commodities

Technical Analysis – Copper futures record 4-month low; bears have control

Posted on May 23, 2019 at 11:42 am GMT

Copper futures with delivery on July 2019 are falling below the 20- and 40-simple moving averages (SMAs) in the daily chart. Moreover, the technical indicators remain in bearish territory, with the RSI sloping down in oversold zone and the MACD oscillator is still endorsing the bearish view as it is weakening below its trigger line. In case the price extends the bearish move, the next immediate support is expected to come from the 2.6305 barrier. A significant penetration of this line would drive prices lower until [..]

Technical Analysis – WTI crude futures stands above 23.6% Fibonacci; slightly bullish

Posted on May 21, 2019 at 9:00 am GMT

West Texas Intermediate (WTI) crude oil futures returned back above the 23.6% Fibonacci retracement level of the upleg from 51.60 to 66.60, around 63.0, holding above the red Tenkan-sen line and the 20-simple moving average (SMA) in the 4-hour chart. The stochastic oscillator is approaching the overbought levels, giving signals for more upside pressure, however, the RSI indicator is flattening in the positive area. Should the price edge higher, positive momentum could probably last until the 63.95 strong resistance obstacle. Beating [..]

Technical Analysis – WTI crude futures hover above ‘golden cross’; find support at 23.6% Fibo

Posted on May 17, 2019 at 9:00 am GMT

WTI crude oil futures found strong support at the 23.6% Fibonacci retracement level from the one-and-a-half-year low of 42.50 to the recent peak of 66.60 over the last two weeks, remaining also above of the ‘golden cross’ within the 50- and 200-day simple moving averages (SMAs). The stochastic oscillator is approaching the overbought levels, giving signals for more upside pressure. Should the price edge higher, positive momentum could probably last until the six-month high of 66.60. Beating this top, the way [..]

Technical Analysis – Gold finds obstacle near 23.6% Fibonacci; short-term bearish bias

Posted on May 6, 2019 at 8:43 am GMT

Gold prices is struggling below the 1285 mark, which is the 23.6% Fibonacci retracement level of the downleg from 1346.60 to 1266.29, a strong resistance during the past few weeks. From the technical point of view, in the 4-hour chart the stochastic oscillator is turning lower in the overbought territory, creating a bearish crossover between the %K and %D lines, while the RSI is sloping down in the positive area, suggesting a possible negative movement. If the market reverses even [..]

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 – 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 [..]

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