commodities

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 [..]

Technical Analysis – Palladium futures looking more neutral after downside correction

Posted on April 3, 2019 at 3:06 pm GMT

Palladium futures have met resistance at the top of the Ichimoku cloud, having bounced off the bottom of the cloud only three sessions ago. Prices plunged to an 8-week low of 1301.04 last week before recovering to around the 23.6% Fibonacci retracement of the August 2018-March 2019 upleg from 812.65 to 1574.14. Looking at the technical indicators, an extension of the recovery is possible as the stochastics are still rising. However, the RSI is pointing to a weakening momentum as [..]

Technical Analysis – WTI oil futures record 5-month high; bullish outlook in medium term

Posted on April 3, 2019 at 6:45 am GMT

WTI crude oil futures have been in a flying mode over the last four days, creating a new five-month high of 62.87 earlier on Wednesday. The price is heading higher after it found strong support at the one-and-a-half-year low of 42.50 last December. The short-term bias looks positive as the MACD keeps gaining ground above its trigger line, while the stochastic seems to be making its way up in the overbought territory. If the bulls hold the control, price advances may stall [..]

Technical Analysis – Gold loses ground below 1,300; outlook turns neutral in medium term

Posted on April 2, 2019 at 9:44 am GMT

Gold plummeted below 1300 over the previous week, while today the price is moving around the fresh one-month low around 1285. The March 7 support line seems to be acting as support near 1280.63, though, the risk remains neutral to slightly positive as the MACD is flattening around the trigger line, while the stochastic oscillator is ready for a bullish cross with the %K and %D lines. If the market corrects higher, the bullish action may pause initially near the [..]

Technical Analysis – WTI oil futures in a flying mode; bullish bias in short term

Posted on March 26, 2019 at 1:44 pm GMT

WTI crude oil futures have come under renewed buying interest, rising back above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart after the market found strong support at the 23.6% Fibonacci retracement level of the upleg from 51.60 to 60.36, around 58.30. Looking at momentum oscillators, they suggest further upside pressures may follow in the short-term. The RSI is holding above its neutral 50 line and is also pointing upwards, detecting bullish momentum. The MACD, already positive, lies above its trigger and zero lines. [..]

Technical Analysis – Gold eases after reaching 1-month high

Posted on March 26, 2019 at 10:29 am GMT

Gold has declined considerably since hitting the one-month high of 1324.40 on Monday’s trading session, returning back below the red Tenkan-sen line. The technical indicators are suggesting a potential downside risk as both are weakening. The RSI is falling towards the 50 level, while the MACD is ready for a bearish crossover with its trigger line. Despite the technical indicators view, the current structure remains bullish in short-term, as the price is holding above the ascending trend line over the [..]

Technical Analysis – Copper futures on a slippery slope; sideways channel holds

Posted on March 22, 2019 at 12:52 pm GMT

Copper futures with delivery on May 2019 have been moving in a sideways channel over the last month with an upper boundary at 2.9720 resistance level and lower boundary at 2.8700 support. The price is currently easing below the 23.6% Fibonacci retracement level of the upleg from 2.6130 to 2.9720 and the short-term moving averages. The technical indicators in the 4-hour chart are still located in bearish area, with the MACD declining below its trigger line and the RSI is losing momentum below its 50 neutral level. In case the price extends the pullback, the next immediate support is expected to come from the lower boundary. [..]

Technical Analysis – WTI oil futures reach 4-month high; strongly positive in short term

Posted on March 19, 2019 at 10:03 am GMT

WTI crude oil futures have been in a flying mode since yesterday’s trading session, recording a new four-month high around 59.32 today. The price is set to touch overbought levels according to the RSI indicator which is holding a shy below the 70 level, while the MACD is ready to post a bullish crossover with its trigger line in the 4-hour chart. Moreover, the price is hovering well above the Ichimoku cloud. Another positive extension could find resistance at the 61.45 barrier, where the market topped on November [..]

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