#WTI weekly
Technical observation
On the weekly chart above, #WTI is still trading above the supportive zone 59.77-58.74, right now the value of this commodity is trading with an increasing bearish bias and I expect the zone mentioned above to act as a support to any movements to the lower side, thus unless there’s a clear breakout below the same zone, I expect a rally to the upper side towards the key level 76.73 or even higher. If you are currently long with #WTI, remain in the trade with your take profit at 76.73 and stop loss at 51.93. Should there be a clear breakout below the zone 59.77-58.74 with a big red candle, I expect a surge towards 43.17.
Trade recommendation
Remain long with your take profit at 76.73.
#Gas weekly
Technical observation
Last week, the value of #Gas rose with a big green candle and I still expect further bullish movements toward the resistance level 3.421; As long this commodity is contained above the supportive zone 2.299-2.234, bulls are in complete dominance thus, further upwards rally is still expected. If #Gas goes below the zone mentioned above with a big red candle, then its value could decline towards the supportive level 1.517. In case you are currently long with this pair, remain so with your take profit at 3.421 and stop loss at 1.971. If this take profit is hit and there’s a clear breakout above it then expect a further increase towards 4.398.
Trade recommendation
Remain bullish with your take profit at 3.421.
#XAUUSD weekly
Technical observation
Last week the value of the commodity on the chart above rose to the resistance zone 1784.55-1762.66 and could not penetrate above it. If you went short following the rejection at the resistance zone, my advice is you hold on to that position as I expect the value of this commodity to drop further towards 1449.85. At the moment, only short positions can safely be recommended especially when #XAUUSD is contained below the zone 1784.55-1762.66. However, in case of a clear breakout above the zone mentioned above, you can consider picking long positions after a retracement to the just broken zone and a bounce within it.
Trade recommendation
Remain short with your take profit at 1449.85.
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