Remain neutral with #WTI | 31 January 2020

 #Brent weekly

Technical observation

Last week Brent went down with a big red candle and is currently trading above the supportive level 57.80. I still expect more bearish movements to the level 57.80 followed by a possible breakout below it for a further decline in value of this commodity. However, if this commodity is rejected at the level 57.80 then a correction to the zone 72.91-71.66 can be anticipated. If you sold Brent within the resistance zone 72.91-71.66, remain in the trade with your take profit at 57.80 and stop loss at 78.17. As long as price is contained below the zone 72.91-71.66, only short positions look ideal and may be recommended.

Trade recommendation

Remain short with your take profit at 57.80.

#WTI weekly

Technical observation

For two consecutive weeks, the value of crude oil declined towards the supportive zone it established around 52.94-51.91. Last week’s candle closed around this zone and this week my expectation is either a clear penetration below it with a big red candle or a bounce at the zone followed by a retracement to the level 64.00. If you sold this commodity at the level 64.00, pick your profits now at 52.91, and if you are not in a trade yet, remain neutral and wait for either a clear penetration below the zone 52.94-51.91 with a big red candle or a bounce at it followed by a correction to 64.00 to trade #WTI.

Trade recommendation

Remain neutral.

#HSI weekly

Technical observation

The value of the commodity on the weekly chart above bounced at a resistance zone it had established around 29097-28788. #HSI then went down last week with big red candle and I still expect more decline in value of this commodity towards the supportive level 2487, followed by a possible breakout below the line and a correction to it for a further decline towards the level 19591. If you sold this company’s shares within the zone 29097-28788, remain in the trade with your take profit at 24871 and stop loss at 30365. As long as #HSI is contained below 29097-28788 only bearish movements can be expected.

Trade recommendation

Remain short with your take profit at 24871.