Brent weekly Review
Technical observation
Brent broke above a resistance line 69.87 with a big green candle, it then rose up to a resistance 80.61 but could not break above it and was rejected. Brent has then been declining towards 69.87 and I expect a rejection of it from the line for possible bullish momentum towards 80.61 and a breakout above it for a further rise in price. I expect this week’s candle to correct to the line and not penetrate below it. This is a long term trade forming and you can wait to long Brent at 69.87 with your take profit at 80.61 and stop loss around 64.30.Only long positions look ideal and can be recommended on the chart above.
Trade signal
Buy Brent around 69.87 with your take profit at 80.61 and stop loss around 64.30.
Magnit weekly Review
Technical observation
Magnit has been trading on a downward trend; It went down a support zone 8930.7-8662.2 with a big red candle but did not retrace to it then continue to rally down where it broke below a support 6708.7 with a big red candle and corrected to it twice.Magnit then continued to rally down where price retraced to a resistance line 5218.8 twice. Currently it is racing towards 4241.8 and I expect a rejection of it from the line for a pull back to 5218.8 for possible bearish momentum towards 4241.8.I would advise you wait for the correction to 5218.8 to short Magnit with your take profit at 4241.8 and stop loss around 5728.6.
Trade signal
Wait for a correction to 5218.8 to short Magnit with your take profit at 4241.8 and stop loss around 5728.6.
Platinum weekly Review
Technical observation
On the weekly chart above, platinum has been trading on downward trend. It retraced severally at a resistance zone1039.07-1019.36 before rallying down towards a support 885.02.Last week’s candle closed at the line and I expect a breakout below it this week followed by a correction to it for possible bearish momentum towards 753.96 and a possible breakout below it for a further decline in price towards 599.40.I would advise you wait for a breakout below 885.02 followed by a correction to it to short Platinum with your take profit at 753.96 and stop loss around 935.67.Long positions may only be ideal above 1039.07-1019.36.
Trade signal
Wait for a breakout below 885.02 to short Platinum with your take profit at 753.96 and stop loss around 935.67.
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