#FTSE100 weekly
Technical observation
The value of the commodity on the chart above retraced to a supportive zone 6530.0-6467.1 in the week beginning 27th Dec however, it did not break below it. It bounced within the same zone then rose with a big green candle towards the resistance level 7130.5. I bought this commodity with the zone mentioned above and I expect it to rise to the level 7130.5 followed by either a clear breakout above it with a big green candle or a bounce at it followed by another retracement to the supportive zone 6530.0-6467.1. If you are currently long with #FTSE100, remain long with your take profit at 7130.5 and stop loss at 6167.1
Trade recommendation
Remain bullish with your take profit at 7130.5.
#CAC40 weekly
Technical observation
On the weekly chart above, price broke above a key level 5180.3 then rallied upward to a resistance line 5716.2. Currently this commodity is trading with an increasing bearish bias below the resistance level mentioned above. This bearish movement is a retracement to the key level 5180.3 and I expect significant declined to it followed by a bounce to pick long positions. My advice, remain flat and wait for a correction to the line 5180.3 and a rejection at it to buy #CAC40 with your take profit at 5716.2 and stop loss at 4972.0. In case of a clear penetration above 5180.3, you can expect a further momentum to the upper side.
Trade recommendation
Remain flat.
#ASX weekly
Technical observation
The value of the commodity on the weekly chart above is trading with an increasing bearish bias below a resistance line 6855.9; I expect this bearish movement to continue significantly to the lower side to the supportive level indicated at 6201.0 followed by a clear bonce at it to pick long positions. My advice, remain flat and wait for a pullback to the line 6201.0 and a rejection at it to buy #ASX with your take profit at 6855.9 and stop loss at 5945.1. In case of a clear break above the line 6855.9 with a big green candle, wait for retracement to it confirming a further surge to the upper side before you continue long.
Trade recommendation
Remain flat.
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