Crude Oil Trading: Weekends Post for the week 31st July - 4th Aug 2017

Oil has a bullish week due to bullish inventory report and geopolitical news. In the weekly TF, price is still supported by the ichimoku cloud and it has a break-out to be confirmed next week.


In the daily TF, we can also see that price is break out of the upper channel, pending confirmation. If that is a false breakout, the below elliott wave pattern could pan out.

 However, in the monthly TF, price is bouncing from the mid of BB. It could continue to bounce to test the monthly ichimoku cloud.

Daily support/resistance on 31st July: 49.64, 49.34
Weekly support/resistance from 31st July - 4th Aug: 49.06, 47.61
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)

Monthly support/resistance for Jun: 48.38, 47.88  (CLN7, 48.44, 48.07; CLQ7: 48.68, 48.34)
2017 Yearly support/resistance: 49.35, 40.28

Natural Gas Trading: Weekends Post for the week 31st July - 4th Aug 2017

NG is moving at a small range this week. It is still at that gap area. Either a test of the lower trend line or testing of the daily ichimoku cloud shall happen once there's a catalyst.

A elliott wave pattern can be seen. If a wave C is completed, this down move could probably be the start of a new leg down.

From the weekly TF, 2,8 shall be the first TP.


From 4hr chart, the 200 EMA/SMA is still a strong resistance to be overcome.
From the monthly TF, there could be a repeated pattern. From the left, the price has exceeded beyond the upper BB and the consequence is a very strong downwards move. Price has again exceeded (slightly) beyond the upper BB. Would the price move down again, at least to 2.5?

Daily support/resistance on 31st July: 2.933, 2.953
Weekly support/resistance from 31st July - 4th Aug: 2.935, 2.927 (NGU7: 2.925, 2.928)
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)
Monthly support/resistance for Jun: 3.135, 3.246  (NGN7: 3.148, 3.284)
2017 Yearly support/resistance: 3.415, 2.757

Crude Oil Trading: Weekends Post for the week 24th July - 28th July 2017

Crude oil price drop back to the daily mid of BB as the ichimoku cloud prove to be a strong resistance. If it holds, a bounce back to break the ichimoku cloud is possible. Otherwise, expect it to drop further.

In the weekly TF, price is below the mid of BB, signalling weakness in price. A drop to below 43 is possible.

In the monthly TF, the mid of BB is still holding the price pretty well. I expect the price to continue to hold there. That means crude oil could be trading in a range in the next few weeks.

From the 4hr chart, price is bouncing from the ichimoku cloud and the 200 SMA.

Daily support/resistance on 24th July: 45.86, 46.38
Weekly support/resistance from 24th July - 28th July: 46.64, 45.95

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

Monthly support/resistance for Jun: 48.38, 47.88  (CLN7, 48.44, 48.07; CLQ7: 48.68, 48.34)
2017 Yearly support/resistance: 49.35, 40.28

Natural Gas Trading: Weekends Post for the week 24th July - 28th July 2017

NG has a bearish week. It dropped back to the level of gap and break below the mid of BB. A bounce to test the ichimoku or a drop to test the lower channel is possible next week.

From the weekly TF, price is below the mid of BB, signalling weakness. It could test the intersection between the ichimoku cloud and the lower BB, highlighted in yellow.

From the monthly TF, price is still above the mid of BB. A possible test of it is still possible. But watch out below as there is quite a good support.

From the 4hr chart, it is bouncing from the ichimoku and a bounce is still possible.


Overall, NG needs a strong catalyst to move the price up or down convincingly otherwise it could be trading at a small range next week.

Daily support/resistance on 24th July: 2.97, 2.991
Weekly support/resistance from 24th July - 28th July: 2.982, 3.026
Monthly support/resistance for Jul: 3.025, 2.992  (NGQ7: 3.033, 3.018)
Monthly support/resistance for Jun: 3.135, 3.246  (NGN7: 3.148, 3.284)
2017 Yearly support/resistance: 3.415, 2.757

Crude Oil Trading: Weekends Post for the week 17th July - 21st July 2017

Crude oil has a good recovery this week. If below Elliot wave is correct, the first target could be around 49/50. As you can see, there are many resistance lines above. It needs time breakthrough all these resistance convincingly before we can see new highs!

Daily support/resistance on 17th July: 46.54, 46.27
Weekly support/resistance from 17th July - 21st July: 46.19, 45.20

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

Monthly support/resistance for Jun: 48.38, 47.88  (CLN7, 48.44, 48.07; CLQ7: 48.68, 48.34)
2017 Yearly support/resistance: 49.35, 40.28

Natural Gas Trading: Weekends Post for the week 17th July - 21st July 2017

NG has a spinning top candle on Friday. NG is undecided to go up or go down. If it goes up, it will meet the daily 200 EMA/SMA as well as the ichimoku cloud resistance above. If it goes down, it will meet the bottom channel support.

