WTI Crude Oil is trading in a bearish trend on a daily. For the entire month of May, the market is consolidating within a horizontal range. I believe that a bearish trend will continue after a violation of the support of the range. I am waiting for its breakout to sell the market. A daily candle close below 75.5 will confirm a violation. A bearish wave will...
WTI Crude Oil turned bearish on its 1D technical outlook (RSI = 39.681, MACD = -1.020, ADX = 30.568) but remains neutral on 1W (RSI = 46.231) as it is approaching again the 1W MA200. That is a critical Support as not only it is untouched since February 5th but is the long term level that Oil has been bouncing aggressively on since March 2023. We look towards a...
I want to be honest.. The rally long was a surprise for me, I expected a long phase but without this momentum. It was really strange because we have a big storage increase more than last year and I expected a long phase but more flat. so I think now we can have a rebound of price until support area more or less 2$ before the last long (if we will have). The...
In this one I use my preferred charting tool that uses data points from the past: Curved Trendlines. While there are other variations of such lines that I might use depending on the context, in this case the pattern low-high-high or high-low-low is widely detected as relevant and used as such for mapping out potential forces and support/resistance zones. As you...
In the analysis of the oil chart, the main trend line of the upward movement (blue line) has been broken, and the broken candle is marked with an arrow. It seems that we have to wait for lower prices for oil. Do you agree with my opinion?
Natural Gas (NG!) hit last week the top (Lower Highs trend-line) of the long-term Falling Wedge pattern that started on the April 10 2023 Low and was immediately rejected back to the 1W MA50 (blue trend-line). As long as it holds, this rejection indicates that technically, the new Bearish Leg should start. Our Target is 1.550 (just above Support 1). If however...
Hi everyone and welcome to my channel, please don’t forget to support all my work subscribing and liking my post, and for any question leave me a comment, I will be more than happy to help you! “Trade setups, not movements” 1. DAY OF THE WEEK (Failed Breakout, False Break, Range Expansion) Monday DAY 1 Opening Range Tuesday DAY 2 Initial...
Oil prices increased early as we mentioned, recovering from a six-week low after a significant 4.3% fall the previous day, which was the lowest point since mid-March. This drop was attributed to an unexpected surge in U.S. stockpiles, indicating softer demand than anticipated. At the same time, market observers have pointed out that the Federal Reserve has kept...
Take a look at our analysis for USOIL. Time Frame: 12h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is approaching a key horizontal level 77.11. Considering the today's price action, probabilities will be high to see a movement to 79.91. P.S We determine oversold/overbought condition with RSI indicator. When...
UNG on a 120-minute chart has reversed from a long trend down which started in mid -January. This was a steep trend down from the start into mid- March where the trend angle lessened in a period of relative consolidation until May 1st where the reversal occurred. This is a falling wedge breakout with the trendlines of the wedge in thick red and thick green for...
Natural Gas has lost over 15% of the recent rally. Pulling back today with the market, this commodity is now coming into an area for potential dip buyers. Will the 200 MA hold firm? Nat gas equities are holding relative strength despite the sell side pressure. 2 key trend channels of support are observed. Profits secured on KOLD
Mega cap tech saw massive selling. MSFT & NVDA hit hard today. Cloud based stocks under pressure. Small caps ripping! Natural Gas collapse...Profits secured! KOLD Weak GDP & Housing data send yields lower.
Hello Traders ! The Natural Gas price failed to create a new higher high ! The higher low (2.543 - 2.570) is broken (change of character). So, I predict a bearish move📉. -------------- TARGET: 2.230🎯
NG based on monthly data is registering very significant net buy volume at the current price range. Seller's strength is certainly fading out based on thinning price volatility this past few days / weeks -- as shown on yellow price lines on chart. NG is currently sitting at a strong major support at 2.0 to 2.5 area, a 1.0 FIB discount level -- this is where most...
WTI analysis 1 hour time frame The price can fluctuate between the ceiling and the floor of the specified areas
I saw some other stocks of the same segment doing bullish patterns. We have a potential double bottom fighting with downtrend line resistance. I think is going to bounce back and forward between the 13.5 support level and the downtrend line until something breaks. The double bottom (inverted HS in the daily timeframe) tells me that the price wants to break up the...
Crude oil technical analysis Daily resistance 79.2-83.4, support below 77.5 Four-hour resistance 79.2-80, support below 78.5 ✅Crude oil operation suggestions: Crude oil fell back after reaching a high yesterday. It failed to continue its strong performance after breaking through 80.0. The small negative line retreated and showed signs of seeking support at a...
The WTI Oil 4H chart displays a classic bullish reversal pattern, often referred to as the "three pushes" or "three drives" pattern. This pattern is characterized by three distinct attempts by the market to push lower, each attempt being met with increasing buying interest. The current setup shows that after three downward pushes, the price has started to rebound,...