Remain flat with #NIKKEI. | 01 September 2023

 #SP500 weekly

Remain flat with #NIKKEI.

Technical observation

#SP500 has been rising steadily for several weeks now and this week I expect it to ascend even further, if you are already holding bullish positions I recommend that you remain in the trade with your take profit at 4785.2 and stop-loss at 3202.9, in case of a clear break above the level 4785.2, I expect the value of this index to rally further to the upper side after a retracement to the broken line. As it is on the weekly chart above, as long as the value of #SP500 is sustained above the zone 3516.3-3582.0, I can only recommend bullish positions, but should there be a clear break below the zone I mentioned above, I expect bearish movements towards 2201.3

Trade recommendation

Remain long with your take profit at 4785.2.

#Gas weekly

Remain flat with #NIKKEI.

Technical observation

#Gas is retracing to the resistance zone it established at 5.076-4.915 and this week I expect a rise to this zone followed by a rejection within it; right now, I recommend that you remain neutral and wait for a pullback to the zone indicated above then sell a bounce within it with your take profit at 1.531 and stop-loss at 6.100. If there is a clear break below the level 1.531, you can continue short after a correction to the broken line, however, if there is a penetration above the zone 5.076-4.915, wait for a retracement and a rejection within the broken zone before you pick bullish positions towards the key levels 9.999 and 13.682.

Trade recommendation

Wait for a pullback to the zone 5.076-4.915 to buy #Gas.

#NIKKEI weekly

Remain flat with #NIKKEI.

Technical observation

 On the weekly chart above, the value of #NIKKEI rose to the resistance level 33850 but did not break above it, instead it bounced at the same line and it is currently trading with an increasing bearish bias, this downwards movement is correction to the supportive zone 25436-25126 and I expect a possible bounce within this zone to pick short positions with my take profit at 33850 and stop-loss at 22540, if there is a rise above the level 33850, continue long with this index after a correction and a bounce to the broken line, on the other hand, short #NIKKEI towards the level 15127 in case of a break below the 25436-25126.

Trade recommendation

Wait for a correction to the zone 25436-25126 to buy #NIKKEI.

Imelda Maseno
Analyst of «FreshForex» company
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