commodities

Technical Analysis – Brent crude oil futures trade sideways in near term; hold in tight Bollinger Band

Posted on February 1, 2019 at 12:19 pm GMT

Brent crude oil futures have been moving sideways within the Bollinger bands over the last three weeks, failing to create a significant movement. The RSI indicator suggests that the market might improve in the coming sessions as it is pointing upwards, however, the MACD oscillator is flattening near the zero line, confirming the recent trend in the 4-hour chart. Should the price move higher, it would increase the chances for an extension of the bullish correction but would first face immediate resistance at the 62.60 [..]

Technical Analysis – WTI crude oil futures on slippery mode; indicators signal bearish retracement

Posted on January 29, 2019 at 9:21 am GMT

West Texas Intermediate (WTI) futures have declined beneath the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, indicating possible negative retracement. Momentum signals are bearish as well, as the red Tenkan-sen line, which is below the blue Kijun-sen line, looks to be heading south, while the RSI has reversed lower, holding beneath its 50 neutral mark. Also, the MACD oscillator lies in negative zone with stronger movement than before. Should the price continue this downward rally of the last session, the next support [..]

Technical Analysis – Gold touches fresh 7-month high above 1300

Posted on January 28, 2019 at 9:39 am GMT

Gold had one of its best trading sessions for this year so far on Monday, reaching a fresh 7-month high of 1304.30. However, currently, the price holds marginally below this peak. The technical indicators are still located in bullish area, with the MACD stretching further above its red signal line and the RSI moving above 70. Yet the latter could also be an indication that the rally is overdone, and hence negative corrections should not come as a surprise in the next few sessions as it is pointing to the [..]

Technical Analysis – Copper futures lacks clear direction in medium term

Posted on January 24, 2019 at 1:49 pm GMT

Copper futures with delivery in March 2019 have been trading in a consolidation area over the last five months with an upper boundary the 2.8530 resistance level and lower boundary the 2.5480 support. Currently, the price is trying to sink below the 20-simple moving average (SMA) in the daily timeframe, sending the market towards the lower boundary of the range. While the technical indicators continue to slow down, mirroring the market’s weak behavior over the last three days, the RSI indicator [..]

Technical Analysis – WTI crude oil futures retreat from 1½-month high; pause near 20-SMA

Posted on January 22, 2019 at 11:02 am GMT

Oil futures retreated from a one-and-a-half-month high of 54.50 on Tuesday, touching the 20-simple moving average (SMA) in the 4-hour chart. The very short-term bias looks negative as the MACD keeps losing ground below its red signal line, while the RSI seems to be making its way down to retest its 50-neutral mark. Should bearish dynamics dominate, the market might decline below the 53.25 key support and the near-term uptrend line to challenge the 40-SMA currently at 52.35. Below that, the area [..]

Technical Analysis – WTI crude oil futures find support at 23.6% Fibonacci; hold within SMAs

Posted on January 15, 2019 at 12:32 pm GMT

West Texas Intermediate (WTI) crude oil futures are finding strong support level on the 23.6% Fibonacci retracement level of the sharp downward movement from 76.90 to 42.50, around 50.65. The technical indicators suggest that there are still some investors that could hold the market on the downside; the MACD is moving lower below its red signal line, while the RSI has turned slightly to the downside below 50 level. Should the price retreat, the 40-simple moving average (SMA) in the 4-hour chart, which coincides with [..]

Technical Analysis – Gold stays in consolidation area in near term; bullish in medium term

Posted on January 14, 2019 at 9:13 am GMT

Gold has been consolidating since January 2 and has been stuck in a channel with resistance boundary the upper Bollinger band around 1297 and support boundary the 1279 barrier. The neutral picture in the short-term looks to last for a while longer after prices failed to surpass the seven-month high of 1298.47 several times in the preceding sessions. Technically, in the 4-hour chart, the RSI indicator is sloping marginally up while in positive territory and the MACD oscillator holds near the trigger line in [..]

Technical Analysis – WTI crude oil futures could see further gains in near term

Posted on January 8, 2019 at 9:40 am GMT

WTI crude oil futures (for February delivery) rebounded on the 18-month low of 42.50 on December 26, driving the price higher towards a three-week high of 49.80 yesterday. The technical indicators suggest that there are still some investors that could hold the market on the downside; the MACD is consolidating below its red signal line, however, the RSI has turned slightly higher above 50 level. Should the price retreat, the 20- and the 40-simple moving averages (SMAs) at 47.88 and 46.73 correspondingly could be the next immediate levels [..]

Technical Analysis – Gold stands above mid-level of Bollinger Band; next target 7-month high

Posted on January 7, 2019 at 9:28 am GMT

Gold has rebounded on the 1276.56 support level in the preceding week after the downfall from the almost seven-month high of 1298.47. The rally brought the price above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, endorsing the outlook to a strongly positive one. Technically, the RSI indicator is sloping marginally down while in positive territory and the MACD oscillator holds below the trigger line in the bullish area. Currently, the price action has turned negative despite the latest upside pullback. Should the [..]

Technical Analysis – Brent crude oil futures advance, posting bullish correction in short term

Posted on January 4, 2019 at 11:46 am GMT

Brent crude oil futures with delivery in March 2019 have rebounded after falling to a fresh 16-month low of 50.00 on December 26. The momentum indicators are suggesting that the market sentiment might get even better as the MACD is strengthening its movement above the trigger and zero lines, while the RSI indicator is flattening near the 70 level. Should the price move higher, it would increase the chances for an extension of the bullish correction but would first face immediate resistance at [..]

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