Expecting #ASX to rally towards 7516.6 | 18 November 2022

 #HSI weekly

Expecting #ASX to rally towards 7516.6

Technical observation

#HSI pulled back to the resistance level it established at 17535 for the second time but could not break above it, instead it closed at this level and this week I expect possible bearish movements. My advice, pick short positions now at the level mentioned above with your take profit at 11921 and stop-loss at 19963, if there is clear break below the level 11921 with a big red candle, I expect the value of this company’s shares to plummet further to the lower side after a correction to the broken line, on the other hand in case of a break above the level 17535, I expect a possible rally towards the resistance zone 22455-22169.

Trade recommendation

Sell #HSI now at 17535 with your take profit at 11921.

#CAC40 weekly

Expecting #ASX to rally towards 7516.6

Technical observation

Since it bounced within the resistance zone 5738.1-5671.5, #CAC40 has been rising steadily and I expect it to ascend even further. If you picked bullish positions within the zone indicated above after a bounce, I recommend that you remain in the trade with your take profit at 7211.3 and stop-loss at 4973.3. In case of a clear break above the level 7211.3, wait for a correction to it and a bounce before you continue long, however, if there is clear break below the zone 5738.1-5671.5 with a big red candle, I expect the value of #CAC40 to plummet towards the supportive level 3768.9 after a correction and a rejection at the broken line.

Trade recommendation

Remain long with your take profit at 7211.3.

#ASX weekly

Expecting #ASX to rally towards 7516.6

Technical observation

For the past 4 consecutive weeks #ASX has been trading with an increasing bullish bias and as long as it is sustained above the zone 6497.6-6442.4 I expect a continuation of this upwards movement. If you are currently holding bullish positions I recommend that you remain in the trade with your take profit at 7615.6 and stop-loss at 5974.2, a further surge to the upper side can be expected in case of a clear break above the level 7615.6, however, in case of a break below the zone I have indicated above, I expect the value of #ASX to descend towards the supportive level 5495.5 or even lower to the supportive level 4501.0.

Trade recommendation

Remain bullish with your take profit at 7516.6.

Imelda Maseno
Analyst of «FreshForex» company
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