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Market forecast for the week 16 - 20 December 2019: #Brent, #WTI, #GAS


#Brent forecast for the week 16 - 20 December 2019

Monthly graph #Brent : December retains moderate optimism without any future prospects: while it is unlikely that the bulls are ready to break into the upper envelope Bollinger (resistance 67.19), as evidenced by the incident and very weak ADX.




Weekly schedule #Brent: tested Bollinger upper band (65.04), and are also stored to the flat lower ADX indicator parameters. Thus, there is a very low probability that the market in the form of a barrier breaks the resistance zone 65.04-67.19. Accordingly, one can expect a pullback direction 61.02 and 57.49 (middle and bottom lines Bollinger). 



The daily chart #Brent : local upward trend. ADX is growing, but is still in a weak area, so the basic expectation is to roll back down to the dynamic support of 62.48, and then, probably, the oil can be bought again.



Expectations of Brent : decline to 62.48 and then a new wave of rising to 65.04-67.19.

Business solutions:

1. Sales of Brent crude to 62.48.

2. Brent Shopping from 62.48 to 65.04-67.19 area.



forecast #WTI

Monthly graph #WTI : approach to the middle Bollinger band (60.31) continues to occur against the background of weak to ADX, so the light oil is likely to follow the Brent and get the rebound down.



Weekly schedule #WTI : note merging weekly upper Bollinger with monthly middle line, making the resistance of the region (60.31) are practically insurmountable. Especially, the ADX rates remain extremely low.



The daily chart #WTI : all key large timeframes there is no trend dynamics of ADX. Thus, we are waiting for a rollback of the 59.66-60.31 resistance zone to the support 57.33, where attempts to continue the upward trend can be repeated again.



Expectations #WTI : forward to testing the zone 59.66-60.31 and then pullback to 57.33.

Business solutions:

1. Sales #WTI  from zone to 57.33 59.66-60.31.

2. Shopping #WTI  from the 57.33 zone.



Forecast #GAS

Monthly graph #GAS : Gas has no strong trend ADX indicator parameters, but, at the same time, the market looks to define: the lower Bollinger band, as an important dynamic support, at the level of 1.772, so this area is the actual long-term goal of a new descending wave.



Weekly schedule #GAS:  here the bottom line Bollinger is in the field of psychological circular level 2.000, where, obviously, fall delay may occur. This is also a stable horizontal envelopes, Bollinger, and a weak ADX.



The daily chart #GAS : Local trade takes place in the middle of the lower band of the Bollinger envelope that can allow traders to get higher points for sales in the midline area (2.431-2.642). The immediate goal of the sales will be 2.146.



Expectations: So, we are waiting to fall to 2.146 and 2.000. Pre possible pullback in the region 2.431-2.462.

Business solutions: sales area of ​​2.431-2.462 to 2.146 and 2.000.


Alexey Panasenko

Analyst «FreshForex»



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