RBOB is in clear downtrend (good for the summer). The recent retracement started at 2.7000, reached the 20MA and down sloping parallel line (resistance). Downtrend seems ready to resume with a first target objective 3.6450. At this level I expect another small break before the continuation. Similar pattern on Heating Oil.
The Rate of Change measures how fast the market is moving in a particular direction over a period of time. The 52-week ROC is often used to monitor long term trends. The 52-week ROC crossed the zero line twice since 2007. Dec 2007 (end of the bull run started in 2003) and Oct 2009 the beginning of the new bull market. The bull market could be close to an end....
Interesting price action on Friday with intraday low touching the lower parallel line and double cross of the 20MA. Bullish signal for me. Gas seems also moving in the opposite direction of Crude Oil. Reward/Risk 1.5 not bad, I'm considering this long on Monday and short Crude on Tuesday. Target around 4.53.
Crude is in downtrend. A bottom has been posted on the 18 April (85.90) followed by nice retracement that has taken the price into a confluence of median and parallel lines (Monday, 29 April). A high close on Monday followed by a cross of the 20MA in the opposite direction on Tuesday would be a confirmation that the downtrend is resumed. Entry point at 91.00 or...
British pound seems gaining strength. The price is at the 20EMA and is supported by both up-sloping and down-sloping 1/1 Gann. A trade above 1.5370 could project the British pound to 1.5630 (2/1 Gann line).
After 28Mar USDA crop report the price has retraced to the 20EMA and 0.618Fib level. If 20EMA resistance holds the price is poised to move back to the 1/1 Gann line. Wheat is a sell if it trades below 6930 with target 6350, approx end of the month.
Double top in February followed by a retracement to the 2/1 Gann line. The recent price action tested the 20EMA and 1/1 Gann line. I have entered short on Friday 12April and I expect the price to reach 87.40 level by the end of the month (1/2 Gann line)
A Major HS pattern is completed (Nov2012-April2013). If 20MA and downward parallel line act as resistance the current swing offers a great opportunity to enter a short position before the HS neckline breakout with an attractive reward/risk ratio.
Soybeans trend study: Soybeans approaching major trendline and support area. A trade below 1330 here is going to project the price to the next support area and median line. I'm considering long puts.
Cotton reached the top on the 15Mar13 after 4months bull market - it seems now ready to move back from the 1/1 Gann line to the following level 2/1. I would sell at consolidation pattern break out.
Natgas has found resistance (4.00). Gap down overnight after outside day. This is looks like a top.
Cocoa is in downtrend since Dec12. Moving nicely along the median line, it has tried to come out of the Pitchfork but failed intraday. It is currently building energy in a coil for the next move (rising wedge during March). Breakout to the downside is imminent. Major support at 2100 to be watched.
Silver traded during the last month in a triangle shaped consolidation pattern. It didn't manage to cross the 20MA. Today break to the downside suggests the downtrend has resumed with target on the main support area. A trade below the 01 March pivot low would be the final confirmation. Buy put option could be traded at this point.
Silver has been moving inside a consolidation pattern since mid Feb. Support and resistance of the pattern tend to converge to form a triangle. Price is supported by the lower parallel line. A break-out from this pattern is going to trigger buy orders. Medium term target objective should be 31.7.
Copper is in strong downtrend since February. It has recently broken major support trend line (symmetrical trangle break out) and is currently re-testing. Support is now resistance and a sell limit at this level should be profitable Today inside day is a good signal. Monday has to be a red bar with a close below firday low to confirm the downtrend is resuming
1550 long term support tested on the 21 Feb is below us. Gold has reached my previous target 1615 and has now formed a nice four day consolidation above the 20MA. I would buy at breakout with target on the 2/1 Gann liine.
NATGAS reached resistance level and reacted with a blow-off day bar which means that the bears are in control now or bulls have started taking some profits. Price is poised to move towards the 1/1 Gann.