Commodities

Technical Analysis – Gold develops in descending channel in near term

Posted on May 2, 2019 at 9:12 am GMT

Gold had found strong resistance at the 23.6% Fibonacci retracement level of the downleg from 1346.60 to 1266.29 around 1285 and is falling aggressively below the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. The stochastic oscillator is heading towards the oversold territory while the RSI entered the negative zone and is still pointing down. A move southward could initially find support near the 1266.29 – 1265 support zone before the price touches the lower boundary of the [..]

Technical Analysis – WTI oil futures unlock fresh tops in overbought area

Posted on April 23, 2019 at 8:08 am GMT

WTI oil futures extended their bullish momentum above the 66 level and towards fresh six-month highs on Tuesday. While the RSI has re-entered the overbought territory, the Stochastics have yet to post a bearish cross above 80, indicating that there is still some room for improvement in the short term. Trend signals are also positive as the market action is currently taking place above moving averages and the Ichimoku cloud. The bulls are expected to find immediate resistance near 66.63, identified by the peak on January 2017. To take [..]

Technical Analysis – Brent futures trade near multi-month high; upward sloping range holds

Posted on April 22, 2019 at 1:14 pm GMT

Brent futures skyrocketed towards a multi-month high of 74.30 earlier today but are currently moving slightly below this level. The red Tenkan-sen and the blue Kijun-sen lines are flattening below the price action, suggesting a flat bias after the aggressive buying interest. According to the RSI, the market seems to be ready for negative correction as the index is moving sideways in overbought zone, while the stochastic is edging lower after it touched the 80 level. If the price extends [..]

Technical Analysis – Gold stops sell-off near 4-month lows; eyes on downtrend line

Posted on April 22, 2019 at 9:48 am GMT

Gold printed fresh losses last week after remaining mostly stable in the first half of the month, slipping near a four-month low of 1,271 on Friday. The price, however, has been flirting with the lower Bollinger band in the past three sessions, while the Stochastics have already registered a bullish cross in oversold area below 20, both justifying today’s upside momentum in the market. Still, the line connecting the lower highs from the 1,346 peak, and a price below the Ichimoku cloud and its [..]

Technical Analysis – Copper futures pares some significant losses; rebound on 2.8300 still stands

Posted on April 18, 2019 at 1:24 pm GMT

Copper futures with delivery on May 2019 are rising, paring previous sessions’ losses below the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. However, the technical indicators remain in bearish territory, with the RSI sloping slightly up and the stochastic turning higher in the oversold zone. On the other hand, the MACD oscillator is still endorsing the bearish view as it is weakening below its trigger line. In case of an upside reversal, the price could reach the [..]

Technical Analysis – WTI futures slow down but still above rising trend line

Posted on April 16, 2019 at 7:16 am GMT

WTI futures recorded a stunning rally in the previous weeks towards a fresh five-month high of 64.75, marking a run above the 61.8% Fibonacci retracement level of the downleg from 76.90 to 42.50, around 63.73. This week, though, the price is on the backfoot and the technical indicators suggest that the market could ease in the short-term. The RSI is currently moving with increasing negative momentum towards its neutral threshold of 50 after an exit from overbought levels, while the [..]

Technical Analysis – Gold maintains bearish bias below 1,300 in near term

Posted on April 15, 2019 at 6:54 am GMT

Gold remains under pressure and the risk is still to the downside as prices continue to drift lower from the 23.6% Fibonacci retracement level of the upleg from 1160 to 1346.61 around 1302 and beneath the 20- and 40-simple moving averages (SMAs) in the daily timeframe. The short-term technical indicators are bearish and point to more weakness in the market. The RSI indicator is moving slightly lower in negative territory, while the stochastic oscillator entered the oversold zone. The next target is the April [..]

Technical Analysis – Brent futures in slippery mode but bias remains bullish

Posted on April 11, 2019 at 11:50 am GMT

Brent crude oil futures are easing on Thursday below the multi-month high of 71.77, heading towards the 20-simple moving average (SMA) in the 4-hour chart. According to the MACD, the market seems to be ready for negative correction as the index dropped beneath the trigger line and the RSI found resistance at the 70 level. Moreover, the stochastic is edging lower after it touched the overbought territory. Should the price extend declines, the 70.72 level, which overlaps with the 40-SMA [..]

Technical Analysis – WTI oil futures trade overbought at 5-month highs

Posted on April 9, 2019 at 8:30 am GMT

WTI oil futures picked up further steam early on Tuesday to unlock a fresh 5-month high of 64.74. According to the RSI and the Stochastics, the market is trading in overbought zone, suggesting that the price could soon reverse lower. Trend signals, however, are still positive as the bullish action is taking place comfortably above the 200-day simple moving average (SMA), while yesterday’s close above the 61.8% Fibonacci of the downleg from 76.87 to 42.53 is another indication that any weakness may be short-lived. [..]

Technical Analysis – Gold advances near 1,300; indicators look positive

Posted on April 8, 2019 at 7:03 am GMT

Gold is extending its gains today and is currently trading near the 1297 resistance level. The price has also increased distance above the bullish cross of the 20- and 40-simple moving averages (SMAs), indicating that the recent upside move might hold for longer. Momentum signals are bullish as well as the red Tenkan-sen line, which is above the blue Kijun-sen line, looks to be heading north, while the RSI has reversed higher after surpassing its 50 neutral mark last week. Also, the stochastic oscillator [..]

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