#WTI weekly
Technical observation
The commodity on the weekly chart above is trading with an increasing bullish bias between a supportive zone 59.77-58.74 and a resistance level 76.73. My expectation is either a rise to the key level 76.73 followed by a clear breakout above it with a big green candle, or, a loss of this upwards movement followed by retracement to the zone I have mentioned above and a rejection within it to pick long positions with your take profit at 76.73 and stop loss at 51.80. In case of a clear breakout below the zone 59.77-58.74 with a big green candle I expect a possible momentum to the lower side after a pullback to the just broken zone.
Trade recommendation
Remain neutral.
#Gas weekly
Technical observation
#Gas is trading with an increasing bearish bias between a supportive zone 3.493-3.421 and a resistance level 4.398. This bearish movement is a correction to the zone I have mentioned above and I expect a rejection within the zone for a rise to the upper side. My advice, remain flat and wait for a retracement to the zone 3.493-3.421 and a bounce within it to buy this commodity with your take profit at 4.398 and stop loss at 3.100. In case there is a clear break above the level 4.398 with a big green candle, I expect a further momentum to the upper side towards 5.215. I can only recommend short positions below the zone 3.493-3.421.
Trade recommendation
Remain flat.
#XAUUSD weekly
Technical observation
#XAUUSD pulled back to the supportive zone 1693.37-1682.43 but could not break below it, it bounced within the zone mentioned above and is currently trading with an increasing bullish bias. If you bought this company’s shares within the zone 1693.37-1682.43 after a bounce, remain long with your take profit at 1976.02 and stop loss at 1583.84. In case of a clear break above the level 1976.02, wait for a correction to the just broken level and a bounce at it then continue long with this pair. However, in case of a clear breakout below the zone 1693.37-1682.43 with a big red candle, I expect the value of this commodity to plummet to the level 1449.85.
Trade recommendation
Remain long with your take profit at 1976.02.
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