Weekly analytics- Elliott waves analysis – Weekly Review

 Brent Oil Weekly Review

Trade Recommendations:

During the previous week, the Brent oil rallied to the upperside and is still continuing to the upperside. As it is right now, I am looking for long positions expecting an extension of the last impulsive wave (v) to the upperside and may see the price rally to the upperside with the next idea target set at 94.448 and may continue to the upperside. This view can only be invalidated in case the price rebounds from 94.024, if this happens the we will be expecting a move to the lower side.

Trade Recommendations:

We’re waiting for a buy above 94.024.

Silver Weekly Review

During the previous week, silver pulled back to the upperside but could not break and close above 23.215. On this chart, as long as the price does not break above 23.215, this remains to be a good place to consider a possible sell from. If the price breaks and closes above 23.215, then we will be looking for a possible long term buy position towards 23.993. On the flipside, a rebound from 23.215 will attract a possible sell from there towards 22.376.

Trade Recommendations:

We’re waiting for a possible sell from around  23.215.

Gold Weekly Review

After forming a tripple top formation around 2069.96, Gold continues to rally to the lowerside but is currently approaching a key support level 1906.81, This is a key level and while the price does not break and close below it, we are waiting for a clear rebound from it to pick a possible long position. If the price breaks and closes below it, then further momentum to the lowerside is expected with the next ideal target set around 1805.09 and may likely extend much lower.

Trade Recommendations: