Crude Oil Trading: Weekends Post for the week 2nd Oct - 6th Oct 2017

Oil is bullish but a correction seems to be coming

Daily support/resistance on 2nd Oct: 51.60, 51.51
Weekly support/resistance from 2nd Oct - 6th Oct: 51.64, 51.63

Monthly support/resistance for Oct: 51, 49.71  (CLX7: 51.14, 50.13 ; CLZ7: 51.46, 50.58)
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 2nd Oct - 6th Oct 2017

NG has rolled over to new contract and the price is flirting with the weekly 20 SMA.

In the 4 hr TF,tThe contract gap has not been closed and it could be an island reversal. 200 SMA/EMA is currently acting as a support while the ichimoku cloud is acting as a resistance. Soon we will know the direction.

In the monthly TF, the doji can be seen. Oct or Nov shall be the decisive month as the winter forecast is more firm.

Daily support/resistance on 2nd Oct: 3.018, 3.018

Weekly support/resistance from 2nd Oct - 6th Oct: 2.994, 3.010

Monthly support/resistance for Oct: 3.026, 3.021 (NGX7: 3.041, 3.086 )

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)
2017 Yearly support/resistance: 3.415, 2.757

Natural Gas Trading: Weekends Post for the week 25th Sept - 29th Sept 2017

NG is at the bottom of the ascending channel. Either a bounce or break from here. Support / resistance as shown.

The 200 SMA appears to be strong resistance and price being rejected there this week. Ichimoku cloud providing support.


Oil could be flirting with the monthly 20 SMA again.

Daily support/resistance on 25th Sept: 2.962, 2.951

Weekly support/resistance from 25th Sept - 29th Sept: 2.981, 3.054

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)
2017 Yearly support/resistance: 3.415, 2.757

Crude Oil Trading: Weekends Post for the week 25th Sept - 29th Sept 2017

Hanging man or bearish dragonfly pattern could be seen in daily TF, pending confirmation.

From 4hr chart, support as shown.


Doji appearing in weekly chart. Next few should be decisive.

Daily support/resistance on 25th Sept: 50.62, 50.54
Weekly support/resistance from 25th Sept - 29th Sept: 50.57, 50.44
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 18th Sept - 22nd Sept 2017

There is a evening star pattern in the daily TF before the 200 SMA resistance. A confirmation is needed next week if this is pointing to more downwards movement as shown below.

 In the 4 hr TF, supports as shown below.

 In the week TF, price is still stuck at the mid of BB. There's seem to be a tug of war between bulls and bears there.

Daily support/resistance on 18th Sept: 3.04, 3.037

Weekly support/resistance from 18th Sept - 22nd Sept: 3.003, 3.024

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)
2017 Yearly support/resistance: 3.415, 2.757

Crude Oil Trading: Weekends Post for the week 18th Sept - 22nd Sept 2017

Crude oil has a bullish week. There is a inside bar at the 200 SMA resistance. It could break out of 50 or back to ichimoku cloud support.

In the 4 hr chart, possible scenario has below.

 

In the weekly chart, it looks like a bullish mat hold pattern in play. We shall wait for confirmation next week.

Daily support/resistance on 18th Sept: 49.81, 49.77
Weekly support/resistance from 18th Sept - 22nd Sept: 49.47, 48.75
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 11th Sept - 15th Sept 2017

What a bull trap in action this week! Traders are so fearful of the hurricane that many cover shorts or too greedy and kept buying up. Finally we all know hurricane Irma not going to do much damage to the oil production except reduce the demand, bull traders closed their long with fear while bears traders kept piling on shorts! In the daily TF, price is back to test the upper descending channel. But the ichimoku cloud resistance is holding any further rally. If the resistance turned support give way, price could go dwon to test the lower channel at 2.7-2.75. The stochastic is also sloping down hinting over-bought and cooling down on the way.

From the weekly TF, a double inside bar can be seen. The price keeps being suck into the vacuum which is highlighted in yellow. Price has to break below decisively for new lows to come. It is not clear if the ichimoku cloud is acting as a support or resistance here. With the vacuum and the ichimoku cloud , price is trading at a range for now until a catalyst comes.

From the 4hr TF, there is a doji forming and price is outside of the BB. A relief bounce could be coming.

Daily support/resistance on 11th Sept: 2.93, 2.91

Weekly support/resistance from 11th Sept - 15th Sept: 2.972, 2.924

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)
2017 Yearly support/resistance: 3.415, 2.757

Crude Oil Trading: Weekends Post for the week 11th Sept - 15th Sept 2017

Crude oil has an interesting movement this week. It moves up to 49+ and then profit taking till around 47+. At daily, weekly and monthly TF, price is resting at the mid of BB (20 SMA). If this support give way, oil going to test the lows of 40 again otherwise bounce to test 50. From the daily TF, a evening star pattern could be seen. This could signify further downside in the short term.

 

47.8 - 48.29 seems to be a very important area. Price could be stuck at this region for the next few days.

Daily support/resistance on 11th Sept: 47.8, 48.27
Weekly support/resistance from 11th Sept - 15th Sept: 48.29, 47.8
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

Crude Oil Trading: Weekends Post for the week 4th Sept - 8th Sept 2017

Crude oil has a strong finished for the week. The daily ichimoku cloud is acting as a support for a bounce towards the mid of BB and 200 SMA/EMA. Could 50 be on the table?

From the weekly chart, the mid of BB is holding the price. The price could bounce to around the upper ichimoku cloud. If more bearish sentiment comes and the support may not hold, a fall would come as drawn below.

In the 4 hours chart, price is currently resisted by the ichimoku cloud and the 200 EMA. Overcoming the resistance would push the price to test the 200 SMA otherwise back to 20 SMA.


From the monthly chart, price has been bouncing off the mid of BB for 4 months. Will it repeat the same pattern this month? Do take note that the 20 sma is slopping up, therefore bears have to be cautious.

Daily support/resistance on 4th Sept: 46.96, 47.22
Weekly support/resistance from 4th Sept - 8th Sept: 47.20, 46.89
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 4th Sept - 8th Sept 2017

NG has a bullish week after daily 20 SMA holds as support and bounced! It breaks the 200 EMA resistance and could be heading to test the 200 SMA. If ichimoku cloud does not resist further, bull party will continue and push price higher.

From the weekly chart, it can be seen price is at the mid of BB. If the bull part continues, price will be testing the strong resistance at 200 SMA/EMA.


From the monthly chart, the 20 sma or the mid of BB continues to hold as support and is sloping upwards. Bear needs to be cautious as this could be a launching pad to test the ichimoku cloud up there.

Daily support/resistance on 4th Sept : 3.058, 3.043
Weekly support/resistance from 4th Sept - 8th Sept : 3.033, 2.969
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)
2017 Yearly support/resistance: 3.415, 2.757