Crude Oil Trading: Weekends Post for the week 29th Aug - 2nd Sept

Nothing much to say about crude oil. It is simply a self-fulfilling prophecy. The Aug monthly candle looks bullish. And the inverted head and shoulder breakout seem to be materializing soon. However, it is still at around mid of BB so it gona take some time. Perhaps the OPEC meeting could be the catalyst.

In the weekly, the morning start candle formation give rise to more green candle. It is near the neckline of the inverse H&S so it is tricky to trade near there. Whatever it is oil is breaking up sooner or later.

Daily support/resistance on 29th Aug: 47.7, 47.43
Weekly support/resistance from  29th Aug - 2nd Sept: 47.75, 47.44
Monthly support/resistance for Aug: 42.57, 44.96, 42.69, 45.3

Natural Gas Trading: Weekends Post for the week 29th Aug - 2nd Sept

NG has 5 days of green candles this week! What a rally! In the daily TF, it has broken out trendlne resistance and is looking bullish! However, Friday has a spinning top which means indecision. Next week, we shall see if price hold above the resistance trendline.

On the monthly TF,  there seems to be 2 months of lower shadow formed. Not sure to view it as as hanging man or bullish hammer. Price holding above the mid of BB seem that bull strength has not weaken.

Price is above all support/resistance which is seen as bullish.

Daily support/resistance on 29th Aug: 2.853, 2.852
Weekly support/resistance from 29th Aug - 2nd Sept: 2.82, 2.752. 2.863, 2.791
Monthly support/resistance for Aug: 2.841, 2.812, 2.834, 2.791

Be right back

On vacation last few days. Will be back soon.

Crude Oil Trading: Weekends Post for the week 15th - 19th Aug

As many traders expected, the shoulder of the inverse head and shoulder is forming. In the weekly TF, a morning sun candlestick pattern is also forming. However, price is resisted at the mid of BB. Thus, there could be more price consolidation there.

 In the daily TF, price bounced from the target consolidation area and is above the mid of BB. I suspect price may continue up to touch the upper BB and this may be an opportunity to short for short term profit.

In the monthly TF, price is also resisted by the mid of BB and is below the ichimoku cloud. Any bounce is considered a dead cat bounce.

Daily support/resistance on 15th Aug: 44.48, 44.05
Weekly support/resistance from 15th - 19th Aug: 42.94, 44.11
Monthly support/resistance for Aug: 42.57, 44.96, 42.69, 45.3

Natural Gas Trading: Weekends Post for the week 15th - 19th Aug

NG almost has 5 days of red candles this week with Friday. This is probably a short covering. Whether it is a real buy by MM, we shall know soon.

In the daily chart, NG is bounce on a trend line support. It is important that the support is not broken or we may go lower, broken 2.5 and below. Price is also at the lower BB which could cause a bounce. The ichimoku cloud is also providing some support as well.

In the monthly chart, price retrace till mid of BB. It is testing the area there. BB is narrowing which means NG is moving in a narrow range and big movement will come in the next few months, most probably during winter time.

 In the 5 hr chart, price is also bouncing from some support. So I expect price to be testing around those area before moving up or down decisively.

Price is currently below the monthly and weekly support/resistance which is consider as bearish. However price is very near the weekly support/resistance. Any attempt to push above that and hold above, NG may move up to test the monthly support/resistance/

Daily support/resistance on 15th Aug: 2.588, 2.574
Weekly support/resistance from 15th - 19th Aug: 2.611, 2.642
Monthly support/resistance for Aug: 2.841, 2.812, 2.834, 2.791

Crude Oil Trading: Weekends Post for the week 8th - 12th Aug

As mentioned below CL seems to be trying to form the right shoulder of the inverse H&S. Many traders see it. Will MM allow it to happen? Will this be a self-fulfilled prophecy? There are 2 possible necklines.

Daily support/resistance on 8th Aug: 41.85, 41.58
Weekly support/resistance from 8th- 12th Aug: 41.54, 40.65
Monthly support/resistance for Aug: 42.57, 44.96, 42.69, 45.3

Natural Gas Trading: Weekends Post for the week 8th - 12th Aug

NG dropped after a bullish report this week. From the 4hr and daily TF, we see that the price is still in a consolidation. It breaks up from the fall wedge and now is in a symmetrical triangle consolidation.

Using the daily chart to analyze, it could break down the symmetrical triangle or bounce up from the current supporting lower trend line. The ichimoku cloud is providing some support and downside risk may be minimized at the moment.

There is also a possibility of a C&H pattern in the daily chart. We shall see if it is confirmed next week.

In the 1 hr TF, we see that price is still below the neckline of the H&S and is also in a consolidation triangle.However, we also can see there seem to be an expansion triangle pattern developing. So is really anyone guess if price go up first or go down first.

Price is currently below the weekly and monthly support/resistance which is consider as bearish. Only if it reverse back above and hold would price continue to go up.

Daily support/resistance on 8th Aug: 2.794, 2.772
Weekly support/resistance from 8th- 12th Aug: 2.804, 2.775
Monthly support/resistance for Aug: 2.841, 2.812, 2.834, 2.791