WTI Crude Oil is approaching Resistance (1) at 83.50 after OPEC cuts. The MA200 (1d) is almost there at 83.97 and has been untouched since August 30th. The pattern is a Channel Up and its top is only a little over Resistance (1). Trading Plan: 1. Sell on the current market price as the above three levels form the strongest Resistance Zone possible. Targets: 1....
XAUUSD has been ranged for the past 7 days within the 2010 Resistance (1) and 1935 Support (1). The RSI (1d) is inside a Channel Down, which is a Bearish Divergence. A similar pattern was formed in late January and was an early signal of a top formation that broke aggressively downwards to and even under the MA50 (1d). Trading Plan: 1. Sell on the current market...
On the H1 time frame, prices are holding above an ascending channel and approaching the support zone at 1779.00, in line with the Fibonacci confluences and ascending channel’s support. This presents an opportunity to play the bounce to the next resistance target at 1802.80. Prices are holding above the 50 EMA as well, supporting the bullish bias.
Everyone's bullish commodities and calling for a supercycle and a breakout here. However, every commodity chart looks like it's in the process of topping or has already topped. Then if you look at this chart, it just hit resistance again and hasn't been able to break through. The highest probability scenario to me here is that we reject and fall lower to $96,...
Gold continues to bullish at the expense of weaken US Dollar. This safe haven is currently on bullish mode without any sign to stop anytime soon. Its better to wait for the price action to see the best trading plan. Key Trading Plan: i) SHORT from the current price to the Take Profit Target at support 1765.7 ii) LONG if the price breaks 1819.9 resistance...
Gold is trading inside a 4H Channel Up (RSI = 65.937, MACD = 6.370, ADX = 39.644, Highs/Lows = 8.2501) since the 1,535.50 bottom earlier this month. The pattern has reached the Higher High trend line today, which is also the 0.618 Fibonacci retracement level from the 1,611 top. This rise was of course largely assisted by the global alarm regarding the coronavirus...
WTI rose to levels not seen since September 17 yesterday as weekly stockpiles data showed a reduction in reserves. Monthly Crude oil has climbed over 9% in December and is showing upward momentum. Ultimately, the market looks as if it is trying to close through the resistance barrier that extends to the $62.50 level, so it’s likely that we will continue to see...
Palladium has had a massive drive up in price. Previously below platinum, it's come into it's own. The market is tightly controlled by a few major players, and possible supply interruptions helping fan the bull flame. $2000 Rejection most likely profit taking, and an outlook over $2K imminent. I am waiting to take a short position though, as a rally like this has...
The Silver price is currently trading below the 21-day and 50-day SMAs. The Stochastic Oscillator period 14 is bellow 20 levels on the daily chart with the signal lines pointing down to indicate a sell signal. Also the bullish trend line has been broken and that in and of itself is not a good sign for the bulls. The next week or two should be crucial and tell us...
KEN2020-KEK2020 Rising triangle in formation on this spread between two wheat futures contracts. Statistically, in the previous 15 years of our seasonal window we have come to profit in 100% of cases with an average risk reward of 3:1. With this strategy we started trading years ago, bringing us considerable profits that made us understand that operating in the...
XAUUSD broke last week through its 1D Support (1,483.60) that sustained the uptrend for almost 2 months, and touched the top of the 1,453 - 1,460 1D Support Zone where it bounced. This creates the conditions for a 1D Channel Down (RSI = 41.739, MACD = -1.780, Highs/Lows = -14.3993) where the 1,460 low can be considered as the Lower Low of the pattern. As you see...
We have discovered a 1980s pattern on Gasoline (RB) that is strikingly simalar the recent candle action on 1W. We are rather puzzled though as to which point of the 1980s sequence we are currently at. In 1980s the Golden Cross (MA50 over MA200) emerged after a Double Bottom. Currently we are past that Golden Cross and the price is approaching the last low on a...
Pattern: Bearish reversal candle pattern on a 1D Lower High sequence. Signal: Bearish after three straight bearish 1D candles printed. Target: 1270 (just above the 1D Support).
Pattern: Inverse Head and Shoulders on 4H. Channel Up on 1D. Signal: Bearish after the Resistance (Double Top) rejection. Target: 58.40 (1st supporting line) 57.50 (1D Higher Low).