Buy Brent Oil along the lower trendline | 24 12月 2021

Brent Oil weekly Review

 

Wave Analysis

During the previous trading week, Brent oil  bounced off from the lower trendline, headed straight to the upperside and is still showing signs of continuing much lower. As it is right now, we are looking for further momentum to the upperside and may head straight towards the upper trendline. We expect the rebound from the lower trendline to have marked an end to a correction of the last five wave cycle and a continuation of the current impulsive wave count towards 80.90.

Trade Recommendations:

We're buyers towards the upper trendline.

CAC40 Weekly Review

Wave Analysis

French Stock's index is currently in an active up trend. As it is right now, overall, we are in an active up trend. however, we expect an extension of the impulsive wave (C) to the lower side and may break below the lower cloud but should not go beyond 6443.5. A rebound from the latter will attract a possible long term buy position with an ultimate target set around 7217 and may push the price much higher towards 8000.00 or even higher.

Trade Recommendations:

We're in a correction mode

 SPX500 Weekly Review

Wave Analysis

SPX500 is currently in an active up trend. As long as the price remains above the cloud formation, I expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the last impulsive wave (v) to the upperside and may see the price break above 4778.90 and may extend much higher towards 4900.00. On the flipside, only a break below the cloud formation may attract a possible long term sell position towards 4260.3.

Trade Recommendations:

We're in an active up trend towards 4900.00.

Bob Stan
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