Remain Short with Brent | 03 July 2020

 #CAC40 weekly

Technical observation

The commodity on the weekly chart above continue to rally with an increasing bullish momentum above a supportive zone it established around a supportive zone 4732.0-4672.0. I expect this upwards movement to continue to the resistance line 5679.4 followed by either a clear penetration above it with a big green candle or a bounce at it followed by a retracement to the zone 4732.0-4672.0. My advice, if you are currently long with this commodity, remain in the trade with your take profit at 5679.4 and stop loss at 4472.0. Short positions may only be recommended below the zone re4732.0-4672.0 towards 3927.0.

Trade recommendation

Remain long with your take profit at 5679.4.

#DAX30 weekly

Technical observation

 Last week the value of the commodity in the weekly chart above declined towards the supportive zone 1725.9-11619.0 but did not reach it. This week, I expect further decline towards the zone followed by a bounce within it for bullish movements. My advice, wait for a correction to the above mentioned zone and a rejection within it to pick long positions with your take profit at 13471.9 and stop loss at 11122.2. If this take profit is hit and there is a clear breakout above it with a big green candle, wait for a pullback to it and a bounce confirming further bullish movements before you continue long.

Trade recommendation

Wait for a correction to 1725.9-11619.0 to buy #DAX30.

#Brent weekly

Technical observation

After a rejection within the resistance zone 44.23-43.33, the value of the commodity on the weekly chart above declined and closed bearish. This week I expect further bearish movements towards the supportive line 24.97 followed by either a clear breakout below it with a big red candle, or a bounce at 24.97 followed by a pullback to the zone 44.23-43.33. If you sold #Brent within the zone 44.23-43.33 after a bounce, remain short with your take profit at 24.97 and stop loss at 49.53.If you are currently neutral with this commodity, remain so and wait for another correction to 44.23-43.33 and a bounce to pick short position.

Trade recommendation

Remain short with your take profit at 24.97.