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GoldBands GoldBands PRO CL1!, D, Short ,
CL1!: Crude Oil Continues Moving Lower
164 0 5
CL1!, D Short
Crude Oil Continues Moving Lower

Crude moved lower on Monday but ended the day in the middle of the daily range, unable to break through Friday's low of 46.74. Price also tested the weekly Pivot Point above at 48.13 but was not able to break above that mark. As long as crude trades below that Pivot Point, it indicateds that price wants to keep moving lower. The Heikin-Ashi chart showed a slowing ...

GoldBands GoldBands PRO CL1!, D, Short ,
CL1!: Crude Tests Higher After Inv RPT but Falls Below Key Levels
134 0 5
CL1!, D Short
Crude Tests Higher After Inv RPT but Falls Below Key Levels

Crude tested higher this morning after the weekly inventory report showed a bigger than projected sell-off of inventory. However, WTI Crude failed to maintain it's bullish run and ended the day below the 2 important key levels. Those levels are the 21 day moving average @ 48.41 and the monthly pivot @ 48.13. And while the Elliot Wave Oscillator has not yet crossed ...

GoldBands GoldBands PRO CL1!, D, Short ,
CL1!: Crude Oil Moves Down $1 but Fails to Close Below Range
121 0 8
CL1!, D Short
Crude Oil Moves Down $1 but Fails to Close Below Range

Crude oil closed down $1 today. During the day, my first price target @ 48.36 was hit (I mentioned that in last night's post). Crude did hit a low of 47.73 but was unable to stay below the 48 price level, and in a something of show of strength, rebounded almost a dollar off the day's lows. The closing price of 47.73 was just 2 cents shy of the 21 day moving ...

GoldBands GoldBands PRO GC1!, D, Short ,
GC1!: Gold is Range Bound
61 0 5
GC1!, D Short
Gold is Range Bound

Hi all, I've just gotten back from my extended vacation. The precious metal is range bound and looks like it wants to move down before completing a move up to tag the upper Bollinger Band. The weakness is appearing in the haDelta indicator at the bottom of the chart. A magenta dot just printed which means that the smoothed delta SMA is crossing over the ...

GoldBands GoldBands PRO CL1!, D, Short ,
CL1!: Crude Oil is Range Bound But Looking to Hit Support Again
125 0 8
CL1!, D Short
Crude Oil is Range Bound But Looking to Hit Support Again

Hi all, I've just gotten back from my extended vacation. Boy has there been a wild ride for crude, starting last Thursday. However, since then, crude has been stuck in the lower part of the range, which by the way, retraced to 38% of Thursday's range. Crude has already the 21 day moving average and it looks like it wants to test it again. If have a take profit ...

GoldBands GoldBands PRO CL1!, D, Short ,
CL1!: Crude Oil Breaks Through Support @ 47
87 0 6
CL1!, D Short
Crude Oil Breaks Through Support @ 47

Crude Oil broke through support during the overnight session with a strong push down. Now would be an excellent time to book profits and move stops lower. I've added some new targets marked by the cyan horizontal lines. The next target @ 46.09 is the confluence of the red, lower Bollinger Band and the yellow Bollinger Band. The red BB is our standard one with the ...

GoldBands GoldBands PRO NG1!, D,
NG1!: Natural Gas Stalls, Bollinger Bands Contract
101 0 5
NG1!, D
Natural Gas Stalls, Bollinger Bands Contract

In a clear sign that Natural Gas is range bound, the Bollinger Bands have flattened out and are contracting. Yesterday's closing price was trapped between the 7 and 21 day moving averages and today it is trading slightly above them. Monday's tag of the cyan Bollinger Band (1.5 standard deviation) signaled a potential renewal of selling but the lack of follow ...

GoldBands GoldBands PRO CL1!, D, Short ,
CL1!: Crude Closes Down .57 After Inventory Announcement
71 0 4
CL1!, D Short
Crude Closes Down .57 After Inventory Announcement

Crude Oil had another down day on Wednesday, declining sharply after the inventory report was released. You can see the sharp selloff on the 30 minute chart below. Attempts to buy up crude at discounted prices were meet with renewed selling. All the indicators on the chart are red and pointing down. As I am going on vacation Friday, I'm hoping for a tag of the 47 ...

GoldBands GoldBands PRO GC1!, D, Short ,
GC1!: Gold Closes Lower, Dollar Strengthens on FOMC Annoucement
67 0 5
GC1!, D Short
Gold Closes Lower, Dollar Strengthens on FOMC Annoucement

Gold closed down almost 20 points today as the FOMC announced it would not raise the Fed interest rate in May but left a rate hike on the table for June. But regardless of that news, let's look at the technical aspects of the precious metal's chart. First, the tag of the lower Bollinger Band was what I've been discussing during this bear selloff began in Mid ...

GoldBands GoldBands PRO CL1!, D, Short ,
CL1!: Crude Oil Trades to a Low of 47.35 Before Rebounding Sharply
92 2 3
CL1!, D Short
Crude Oil Trades to a Low of 47.35 Before Rebounding Sharply

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 ...

GoldBands GoldBands PRO NG1!, D, Short ,
NG1!: Natural Gas Moves Lower, Closing under 21 Day Moving Average
72 0 3
NG1!, D Short
Natural Gas Moves Lower, Closing under 21 Day Moving Average

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 ...

GoldBands GoldBands PRO GC1!, D, Short ,
GC1!: Gold Closed Slightly Lower after Tagging Support
51 0 4
GC1!, D Short
Gold Closed Slightly Lower after Tagging Support

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 ...

GoldBands GoldBands PRO CL1!, D, Short ,
CL1!: Crude Oil Hits Target, Lower Targets in Site.
90 0 3
CL1!, D Short
Crude Oil Hits Target, Lower Targets in Site.

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.

GoldBands GoldBands PRO CL1!, 30, Short ,
CL1!: Crude Oil Continues Sell Off, 48.20 in Sight
45 0 2
CL1!, 30 Short
Crude Oil Continues Sell Off, 48.20 in Sight

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.

GoldBands GoldBands PRO NG1!, D,
NG1!: NatGas Hits Top of Range before Closing Lower
60 0 5
NG1!, D
NatGas Hits Top of Range before Closing Lower

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 ...

GoldBands GoldBands PRO GC1!, D, Short ,
GC1!: Gold Remains Under Pressure
103 0 2
GC1!, D Short
Gold Remains Under Pressure

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 ...

GoldBands GoldBands PRO CL1!, D, Short ,
CL1!: Crude Remains Under Downward Pressure
72 0 2
CL1!, D Short
Crude Remains Under Downward Pressure

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 ...

GoldBands GoldBands PRO NGM2017, D, Long ,
NGM2017: NatGas Rises from Lower Bollinger Bands, haDelta Turns Positive
55 0 4
NGM2017, D Long
NatGas Rises from Lower Bollinger Bands, haDelta Turns Positive

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: https://www.tradingview.com/x/XSg1oKqu/ If you enjoyed this post, please press the Like button, share with your friends, and ...

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