Remain Short with Brent towards 57.80 | 24 Januari 2020

 #Brent weekly

Remain Short with Brent towards 57.80

Technical observation

Two weeks ago, the commodity on the weekly chart above bounced at a key resistance level 64.00 before moving on an increasing bearish momentum, currently the commodity is contained between the level and a supportive zone 52.94-51.91, I expect the bearish movements to continue towards the zone 52.94-51.91 followed by a possible penetration below it. If you sold this commodity at the level 64.00 after a rejection, hold on to that position with your take profit at 51.91 and stop loss at 67.53.Bullish movements can only be expected above the line 64.00 towards the resistance level 74.39.

Trade recommendation

Remain short with your take profit at 57.80.

#WTI Weekly

Remain Short with Brent towards 57.80

Technical observation

Two weeks ago, the commodity on the weekly chart above bounced at a key resistance level 64.00 before moving on an increasing bearish momentum, currently the commodity is contained between the level and a supportive zone 52.94-51.91, I expect the bearish movements to continue towards the zone 52.94-51.91 followed by a possible penetration below it. If you sold this commodity at the level 64.00 after a rejection, hold on to that position with your take profit at 51.91 and stop loss at 67.53.Bullish movements can only be expected above the line 64.00 towards the resistance level 74.39.

Trade recommendation

Remain short with your take profit at 51.91.

#HSI weekly

Remain Short with Brent towards 57.80

Technical observation

For the past several weeks, the commodity on the weekly chart above has been trading on an increasing bearish momentum towards a resistance zone 29097-28788. Last week, price closed within the zone and I expect either clear breach above it or a bounce within it. In case of a clear penetration above the zone with a big green candle, wait for a correction to the just broken zone before you pick long positions with your take profit at 33291 and should there be bounce within the zone29097-28788, pick short positions within it with your take profit at 24871 and stop loss at 30306.

Trade recommendation

Remain neutral temporarily.

Imelda Maseno
Analyst of «FreshForex» company
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