commodities

Technical Analysis – WTI crude oil futures retreat following the pullback on 3½-year high of 70.80

Posted on May 8, 2018 at 8:50 am GMT

West Texas Intermediate (WTI) crude has advanced considerably and recorded a fresh three-and-a-half-year high of 70.80. The price retreated after the bounce off the mentioned level and the short-term technical indicators are endorsing the scenario for a potential bearish retracement. Looking at momentum indicators, in the 4-hour chart, the RSI has plunged below the overbought levels and is pointing south, approaching the 50-neutral level. Also, the MACD is heading lower and posted a bearish cross with its trigger line in the positive territory, supporting [..]

Technical Analysis – Gold edges lower after touching 1319 resistance level; holds in trading range in medium term

Posted on May 7, 2018 at 8:07 am GMT

Gold has been edging sharply lower during today’s European session after the pullback on the 1319 resistance level. It is worth mentioning that the price has been developing within a trading range since January 2 with the 1365 resistance level being the upper boundary and the 1303 support level the lower boundary, while it lacks a clear trend. Technically, in the 4-hour chart, the RSI indicator is sloping to the downside and is approaching the negative territory, while the stochastic oscillator posted [..]

Technical Analysis – WTI crude oil futures remain under pressure; creates narrow range in near term

Posted on May 2, 2018 at 1:04 pm GMT

WTI futures have been holding within a consolidation area since April 18 with upper boundary the 69.35 resistance level and lower boundary the 67.10 support, while the 20- and 40-simple moving averages in the 4-hour chart are acting as a strong mid-level of the channel. In the short-term, the technical indicators turned their momentum to negative. Looking at momentum oscillators though, they suggest further declines may be on the cards in the short-term. The RSI is below its neutral 50 line, detecting negative momentum, and [..]

Technical Analysis – Gold maintains weak bias in near term; broader trend is neutral since January

Posted on April 30, 2018 at 8:56 am GMT

Gold has plummeted during today’s European session after the bounce off the 1325.75 resistance level. It is worth mentioning that the price has been trading within a trading range since January 25 with the 1365 resistance level being the upper boundary and the 1307 support level the lower boundary as it lacks a clear trend. Technically, in the 4-hour chart, the RSI indicator is sloping to the downside and is approaching oversold levels, while the stochastic oscillator posted a bearish cross within the %K [..]

Technical Analysis – WTI crude oil futures stands near 3-year high; bullish bias in near term

Posted on April 24, 2018 at 8:51 am GMT

WTI futures have reversed back up again after finding support at the 67.10 barrier achieved on Monday. The price completed two straight bullish weeks and is approaching the three-year high of 69.52. The bullish picture in the short term is further supported by the technical indicators. In the 4-hour chart, the MACD oscillator is rising and posted a bullish cross with its red trigger line, while the Relative Strength Index (RSI) is approaching the overbought level, near 70. The 20-simple [..]

Technical Analysis – Gold hits near two-week low; looking bearish in the short-term

Posted on April 23, 2018 at 8:55 am GMT

Gold plunged during today’s European session, following declines in the two previous days. The price reached a two-week low of 1330.70 after the pullback on the 1355 resistance level. It is worth mentioning that the price has been trading within a range since January 25 with the 1365 resistance level being the upper boundary and the 1307 support level the lower boundary. From the technical point of view in the 4-hour chart, the RSI indicator is sloping to the downside and is approaching oversold levels, while the MACD oscillator is moving sharply lower below [..]

Technical Analysis – WTI crude oil futures trades below 3-year high; possibility of bearish retracement

Posted on April 17, 2018 at 8:53 am GMT

WTI crude oil futures have been underperforming in the past few hours after the pullback from the more than three-year high of 67.73. When looking at the bigger picture the price has been developing within an ascending move since February 9, retesting several times the diagonal trend line. The technical indicators, in the 4-hour chart, are confirming the bearish correction in price action. After their deep fall, the momentum indicators turned south in the short-term. The RSI indicator is holding slightly below its threshold of [..]

Technical Analysis – Gold in neutral bias again after it recorded 11-month high of 1365.14

Posted on April 16, 2018 at 8:58 am GMT

Gold reached an eleven-month high of 1365.14 during the previous week, while at the end of the weekly session it retreated. The price has been trading within a trading range since January 25 with upper boundary the 1365 resistance level and lower boundary the 1307 support level. From the technical point of view, in the 4-hour chart, the RSI indicator is sloping slightly to the downside in the positive territory, while the %K line of the stochastic oscillator posted a [..]

Technical Analysis – Brent crude oil futures retreat after it hits 3-year high of 73.07

Posted on April 12, 2018 at 1:13 pm GMT

Brent crude oil futures surged on Wednesday, hitting a fresh more three-year high of 73.07. The oil completed the third green day in a row yesterday, however, it ended the day well below its peak. Today, the price is heading lower, suggesting a potential bearish correction of the sharp buying interest. In the 4-hour chart, the technical indicators are endorsing the downside retracement as both are moving lower. The RSI has dipped slightly lower and is developing near the overbought territory. The [..]

Technical Analysis – WTI crude oil futures in strong upside movement after rebound on 61.77

Posted on April 10, 2018 at 9:31 am GMT

WTI crude oil futures have come under renewed buying interest, rising back above the 64.00 strong psychological level. After the significant rebound on the 61.77 support, the price reversed and is trying to pare some of the previous week’s losses. Oil prices jumped to a new one-week high and challenged the 64.35 price level during today’s European session. Looking at momentum oscillators in the 4-hour chart, they suggest further bullish movements may be on the cards in the short-term. The Relative Strength [..]

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