#WTI weekly
Technical observation
Last week, #WTI rose and broken above a resistance level it had established at 76.73, it is still showing signs of rising even further. If you had previously bought this commodity within the supportive zone 58.74-59.77, at the level 76.73 was the ideal place to pick your profits. Right now on the chart above, I expect a retracement to the just broken line followed by a rejection at it to pick long positions with my take profit at 95.73 and stop loss at 71.56. As long the value of this commodity is sustained above the level 76.73, I can only recommend bullish position for #WTI, you can only pick short positions in case of breakout below the level 76.73.
Trade recommendation
Remain neutral.
#XAUUSD
Technical observation
The value of the commodity on the weekly chart above is trading with an increasing bearish bias above a supportive zone 1693.37-1682.43, I expect a continuation of this bearish movement to the zone I have mentioned above followed by a bounce within it for a momentum to the upper side. My advice, remain neutral temporarily and wait for a correction to the zone I have mentioned above then buy a bounce within it with your take profit at 1976.02 and stop loss at 1589.43.On the chart above, in case of a clear break below the supportive zone 1693.37-1682.43 with a big red candle, I expect a decline to the supportive level 1449.85.
Trade recommendation
Remain neutral.
#Gas weekly
Technical observation
Last week #Gas rose with a big green candle and closed bullish. This week I expect either a continuation of this upwards movement or a correction to the supportive level 5.675. In case this upwards movement continues, I still expect a retracement to the broken level followed by a rejection at it to buy #Gas with my take profit at 7.354 and stop loss at 5.255. In case the value of this commodity is not contained above the level 5.675 and instead it clearly breaks below it with a big red candle, I expect a correction to the just broken level followed by a rejection at it for a surge to the lower side. Right now remaining neutral is ideal than picking any positions.
Trade recommendation
Remain flat.
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