Crude Oil dropped off 1.5 dollars, sharply breaking through the previous pivot low @ 48.20. However, at the end of the day, on the heals of the EIA report that there was a bigger than expected draw on crude oil inventories, the price of crude rebounded to close @ 48.10. In spite of the retracement, I am still bearish on Crude and expect a drop down to the trend...
Natural Gas moved lower on Tuesday, closing just under the 21 day moving average. In fact, it is smack in the middle of the 7 day and 21 day moving averages. A solid close under the 7 day moving average will put 3.00 clearly in our sights. We also have a change in the Heikin-Ashi candles, going red after Monday's red doji (see Heikin-Ashi chart below). We now need...
Gold closed slightly lower on Tuesday, down .4 points. In early morning trading, Gold had moved down and touched the lower cyan Bollinger Band, which is 1.5 Std Deviations from the 21 day mid point moving average. The rest of the day was subdued, as we await the next move. The haDelta indicator did print a new magenta dot which indicates that more downside...
Crude Oil continues to sell off in the afternoon session, blasting through the ice at the 48.20 pivot low I mentioned earlier. The next target is the 47.00 - 47.10 range where's a triple bottom from March and an upward moving trendline that began in April, 2016.
Mid-Day Update: Crude Oil continued to decline through the morning session today and looks intent on tagging the previous pivot low from 4/27 at 48.20. If you like this post, please click the Lick button, tell your friends, and re-Tweet! Disclaimer: This post is for educational purposes only. Trading is at your own risk.
NatGas started the day moving above Friday's high but missed touching the upper Bollinger Band. Price then reversed and NatGas ended the day below last Thursday and Friday's low (after tagging the 21 day moving average). This could all be leading to a narrow trading range while price consolidates. This idea is supported by the flattening out of the Bollinger...
Despite rumors of a Gold rally that permeated the ideashpere over the weekend, the precious metal continued to sell off today, closing near the bottom of the day and down 14 points. Last Friday's candle, while an up candle, still closed the day, and the week, under both the 7 and 21 day moving average. It was also a red Heikin-Ashi candle. In fact, all the...
Crude Oil sold off today, falling .43 points and continuing to stay well under the 7 day moving average. And while the haDelta indicator last Tuesday gave a potential reversal signal (see the yellow circle?), there is no indication that the downward wave is finished. The bottom indicator is the Elliot Wave Oscillator. It, too, is showing strong downward...
Natural Gas jumped up today, rising from the lower Bollinger Bands and tagging the 21 day moving average. As the haDelta has also turned positive, I will be looking for a pullback to enter a long position. Here is the Heikin-Ashi chart: If you enjoyed this post, please press the Like button, share with your friends, and re-tweet! Disclaimer: This post is...
Gold fell to a new 2 week low during Wednesday's trading. That is, until the end of the day when the administration's tax plan was released and Gold rallied higher to close the trading session. However, Gold met resistance at the 21 day moving average and if you look at the Heikin-Ashi chart below, today's trading ended in a strong red Heikin-Ashi candle. That...
Natural Gas moved lower today, dropping .01 points. And another strong Heikin-Ashi candle, supported by a very bearish haDelta, gives us confidence that the downward trend will continue. If you enjoy these posts, please click the Like button, share and re-tweet! Disclaimer: This post is for educational purposes only. Trading is at your own risk.
Gold closed down on Tuesday, just below the 21 day moving average. You can see that the body of Tuesday's candle covers the wick of yesterday's candle. That means that the sell-off today was not met by strong buying. We've also had 2 strong Heikin-Ashi candles in a row (see chart below). All indicators are pointing to a continued sell off and I am maintaining my...
Gold is trading lower today and back at the key support level of the 21 day moving average. haDelta is very bearish. Let's see were Gold ends the day. If Gold does break the 21 day ma, then the next target is the lower Bollinger Band which is now at 1235.
Natural Gas started the week with a sharp drop to a low of 3.031, hitting the lower Bollinger Band @ 3.03, which was my first profit target. This completed the coast to coast trade that begin with a short entry at 3.27 on April 5. After a week and a half of sideway motion and dojis, today's price drop was a welcome event. With both the haDelta and the Heikin-Ashi...
Gold gapped lower on Sunday night and dropped to the 21 day moving average @ 1266. Even though price rebounded off that support area, the precious metal still closed well under the 7 day moving average and now seems like it wants to re-test Monday's low. We also had the first strong red Heikin-Ashi candle since the downturn from the upper Bollinger Band (see chart...
Natural Gas moved sideways again today, making that 4 dojis in the last 5 trading days. Trapped within the confines of the 7 and 21 day moving averages, today did close below the pair which is a positive sign for our short side position. I am still looking for a final push down to the 3.05 lower Bollinger Band. The Heikin-Ashi chart confirms price is confined to...
Gold closed up a point and a half today on an extremely low volatility day and ended the day trapped within the net of the 7 day moving average and the upper band of the Keltner Channel. I expect another quiet day tomorrow as the world is waiting for the results of the French election this weekend. If the populist candidate wins and the French decide they want out...
Gold sold off sharply on Wednesday, closing the day down 8 points. The Heikin-Ashi candle finally turned red and the level on the QStick indicator at the bottom of the chart has now turned orange. All this signifies that the pressure to the downside continues. Whether or not this is anything more than a temporary selloff from the extremely overbought condition is...