Commodities

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Technical Analysis – Copper futures attempt to break above descending channel

Posted on June 12, 2019 at 2:12 pm GMT

Copper futures for July delivery have unsuccessfully attempted to pierce the upper boundary of the one-month old descending channel (2.695) on Tuesday. The positive momentum in the MACD signals that upside pressures may return in the short-term, but the price may first need to crawl comfortably above 2.711, the 61.8% Fibonacci retracement of the 2.539-2.991 bullish wave, to fuel a stronger buying interest. On the way up, the 50% Fibonacci and the 200-day simple moving average (SMA), could hostage the bulls. If not, then the 38.2% Fibonacci of 2.818 could [..]

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Technical Analysis – WTI futures lack clear direction in short-term; medium-term downtrend intact

Posted on June 11, 2019 at 9:14 am GMT

WTI crude oil futures are rising above the bullish cross within the 20- and 40-simple moving averages (SMAs) but are still hovering below the Ichimoku cloud in the 4-hour chart. The downside momentum appears to have run out of steam as the stochastic oscillator is returning higher while the RSI is trying to gain ground above the neutral threshold of 50. Should oil prices manage to strengthen the slightly bullish retracement the next resistance could come around the 23.6% Fibonacci [..]

Technical Analysis – Gold turns overbought near former key resistance

Posted on June 10, 2019 at 8:30 am GMT

Gold recorded its best weekly performance so far this year, topping near a former key resistance of 1,346 on Friday. The RSI and the Stochastics, however, indicated that the bulls are exhausted as the measures peaked in overbought territory – letting the bears take over on Monday. Yet, with the 20-day simple moving average (SMA) increasing its distance above the 50-day SMA, the positive market trend may likely extend forward in the short-term. Should the market close comfortably below the 1,320 level, the bearish action may extend towards the upper surface of the Ichimoku cloud and the 23.6% [..]

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Technical Analysis – Brent futures return up but find obstacle at 40-SMA

Posted on June 7, 2019 at 8:37 am GMT

Brent crude oil futures has gained a little extra this week to jump above the 20-period simple moving average (SMA) and re-challenge the 40-SMA. The technical indicators are currently feeding prospects for a possible positive short-term trading as the RSI is holding above 50 level, while the MACD continues to strengthen above its trigger line. However, the stochastic oscillator is flagging overbought conditions, as it fluctuates above 80 with a softer positive slope. A failure to overcome the 62.80 resistance, could send the price down to the 20-SMA currently at 61.40 in the 4-hour chart. [..]

Technical Analysis – WTI futures hovers above 4-month low; bearish bias may run out of steam

Posted on June 4, 2019 at 7:05 am GMT

WTI crude oil futures declined considerably towards a fresh four-month low of 52.11 on Monday, erasing the medium-term ascending movement in the daily chart. However, the downside momentum appears to have run out of steam as prices have been attempting and failing to close below the 61.8% Fibonacci retracement level of the upleg from 42.50 to 66.60 near 51.74. The stochastic oscillator is returning higher in the oversold zone, while the RSI is trying to gain ground below the 30 [..]

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Technical Analysis – Gold advances considerably towards 2-month high

Posted on June 3, 2019 at 9:41 am GMT

Gold prices have been in a flying mode over the last couple of days, hitting a new two-month high around 1,315. The yellow metal jumped above the Ichimoku cloud and the 23.6% Fibonacci retracement level of the upleg from 1,160 to 1,346.61, near 1,302 as well as above the 1,310 barrier. The RSI and the stochastic oscillator signal that room for improvement is limited as the former is approaching the 70 overbought mark and the latter is rising above the 80 level in the daily timeframe. Yet the [..]

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Technical Analysis – Copper futures records new low; bias still bearish

Posted on May 31, 2019 at 12:05 pm GMT

Copper futures with delivery on July 2019 are declining with strong momentum over the last three days below the 20- and 40-simple moving averages (SMAs) in the daily timeframe and recording a four-month low of 2.6260 today. The technical indicators are remaining in the bearish territory, with the RSI sloping down in the oversold zone and the MACD posting a bearish cross with its trigger line. In case the price extends the bearish move, immediate support is expected to come from the 2.5750 barrier, [..]

Technical Analysis – WTI crude futures build base above 2½-month trough

Posted on May 28, 2019 at 8:09 am GMT

WTI crude oil futures found strong support at a fresh two-and-half-month low of 57.40, where the 38.2% Fibonacci retracement level of the upward rally from 42.50 to 66.60 is standing. The price drifted below the ‘golden cross’ of the 50- and 200-simple moving averages (SMAs) in the daily timeframe, while the stochastic is raising chances for bullish correction at it created a positive cross within the %K and %D lines in the oversold zone. Should the price edge higher, positive [..]

Technical Analysis – Gold finds obstacle near 1,287; indicator suggest bearish bias

Posted on May 27, 2019 at 8:46 am GMT

Gold prices had another touch of the 1,287 resistance level today, remaining above the 23.6% Fibonacci retracement level of the descending movement from 1,346.60 to 1,266 near 1,285 and is standing within the Ichimoku cloud in the 4-hour chart. The RSI and the stochastic oscillator signal that the next move in the price is more likely to be on the downside as the former is negatively sloped above its 50 neutral mark and the latter continues to weaken slowly in the overbought zone, recording [..]

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Technical Analysis – WTI crude futures stand above 23.6% Fibonacci; slightly bullish

Posted on May 21, 2019 at 8:58 am GMT

West Texas Intermediate (WTI) crude oil futures returned back above the 23.6% Fibonacci retracement level of the upleg from 51.60 to 66.60, around 63.0, holding above the red Tenkan-sen line and the 20-simple moving average (SMA) in the 4-hour chart.  The stochastic oscillator is approaching the overbought levels, giving signals for more upside pressure, however, the RSI indicator is flattening in the positive area. Should the price edge higher, positive momentum could probably last until the 63.95 strong resistance obstacle. Beating [..]

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