Technical observation

The value of this company’s shares has been increasing ever since its rejection within a supportive zone it established around 11834.0-11683.0. I expect more upwards rally towards the key level 13443.1 and a clear break above it for a further rise. If you went long within 11834.0-11683.0 after a rejection, remain in the trade with your take profit at 13443.1 and stop loss at 11270.1, if you are not in a trade yet, wait for either another correction to 11834.0-11683.0 and a bounce to buy #DAX30 or a clear penetration above 13443.1 and a retracement to it to buy. Short positions may only be advisable below 11834.0-11683.0.

Trade recommendation

Remain long with your take profit at 13443.1.

#Brent weekly

Technical observation

On the weekly chart above, Brent has been correcting itself to a resistance zone 70.24-68.56. Currently it is trading below the zone on an increasing bullish bias and I expect a loss of this movement within it for a surge to the lower side, remain flat temporarily and wait for a close within 70.24-68.56 to sell Brent with your first take profit at 53.04, the next at 38.14, and stop loss at 77.78. In case this commodity is not rejected within 70.24-68.56 but clearly penetrates above it with a big green candle, wait for a pullback to the just broken zone and a rejection within it before you buy this commodity with your take profit at 86.65.

Trade recommendation

Remain flat temporarily.