Commodities

Technical Analysis – WTI dipping under mid-Bollinger band; positive picture intact

Posted on June 9, 2020 at 8:14 am GMT

WTI oil futures presently appear to be retracing under the mid Bollinger band around 38.23, heading towards the 50-period simple moving average (SMA) at 35.88. The commodity’s one-and-a-half month hike from the 6.62 bottom pivoted back down just before filling the gap from early March at 41.28. Nevertheless, the SMAs continue to back the positive picture for the commodity. The short-term oscillators at the moment reflect conflicting signals in directional momentum. The MACD, in the positive region, has marginally dipped [..]

Technical Analysis – WTI builds confidence above Ichimoku cloud

Posted on June 4, 2020 at 8:38 am GMT

WTI oil futures pierced above the 100-day simple moving average (SMA) located at the 36.10 level, that being the 50.0% Fibonacci retracement of the down leg from 65.61 to 6.62. The commodity’s correction from the 6.62 bottom has breached the Ichimoku cloud and looks to be preparing to accelerate above a critical limiting region. Additionally, the rising Ichimoku lines and the turn up in the 50-day SMA may further assist this short-term view. The short-term oscillators presently seem to maintain [..]

Technical Analysis – Gold looking to rebound on 38.2% Fibonacci after pausing downtrend

Posted on June 3, 2020 at 10:32 am GMT

Gold prices are heading sharply lower and have hit the lower surface of the Ichimoku cloud after bouncing off the 100-period simple moving average (SMA). The commodity has paused its bearish move at the 38.2% Fibonacci retracement level of the up leg from 1,614 to 1,765 at 1,718. Looking at the technical indicators, the RSI is pointing slightly up in the negative zone, however, the MACD is decreasing below the zero and trigger lines. If the price fails to dive beneath the 1,716 support it could challenge [..]

Technical Analysis – WTI oil futures hold neutral after ticking up to a 12-week high

Posted on June 2, 2020 at 9:56 am GMT

WTI crude oil futures for July delivery have been moving slightly higher on the four-hour chart since the soft rebound on the ascending trend line at 30.57 which has been holding since April 28. Over last couple of days, the commodity is trading sideways, finding resistance near the 12-week high of 35.90 and the upper Bollinger band. In the short-term, the market could maintain its consolidation phase if the RSI keeps moving around 50, and the 20- and 40-period simple moving averages (SMAs) hold flat. However, the MACD continues to stand above the trigger [..]

Technical Analysis – Gold’s positive signals grow, rekindling ascent

Posted on June 1, 2020 at 7:29 am GMT

Gold is nearing the upper Bollinger band that is currently situated at the swing high of 1,754. This occurred after buyers took the upper hand around 1,692 – that being the 23.6% Fibonacci retracement of the up leg from 1,455.17 to the 91-month high of 1,765.03. Further aiding a bullish picture are the positively charged simple moving averages (SMAs) and the increased gradient of the 50-day SMA. Additionally, the short-term oscillators reflect some strengthening in positive momentum. The MACD in [..]

Technical Analysis – WTI oil futures lose some shine but uptrend still intact

Posted on May 28, 2020 at 7:32 am GMT

WTI crude oil futures for July delivery inched down on Wednesday after failing to lift the strong ceiling around 34.63 and jump above the Ichimoku cloud. The price is now looking for support at April’s highs around 31.00 in order to pick up steam, though the weakening RSI and the slowing MACD are currently discouraging any upside move but not ruling it out as long as the former holds above its 50 neutral mark and the latter above its red [..]

Technical Analysis – Gold heads lower, hitting 2-week low

Posted on May 27, 2020 at 8:19 am GMT

Technical Analysis – Gold heads lower, hitting 2-week low Gold prices are heading lower in the very short-term, penetrating the 100-period simple moving average (SMA) on the 4-hour chart and challenging a new two-week low of 1,705. According to the technical indicators, the RSI is pointing slightly up near the oversold zone, while the MACD is falling below the trigger and zero lines. In case of steeper decrease the price could move towards the 50.0% Fibonacci retracement level of the [..]

Technical Analysis – WTI futures extend bullish move towards 10-week high

Posted on May 26, 2020 at 7:28 am GMT

WTI crude oil futures are coming close to break the ten-week high of 34.63, surpassing the 20- and 40-period simple moving averages (SMAs). The short-term upside tendency has begun from April 28 and is support by an ascending trend line and the bullish crossover of the SMAs. According to the technical indicators, the RSI is extending its upside momentum, while the MACD is ready to jump above its trigger line in the bullish region. In case of steeper increases the [..]

Technical Analysis – Gold takes a breather after reaching a 91-month peak

Posted on May 25, 2020 at 7:08 am GMT

Gold appears to have somewhat weakened after plotting a fresh more than 7½-year high, stalling above the mid-Bollinger band at 1,716. Though the short-term oscillators back a very short-term weakness in the price, the simple moving averages (SMAs) still maintain their strong positive charge, dictating a bigger positive bearing. The MACD is still in the positive region but has dipped below its red signal line, while the RSI points down, hovering above the 50 threshold. The stochastics also back the [..]

Technical Analysis – WTI futures creates new 10-week high with SMAs crossing above

Posted on May 21, 2020 at 6:55 am GMT

WTI crude oil futures are continuing a sharp bullish tendency after the rebound on the multi-year low of 6.75. The bullish crossover within the 20- and 40-day simple moving averages (SMAs) is approving this sentiment in the near term, while the price is ready to recoup the negative gap that posted on March 9. The technical indicators are located in the bullish area, with the MACD stretching further above its red signal line and the RSI moving towards the 70 [..]

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