Crude Oil Trading: Weekends Post for the week 28th Aug - 1st Sept 2017

CL is boring this week, trading in a small range. As mentioned in previous post, it tried to test the ichimoku cloud and bounced! Resistance above is daily 20SMA, 200 EMA/SMA.

In the weekly chart, price is bounce off the mid of BB and the ichimoku cloud is acting as a support. Perhaps a bounce is coming? Could the hurricane harvey cause it to bounce next week?

In the 4 hr chart, price is consolidating at the 20 SMA, and 200 SMA/EMA. The ichimoku clous is acting as a resistance.The 200 SMA/EMA is flattening and looks to be sloping downwards. A downwards move seems imminent.

Daily support/resistance on 28th Aug: 47.79, 47.65
Weekly support/resistance from 28th Aug - 1st Sept: 47.99. 47.9
Monthly support/resistance for Sept: 47.40, 48.01   (CLV7: 47.41, 48.05 ; CLX7: 48.05, 48.38 )
Monthly support/resistance for Aug: 49.12, 47.03  (CLU7: 49.15, 47.12 ; CLV7: 49.28, 47.25)

2017 Yearly support/resistance: 49.35, 40.28

Natural Gas Trading: Weekends Post for the week 28th Aug - 1st Sept 2017

NG has a bearish week. It is currently resting at the daily mid of BB (20 SMA). It could bounce and test the ichimoku cloud or it could just break below the 20 SMA and back to the lower line of the descending channel. Since it is price is currently below the ichimoku cloud, 200 EMA/SMA, the trend continue to be bearish.

In the weekly TF, the ichimoku cloud is still supporting the price. But price is below the 20 SMA and 200EMA/SMA. It seems that the bearish sentiment prevails at the moment.

In the 4hr chart, price is currently resting at a strong support. And the 200 SMA/EMA is currently pressing the price down. Would the hurricane helps NG bulls overcome the resistance? We shall see.


Daily support/resistance on 28th Aug: 2.903, 2.917
Weekly support/resistance from 28th Aug - 1st Sept: 2.937, 2.91
Monthly support/resistance for Sept: 2.986, 2.91 (NGV7: 2.994, 2.922 )
Monthly support/resistance for Aug: 2.948, 2.856  (NGU7: 2.854, 2.941)
Monthly support/resistance for Jul: 3.025, 2.992  (NGQ7: 3.033, 3.018)
2017 Yearly support/resistance: 3.415, 2.757

Natural Gas Trading: Weekends Post for the week 21st Aug - 25th Aug 2017

NG is a little bearish this week. A dark cloud candlestick can be seen in the week TF though it is not formed at the top of the chart pattern. If the upper downtrend channel has become the support and the weekly ichimoku cloud seems to be acting as a support so far, a bounce could be coming. Or it might go back to test the lower channel.


From the daily chart, we see ichimoku cloud is acting as a resistance. 200 SMA/EMA are within the ichimoku. Bulls need to break this barrier before NG can have a solid rally. Right now, price is supported by 20 SMA or mid of BB. A bounce could be coming if it holds.

From the 4 hr chart, ichimoku is currently hold the price. If there is a gap down on sun/mon opening, this could act as a resistance.

From the monthly chart, price is still resting at the support.Mid of BB is slopping up though a test of 2.5 cannot be ruled out. Let's see if weather is on bull or bear side.

Daily support/resistance on 21st Aug: 2.892, 2.907
Weekly support/resistance from 21st Aug - 25th Aug: 2.902, 2.937
Monthly support/resistance for Aug: 2.948, 2.856  (NGU7: 2.854, 2.941)
Monthly support/resistance for Jul: 3.025, 2.992  (NGQ7: 3.033, 3.018)
2017 Yearly support/resistance: 3.415, 2.757

Crude Oil Trading: Weekends Post for the week 21st Aug - 25th Aug 2017

Crude oil is very bullish on Friday. Not sure what is the bullish news. Could be contract expiration coming plus weekends coming, bears rushing to cover their shorts. Technically, price found support at the daily ichimoku cloud and now at resistance area - 20 SMA/200 EMA -- above 200 SMA. It is also at the upper channel trend line. A break would be victorious to the bulls.

From the weekly chart, price found support at the mid of BB as well as the ichimoku cloud. Could this be the start of a leg up?

From the 4 hour chart, price is at ichimoku cloud resistance. A pull back may be coming.


