Brent Oil Weekly Review
Technical Observation
Brent is still rallying within the rising channel formation, in an active up trend. While the price is contained within this channel formation, I expect a possible momentum towards the trendline at the top. On this chart, buy positions are recommend while the price is contained within this shape, ideally, any clear pullbacks to the lowerside will give us low risk buy positions towards the upper trendline. And in case the price breaks above it, then further rally even higher is expected with an ultimate target at 67.4.
Trade Recommendations:
Buy Brent oil now with your take profit along the upper trendline.
Gas Review
Technical Observation
Few days ago, Gas broke out above the level 2.626, the price rallied even higher but is now pulling back, the current move to the lower is a retracement rally and should not go beyond 2.626 to pick a long term buy order. This buy position is supported by the fact that the price is above the trend indicator attached, the alligator trend indicator. However, in case this retracement goes below 2.628, then this will give is the best place to consider a possible sell towards the next level 2.180.
Trade Recommendations:
Wait for a rebuy from 2.626.
Gold Review
Technical Observation
After almost three months of consolidations, Gold has now gone below its lower support level 1486.50 formation button of the range. While the price is held below 1486.50, I expect further momentum to the lower side towards 1396.15. This sell is supported by the fact that the price is below the Alligator trend indicator. And while the price is held below both the trend indicator and also below the alligator trend indicator sell positions looks ideal and can be recommended with an ultimate target at 1351.30.
Trade Recommendations:
Sell Gold from 1486.50 with your take profit at 1373.40.
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