Gas weekly review
During the previous week ending 29th June, Natural gas didn’t make any serious moves towards our target along the upper trend line. Instead, it consolidated within a tight range and is not showing any signs of breaking out of this range. We’re waiting for a breakout above the previous weeks highest high to confirm further rally to the upper side. The anticipated bullish price rally is the continuation of the impulsive wave (c) but should not breakout above the upper trend line. But should this be the case, then further rally upwards is expected.
We’re still long towards the upper trendline.
Gold Weekly Review:
During the previous week, gold markets traded intensely to the lower side and even broke out below the short term supportive trend line. As long as the price remains below this trendline, we expect further momentum to the lower side with an ultimate target at 1067.75. The anticipated bearish price rally is the unfolding of an impulsive five wave cycle and should breakout below the weekly support 1062.75 but should not go beyond 884.00. This view can only be invalidated in case the price break above 1348.85. If this is the case, then a momentum upwards is expected.
We’re short towards 1067.75
HSI Weekly Review
After a tremendous decline in price during the previous week, Hong Kong Stock index is currently being supported by a daily support level 28542.43. This is a key level and as long as the price does not breakout below it. We expect the halt around it to have marked the end of the corrective three wave cycle, that any clear movements to the upper side will be the unfolding of an impulsive five wave cycle with the first target at 33257.45 and the next at 34054.75. But should the price break below the same support , we’ll expect a rally to the lower side.
Look for a long position towards 33257.45.
101% Double the volume