Crude Oil Trading: Weekends Post for the week 29th May - 2nd Jun 2017

The outcome of the OPEC meeting this week caused oil price to dive a few dollar but it recovered on Friday possibly due to long weekend. This created a bullish hammer but it is still around the 200 EMA / SMA.


A weekly doji was created. Crude might still be trading in this range circled in yellow. The ichimoku cloud is providing a support.


From the 4hr TF, price is around the 200 EMA / SMA. Resistance from the 200 EMA / SMA to the mid of BB is expected for any price spike to halt temporary.

 From the monthly TF, BB is narrowing and mid of BB is providing good support.

Daily support/resistance on 29th May: 49.60, 49.06
Weekly support/resistance from 29th May - 2nd Jun: 49.94, 50.09
Monthly support/resistance for May: 50.98, 49.79 (CLM7: 49.85, 51.17, CLN7: 50.15, 51.5 )
Monthly support/resistance for Apr: 50.81, 50.73 (CLK7: 50.88, 50.93, CLM7: 51.31, 51.38)
2017 Yearly support/resistance: 49.35, 40.28

Natural Gas Trading: Weekends Post for the week 29th May - 2nd Jun 2017

NG traded in a small range last week, ending the week with a doji. The next couple of weeks could give more clue to the direction as it is still at the lower trend line of the ascending channel.


It is now above the neckline of the inverse HS and there is a gap below. It could close the gap below next week or some time in the future. Above the high of this week would be bullish and the trend might continue.


From the 4hr TF, we could see a double top, though it is made up of 2 different contract during roll over. Could this be a sign of a short term down trend?

 From the monthly TF, we can see that NG is still in a small trading range and with BB slowly expanding, some big move, possibly up is coming.

Daily support/resistance on 29th May: 3.294, 3.291
Weekly support/resistance from 29th May - 2nd Jun: 3.241, 3.277 (NGN7: 3.308,3.334; NGQ7: 3.344, 3.372)
Monthly support/resistance for Jun: 3.135, 3.246  (NGN7: 3.148, 3.284)
Monthly support/resistance for May: 3.241, 3.185  (NGM7: 3.271, 3.274 )
Monthly support/resistance for Apr: 3.125, 2.992  (NGK7: 3.143, 3.045 )
2017 Yearly support/resistance: 3.415, 2.757

Crude Oil Trading: Weekends Post for the week 22nd May - 26th May 2017

Crude oil has a very bullish week before OPEC meeting next Thursday. There is some resistance in the daily ichimoku cloud above.

In the weekly TF, ichimoku is providing strong support to the price but it is seen flattening going forward. There is some resistance in the mid of BB too.


In the monthly TF, the mid of BB is provide good support to the price. Depending on the outcome of the opec meeting, oil could still stuck in a range for a while.

Daily support/resistance on 22nd May:50.68, 50.25
Weekly support/resistance from 22nd May - 26th: 50.38, 49.33
Monthly support/resistance for May: 50.98, 49.79 (CLM7: 49.85, 51.17, CLN7: 50.15, 51.5 )
Monthly support/resistance for Apr: 50.81, 50.73 (CLK7: 50.88, 50.93, CLM7: 51.31, 51.38)
2017 Yearly support/resistance: 49.35, 40.28

Natural Gas Trading: Weekends Post for the week 22nd May - 26th May 2017

NG has a red weekly candle and is now slightly below the neckline of the inverse HS. Price is above both weekly and daily ichimoku cloud. So price would not fall much imo after it falls through the ichimoku clouds sharply.




In the 4 hr TF, there is a shooting star. Need confirmation that price would correct. Above it could mean it is testing the ichimoku cloud above.

 In the monthly TF, price is still within the ascending channel which is good news to the bulls

Daily support/resistance on 22nd May: 3.239, 3.226
Weekly support/resistance from 22nd May - 26th: 3.285. 3.259
Monthly support/resistance for May: 3.241, 3.185  (NGM7: 3.271, 3.274 )
Monthly support/resistance for Apr: 3.125, 2.992  (NGK7: 3.143, 3.045 )
2017 Yearly support/resistance: 3.415, 2.757

Natural Gas Trading: Weekends Post for the week 15th May - 19th May 2017

NG broke the inverse HS neckline this week. Target is the upper channel.


The possible movement is show below. There's a gap above to be filled.

 Bullish even on monthly TF. Buy on dips.

Daily support/resistance on 15th May: 3.414, 3.391
Weekly support/resistance from 15th May - 19th May: 3.286, 3.241
Monthly support/resistance for May: 3.241, 3.185  (NGM7: 3.271, 3.274 )
Monthly support/resistance for Apr: 3.125, 2.992  (NGK7: 3.143, 3.045 )
2017 Yearly support/resistance: 3.415, 2.757

Crude Oil Trading: Weekends Post for the week 15th May - 19th May 2017

Crude oil is bullish this week. We can see it is have inside bar. It is possible to have double inside bar considering opec meeting is 2 weeks from now.

Below is the possible moement. Friday is a doji. We should have a small trend this week.

 On the monthly TF, price is bouncing nicely from the mid of BB. We need end of May to confirm. Oil is bullish though! Buy on dips.

Daily support/resistance on 15th May: 47.78, 47.71
Weekly support/resistance from 15th May - 19th May: 47.51, 46.88
Monthly support/resistance for May: 50.98, 49.79 (CLM7: 49.85, 51.17, CLN7: 50.15, 51.5 )
Monthly support/resistance for Apr: 50.81, 50.73 (CLK7: 50.88, 50.93, CLM7: 51.31, 51.38)
2017 Yearly support/resistance: 49.35, 40.28

Crude Oil Trading: Weekends Post for the week 8th May - 12th May 2017

Crude oil has an interesting move this week. It dropped all the way below 44 and then move up to 46+. A hammer is formed in the dailty TF. There are many resistance line above. It could move up to the area circled below and consolidate there before OPEC meeting.

In the monthly TF, price has bounced from the mid of BB. If it holds a big move is coming as BB has been narrowing.

From the weekly TF, you can see that price dropped about 1 month from the opec meeting last year. The same pattern seems to repeat and could be repeated in the coming weeks. If this is so, next week could be a green candle. Moreover, the price is supported by the ichimoku cloud. There is a possibility the low could be tested though.

Daily support/resistance on 8th May: 46.05, 45.22
Weekly support/resistance from 8th May - 12th May: 46.49, 46.54
Monthly support/resistance for May: 50.98, 49.79 (CLM7: 49.85, 51.17, CLN7: 50.15, 51.5 )
Monthly support/resistance for Apr: 50.81, 50.73 (CLK7: 50.88, 50.93, CLM7: 51.31, 51.38)
2017 Yearly support/resistance: 49.35, 40.28

Natural Gas Trading: Weekends Post for the week 8th May - 12th May 2017

NG has a good green weekly candle. An inverse HS seems to be forming. If this is valid, a good run up is in the making perhaps for the summer season if the weather is very very hot. There's a contract gap below. The question is will it be filled soon or after the summer season.

A possible movement could be below. Do you think if NG is setting up for a run up to 4.0?

Daily support/resistance on 8th May: 3.265, 3.233
Weekly support/resistance from 8th May - 12th May: 3.267, 3.239
Monthly support/resistance for May: 3.241, 3.185  (NGM7: 3.271, 3.274 )
Monthly support/resistance for Apr: 3.125, 2.992  (NGK7: 3.143, 3.045 )
2017 Yearly support/resistance: 3.415, 2.757