From the monthly chart, price is still bouncing from the mid of BB and as mentioned in the earlier posts, mid of BB (or 20 sma) is slopping up. Bears have to be cautious.

Daily support/resistance on 21st Aug: 48.57, 47.92
Weekly support/resistance from 21st Aug - 25th Aug: 48.54, 47.81
Monthly support/resistance for Aug: 49.12, 47.03  (CLU7: 49.15, 47.12 ; CLV7: 49.28, 47.25)

Monthly support/resistance for Jul: 46.09, 45.61   (CLQ7: 46.13, 42.73 ; CLU7: 46.35, 45.92)

2017 Yearly support/resistance: 49.35, 40.28

Crude Oil Trading: Weekends Post for the week 14th Aug - 18th Aug 2017

Oil has a bearish week but bounced at the daily 20 sma or mid of BB.If it holds, it will test 50 again otherwise, it will drop to the ichimoku support below.

In the week TF, oil also bounced off the 20 sma or mid of BB. Whether it bounces or drop will depend on next week movement.

From the 4hr chart, currently the ichimoku is acting as a resistance. If it holds, downwards move shall continue.

Daily support/resistance on 14th Aug: 48.69. 48.48
Weekly support/resistance from 14th Aug - 18th Aug: 48.89, 49.10
Monthly support/resistance for Aug: 49.12, 47.03  (CLU7: 49.15, 47.12 ; CLV7: 49.28, 47.25)

Monthly support/resistance for Jul: 46.09, 45.61   (CLQ7: 46.13, 42.73 ; CLU7: 46.35, 45.92)

2017 Yearly support/resistance: 49.35, 40.28

Natural Gas Trading: Weekends Post for the week 14th Aug - 18th Aug 2017

NG has a solid green weekly candle this week. It bounces off the support from the lower trend line and ichimoku cloud. It is approaching the resistance area soon. Will this be broken?


In the daily TF, price is currently resisted by the ichimoku cloud. the candle is getting smaller after a bullish inventory report. Traders are getting cautious. It may test the resistance up there and should the ichimoku cloud resistance prove too strong, oil might collapse back to the lower channel.

A graveyard candle is seen in the 4hr chart. Usually it is a bearish sign but if price move above it and hold, the trend might continue and might reach the purple trend line.
In the monthly TF, the 20 SMA or the mid of BB is slopping up which provides some kind of hint that the trend is up in the long term. As for now, weather dictates short term movement.

Daily support/resistance on 14th Aug: 2.987, 2.980
Weekly support/resistance from 14th Aug - 18th Aug: 2.881, 2.954
Monthly support/resistance for Aug: 2.948, 2.856  (NGU7: 2.854, 2.941)
Monthly support/resistance for Jul: 3.025, 2.992  (NGQ7: 3.033, 3.018)
2017 Yearly support/resistance: 3.415, 2.757

Crude Oil Trading: Weekends Post for the week 7th Aug - 11th Aug 2017

Weekly spinning top after a long green candle this week imply a decisive more is coming in the upcoming weeks.

Below is the possible Elliott wave pattern. The strong resistance is around the yellow circle.

From the 4hr chart, the various support can be seen highlighted in yellow, from the ichimoku cloud to the 200 EMA/SMA.

Daily support/resistance on 7th Aug: 49.37, 49.07
Weekly support/resistance from 7th Aug - 11th Aug: 49.48, 49.4
Monthly support/resistance for Aug: 49.12, 47.03  (CLU7: 49.15, 47.12 ; CLV7: 49.28, 47.25)

Monthly support/resistance for Jul: 46.09, 45.61   (CLQ7: 46.13, 42.73 ; CLU7: 46.35, 45.92)

2017 Yearly support/resistance: 49.35, 40.28

Natural Gas Trading: Weekends Post for the week 7th Aug - 11th Aug 2017

NG has a bearish week, with price below the lower channel and weekly ichimoku cloud. Would that be a false break below?



Consolidation is now at the lower channel as seen in the daily TF. Could a bounce starting soon?

Now price is back to monthly mid of BB. The question is will it bounce?

Daily support/resistance on 7th Aug: 2.776, 2.777
Weekly support/resistance from 7th Aug - 11th Aug: 2.827, 2.793
Monthly support/resistance for Aug: 2.948, 2.856  (NGU7: 2.854, 2.941)
Monthly support/resistance for Jul: 3.025, 2.992  (NGQ7: 3.033, 3.018)
2017 Yearly support/resistance: 3.415, 2.757