Gas Review
Technical Observation
Last week's candle is a perfect bullish pin bar candle, and while the price is held above the level 2.632, I expect a possible momentum to the upperside. This bullish move is supported by the fact that the price is above a key level and the trend indicator we are having on our screen is a clear sign that we are continuing to the upperside with an ideal take profit at 3.405. On its way to the upperside, the key levels to look for include 3.045, 3.225 and 3.405, If these levels are broken, then further momentum to the upperside is expected.
Trade Recommendations:
Wait and buy Gas from around 2.632, with your take profit at 3.405.
Brent oil Review
Technical Observation
Brent oil is currently trading with a steeply contracting wedge formation. Current, the overall trend is downwards, but the correct place to look for a sell from is when the price successfully break below the supportive trendline, if this is the case, then further momentum to the lowerside is expected with an ultimate take profit at 46.210. On its way to the lowerside, the key lines to look for include 51.730, 46.210, 43.40. If these levels are broken, then further momentum to the lowerside is expected with an ultimate take profit at 40.690.
Trade Recommendations:
Sell Brent oil towards the supportive trendline.
Gold Weekly review
Technical Observation
Gold is trading within a falling channel, while the price remains within this shape formation, I expect a possible momentum to the lowerside and should break below 1438.50 towards 1278.00. On its way to the lowerside, the key lines to look for include 1438.50, 1385.00, 1349.00 and 1314.0. If these levels are broken, then further momentum even lower is expected. On this chart,m should the price bounce off from the immediate trendline, then this will give us a good place to pick a low risk buy order towards the upper trendline.
Trade Recommendations
Remain short towards the supportive trendline.
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