From the weekly chart, we can see that 3 weeks of candles has longer upper tail. This could mean the big boys are distributing. NG is still at the weekly ichmoku cloud support, so a bounce may still be possible if it holds.

From the 4hr chart, 200 EMA/SMA is the resistance to overcome before going higher, while price is support by ichimoku cloud at the moment.


Daily support/resistance on 17th July: 2.973, 2.964
Weekly support/resistance from 17th July - 21st July: 2.972, 2.962 
Monthly support/resistance for Jul: 3.025, 2.992  (NGQ7: 3.033, 3.018)
Monthly support/resistance for Jun: 3.135, 3.246  (NGN7: 3.148, 3.284)
2017 Yearly support/resistance: 3.415, 2.757

Crude Oil Trading: Weekends Post for the week 10th July - 14th July 2017

Crude has a bearish week even with bullish report. In the weekly TF, it looks like a thrusting pattern where a continuation of the bullish pattern may continue.



In the daily TF, a ABC elliott wave pattern could be seen as mentioned last week (http://tachartreading.blogspot.com/2017/06/crude-oil-trading-weekends-post-for_24.html). 49 -50 could be the target of this wave.

In the monthly TF, price is trying to break the mid of BB. It has to hold for price to go further up. There are already 4 months of red candles. We shall see what is in store for crude oil.

Daily support/resistance on 10th July: 44.42, 44.60
Weekly support/resistance from 10th July - 14th: 44.74, 45.55

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

Monthly support/resistance for Jun: 48.38, 47.88  (CLN7, 48.44, 48.07; CLQ7: 48.68, 48.34)
2017 Yearly support/resistance: 49.35, 40.28

Natural Gas Trading: Weekends Post for the week 10th July - 14th July 2017

NG has a bearish and volatile week. Now price is a the lower line of the mini descending channel. Would it bounce or break below?

Last week, I mentioned that there is a potential pattern to repeat in the weekly TF. Indeed it repeated. Could it continue down to TP1? Price is supported by the ichimoku cloud. Let's see if it will break before or bounce from the cloud.


Price is very near the mid of BB in the monthly TF where a bounce may happen.

Daily support/resistance on 10th July: 2.868, 2.897
Weekly support/resistance from 10th July - 14th July:  2.941, 2.883
Monthly support/resistance for Jul: 3.025, 2.992  (NGQ7: 3.033, 3.018)
Monthly support/resistance for Jun: 3.135, 3.246  (NGN7: 3.148, 3.284)
2017 Yearly support/resistance: 3.415, 2.757

Crude Oil Trading: Weekends Post for the week 3rd July - 7th July 2017

This week, oil display a bullish weekly candle off the support as shown below. The resistance area is highlighted in yellow.


Friday candle has surpassed the Thursday shooting star candle which is a display of continuation of the upwards trend. It is likely to test the upper descending channel, with the ichimoku cloud as the first resistance area.

In the 4hr TF, price has hit the 200 EMA. Traders are expected to take some profit at 200 SMA/EMA. You could buy the dip.

We see that price has bounced off the mid of BB and if it holds, it could move up in below manner till it reaches the major resistance (the ichimoku cloud area).

So, stay long and enjoy the ride up until the trend change.

Daily support/resistance on 3rd July: 46.09, 45.62
Weekly support/resistance from 3rd July - 7th July: 44.49, 45.72

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

Monthly support/resistance for Jun: 48.38, 47.88  (CLN7, 48.44, 48.07; CLQ7: 48.68, 48.34)
2017 Yearly support/resistance: 49.35, 40.28

Natural Gas Trading: Weekends Post for the week 3rd July - 7th July 2017

This week gap up has been closed till now. The question is will it be closed soon? Below are the possible move as price is at the upper descending channel




In the weekly TF, similar candlestick pattern could be found and the question is would the pattern repeat. Though price is still supported by the ichimoku cloud, resistance at 200 EMA/SMA and the long term trendline is seen.

In the monthly TF, the mid of BB is slopping up while a small hammer is formed above it.It remains to be seen if NG will go up thereafter or the mid of BB is still to be tested.

Daily support/resistance on 3rd July: 3.032, 3.013
Weekly support/resistance from 3rd July - 7th July: 3.048, 3.043 (NGQ7: 3.043, 3.048)
Monthly support/resistance for Jul: 3.025, 2.992  (NGQ7: 3.033, 3.018)
Monthly support/resistance for Jun: 3.135, 3.246  (NGN7: 3.148, 3.284)
2017 Yearly support/resistance: 3.415, 2.757