Commodities

Technical Analysis – WTI futures double bottom pattern completed to the upside; bullish bias

Posted on May 5, 2020 at 7:02 am GMT

WTI crude oil futures have advanced considerably over the last five days, finding a top today near the 200-period simple moving average (SMA) after the completion of a double bottom pattern in the 4-hour chart. Also, the commodity is creating a new two-week high near 22.24 and the bullish action is confirmed from the bullish crossover within the 20- and 40-period SMAs. From the technical viewpoint, the RSI indicator is approaching the 70 level with weak momentum, while the stochastic [..]

Technical Analysis – Copper futures bullish correction under strain

Posted on May 4, 2020 at 3:19 pm GMT

Copper futures’ correction seems to be faltering below the 50-day simple moving average (SMA) and under the 2.3175 level – that being the 38.2% Fibonacci retracement of the down leg from 2.8819 to 1.9684 – as it edges in the Ichimoku cloud. The Ichimoku lines support the bullish run as does the MACD, which is for now, just above its red trigger and zero line. That said, the RSI, just below its neutral threshold, and the falling stochastics back a [..]

Technical Analysis – Gold appears to be gaining confidence

Posted on May 4, 2020 at 6:45 am GMT

Gold is currently resting at the mid-Bollinger band around 1,700 while still confined between the boundaries of 1,660 and 1,739. The short-term oscillators further reflect a neutral-to-bullish bias, while the rising simple moving averages (SMAs) continue to be positively charged suggesting further advances to come. The MACD and the RSI display the pause in the market. The MACD, deep in the positive region, has dipped below its red trigger line but appears to be flattening, while the RSI, bouncing near [..]

Technical Analysis – Could WTI oil futures confirm a bullish double bottom structure

Posted on April 30, 2020 at 10:30 am GMT

WTI oil futures for June delivery have been moving back and forth since the plunge to 6.62 last week, forming a double bottom pattern around the 10.00 level on the four-hour chart. The bullish reversal pattern, however, needs a confirmation above the neckline that is placed around the 18.00 mark to turn valuable. Currently, the momentum indicators are painting a positive picture for the short-term as the MACD is strengthening in the positive area for the first time since early April, the RSI is also comfortably within the [..]

Technical Analysis – Gold consolidates below multi-year top

Posted on April 29, 2020 at 6:38 am GMT

Gold’s recent footing on the 100-period simple moving average (SMA) has kept the precious metal above the Ichimoku cloud and has returned it slightly above the 50-period SMA. Yet, the commodity’s two-week sideways move endures, unable to break out of the 1,739 and 1,660 boundaries. Further displaying the creeping horizontal mode are the unclear signals from the Ichimoku lines in the 4-hour chart. Looking to the short-term oscillators, they too paint a picture of evaporated directional momentum. The MACD is [..]

Technical Analysis – Are WTI futures ready for a minor recovery?

Posted on April 28, 2020 at 10:33 am GMT

WTI crude oil futures have come under renewed selling pressure, falling back below the 38.2% Fibonacci retracement level of the downward wave from 36.22 to 6.75 at 18.03. The technical indicators, though, are sending some bullish signals, suggesting that the softness in the market may pause. The RSI has reversed higher near oversold levels, slightly above 30 indicating that the market could weaken its bearish structure a little bit in the short-term. Stochastics are still in oversold territory, posting a [..]

Technical Analysis – Gold hovers near 7½-year peak; still positive

Posted on April 27, 2020 at 6:59 am GMT

Gold prices successfully surpassed the previous high of the 1,703 strong barrier, confirming the upside tendency in the short- and medium-terms. The yellow metal challenged a new fresh seven-and-a-half-year high of 1,746.95 on April 14 and is currently hovering slightly below this level. The momentum indicators are fading to improve the positive picture on price action. The MACD oscillator slipped beneath the trigger line and is losing some ground, while the RSI is pointing marginally to the downside in the [..]

Oil drowns in a flood of supply, no lifejacket for now – Special Report

Posted on April 24, 2020 at 12:46 pm GMT

Oil prices traded negative for the first time ever this week, as physical space to store the liquid has almost run out amidst an oversupply of epic proportions. In the near term, there’s little that can save oil prices, and we might even see a repeat of the oil-crash movie in mid-May as storage space runs out entirely. That said, if and when storage room runs out, that could also be the point of ‘peak oversupply’ and perhaps the bottom [..]

Technical Analysis – Gold’s positive sentiment picks up; eyes multi-year top

Posted on April 23, 2020 at 12:05 pm GMT

Gold’s new-found confidence today broke above the Ichimoku cloud confirming the bounce off the lower band of the cloud and the 100-period simple moving average (SMA). Boosting this climb is the bullish crossover within the Ichimoku lines and the upward slopes of the SMAs. Moreover, the short-term oscillators suggest further gains for now, with the MACD increasing above zero and its red trigger line and the RSI nearing the 70 level. Additionally, the stochastics are in the overbought territory, holding [..]

Technical Analysis – WTI futures recover somewhat after the dramatic crash to 6.62

Posted on April 23, 2020 at 6:50 am GMT

WTI crude oil futures are recovering somewhat after the sharp collapse to a multi-year low of 6.62 on Tuesday. The renewed selling interest broke the 19.32 strong barrier (resistance now – support before) to the downside, opening the way for steeper declines. However, currently, the momentum indicators are suggesting a possible upside pullback in the short-term. The stochastic oscillator is turning higher after the bullish crossover within the %K and %D lines in the oversold zone, while the RSI is [..]

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