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Sell #SP500 within 2604.2-2576.7

Sell #SP500 within 2604.2-2576.7 | 03 April 2020

 #ASX weekly

Sell #SP500 within 2604.2-2576.7

Technical observation

The commodity on the weekly chart above rose towards a resistance zone it had established around 5637.9-5598.0 however, it did not reach it. I expect more bullish movements this week towards the above-mentioned zone followed by a bounce within it for possible bearish movements. On your way downwards the key levels to look for include; 4811.7, 3982.3nd 3124.9. My advice, wait for a correction to the zone 5637.9-5598.0 and a rejection within it to sell this commodity with your take profit at 4811.7 and stop loss at 5864.8. As it is on the weekly chart above, only short positions look ideal and may be recommended.

Trade recommendation

Wait for a correction to sell #ASX.

#NIKKEI weekly

Sell #SP500 within 2604.2-2576.7

Technical observation

Last week the value of this commodity rose towards the resistance zone 20304-20136 but did not reach it. I expect a rise in the value of this commodity towards the zone mentioned above followed by a rejection within it for bearish momentum. Remain neutral temporarily and wait for a correction to the zone 20304-20136 and a rejection within it to sell #NIKKEI with your take profit at 17232 and stop loss at 21346. The key levels to look for on your way downwards are 17232, 14793 and the support 12203. As long as the commodity on the chart above is below 20304-20136 only short positions can be recommended.

Trade recommendation

Remain neutral temporarily.

#SP500 weekly

Sell #SP500 within 2604.2-2576.7

Technical observation

The commodity on the chart above penetrated below a zone 2604.2-2576.7 with a big red candle and last week it retraced to the just broken zone and was contained below it. This week, I expect bearish movements towards the supportive level 2182.5 followed by a clear break below it for further bearish momentum towards the supportive level 1810.2 or even to the lower supportive level 1478.4. My advice, sell #SP500 within the zone 2604.2-2576.7 with your take profit at 2182.5 and stop loss at 2720.3. As it is on the weekly chart above, only short positions look ideal and may be advisable.

Trade recommendation

Sell #SP500 within 2604.2-2576.7 with your take profit at 2182.5.

Imelda Maseno
Analyst of «FreshForex» company
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