Weekly analytics- Forex Technical Analysis: Trend potential – Short Brent now

Brent weekly

Short Brent now

Technical observation

While on a upward trend, Brent retraced at a support 61.32 twice before rising up towards a resistance zone 80.61-78.85.It was rejected from the zone and could not penetrate above it price went down but did not reach the support then rose again to  80.61-78.85,it was rejected again and is currently moving down. You can short Brent now with your take profit at 61.32 and stop loss around 86.27.Only short positions are ideal on the chart above and can be recommended towards the support 61.32.Short term traders can buy Brent from 61.32 towards 80.61-78.85.Right now short Brent.

 Trade signal

 Short Brent now with your take profit at 61.32 and stop loss around 86.27

 Magnit weekly

Short Brent now

Technical observation

Magnit is on a downward trend, It retraced twice at a resistance 5218.8 before moving down towards 4241.8.Currently Magnit is pulling back to 5218.8 and I expect a rejection of it from the line for possible bearish momentum towards 4241.8.Right now I would advise you remain flat and wait for the rejection at 5218.8 then short it at the line with your ideal target at 4142.8 and stop loss slightly above 5218.8.On the chart above only short positions look ideal and can be recommeded.Long positions may only be advised in case there’s a clear breach above 5218.8 and a correction to it more than once.

 Trade signal

 Remain flat.

 Platinum weekly

Short Brent now

Technical observation

 Platinum is trading on a downward trend. Recently it broke down below a supportive line 885.02 with a big red candle then proceeded down and is still rallying down. I expect a pull back to 885.02 followed by a rejection from it for possible bearish movement of platinum towards 753.96 and a possible breakout below it for a further decline towards 599.40.Right now wait for the correction to 885.02 then short platinum from it with your take profit at 753.96 and stop loss slightly above 885.02.Aslong as price remains below the resistance zone 1039.07-1017.07,only short positions can be advised.

 Trade signal

 Wait for a correction to 885.02 to short platinum with your take profit at 753.96 and stop loss slightly above 885.02.

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