Brent Oil Weekly Review
Wave Analysis
During the previous week, Brent oil bounced off perfectly from the upper trendline,went straight to the lowerside but could not go beyond the supportive trendline. As long as the price remains within the rising wedge formation, we expect further momentum to the upper side, we're waiting for a bounce from the supportive trend line to pick a long term buy order towards 63.60. A break below this support will push the price even lower with the next ideal take profit being 57.20. A break above the upper trendline will push the price even higher.
Trade Recommendations:
Buy a bounce from the supportive trendline.
Gold weekly review
Wave Analysis
Gold markets continue to rally within the declining channel formation despite the previous week's forecast that we could see a break above the upper trendline. According to the 4 hours chart attached,we are waiting for a bounce from the supportive trendline to pick a buy or a bounce from the upper trendline to pick a sell. If the price breaks above the upper trendline, then we will expect a possible momentum to the upperside with an ultimate target around 1557.76. And in case the price breaks and close below the supportive trendline, then a momentum to the lowerside is expected.
Trade Recommendations:
Resell gold from around 1478.24.
Gas Weekly review
Wave Analysis
Last week, the bears dominated in the gas market. The close of the previous week saw gas decline below the supportive trendline. As long as the price remains below the supportive trendline, we expect nothing but a possible momentum to the lowerside. On the lowerside, we're expecting a possible momentum towards 1.995. A break below this level will mean we're continuing to the lowerside with an ultimate target at 1.888 and could head lower. As it is on the daily chart, only sell positions looks ideal and can be recommended.
Trade Recommendations:
Remain short with an ultimate target at 1.995.
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