|
Quick Links
|
Oil N' Gold Focus Reports
|
ONG Focus | Technical |
Written by Oil N' Gold |
Sat Aug 28 10 02:33 ET
|
|
Crude oil dropped to as low as 70.76 last week but was supported by 71.09 support and rebounded. As short term bottom should be in place with bullish divergence condition in 4 hours MACD. More recovery would likely be seen in near term. But upside should be limited by 61.8% retracement at 78.31 and bring fall resumption. As discussed before, decisive break of 71.09 support will confirm our bearish view that whole rebound from 64.23 is finished at 82.97 already and target another low below 64.23.
|
|
Read more...
|
|
|
ONG Focus | Technical |
Written by Oil N' Gold |
Sat Aug 28 10 02:32 ET
|
|
Natural gas's decline extended further last week as expected and the strong break of 3.81 support confirms that whole fall from 6.108 has resumed. Initial bias remains on the downside this week for 161.8% projection of 5.196 to 4.288 from 4.007 at 3.538 first. On the upside, above 3.86 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited below 4.288 resistance and bring another fall.
|
|
Read more...
|
|
ONG Focus | Insights |
Written by Oil N' Gold |
Fri Aug 27 10 04:53 ET
|
|
Commodities change little in European session as economic data released so far has not been inspiring. Trading remains thin as investors await US’ 2Q10 GDP and Fed Chairman Ben Bernanke’s speech at Jackson Hole. The market generally anticipates the Chairman to hint further easing measures to avoid a double-dip recession. WTI crude oil hovers around 73 after a 2-day rebound. Price outlook is soft as demand is too weak to absorb the ample inventory. Gold trades narrowly below 1240 but the near-term uptrend remains intact.
|
|
Read more...
|
|
ONG Focus | Insights |
Written by Oil N' Gold |
Thu Aug 26 10 23:58 ET
|
|
Decline in US jobless claims initially boosted stocks and commodities. Gains were pared as the Kansas City Fed survey dropped in August. Trading was thin as the broad sentiment remains fragile and investors prefer to stay sidelined ahead of Bernanke’s speech at Jackson Hole. WTI crude oil price rose for a second day, closing at 73.36 after faltering below 74. Gold, on the other hand, pulled back after soaring to as high as 1246. The benchmark settled at 1237.7, down -0.29%.
|
|
Read more...
|
|
ONG Focus | Insights |
Written by Oil N' Gold |
Thu Aug 26 10 07:23 ET
|
|
Crude oil rebounds for a second day as the market awaits the Fed’s annual symposium in Jackson Hole. The Fed Chairman Ben Bernanke is expected to unveil more about his policy outlook. As the broad market sentiment remains fragile after downside surprises from recent economic data, the bounce should be temporary. There’re chances that WTI crude oil prices will fall below 70.
|
|
Read more...
|
|
ONG Focus | Technical |
Written by Oil N' Gold |
Thu Aug 26 10 07:03 ET
|
|
Gold's rally is still in progress and reaches as high as 1246 so far and further rise might be seen towards 1266.5 high. However, there is no change in our view that such rise is merely part of the whole medium term consolidation pattern that started at 1266.5. Hence, we'll continue to look for reversal signal. On the downside, break of 1211.7 support will now indicate that rise from 1155.6 is finished and turn bias back to the downside for 1155.6 and below.
|
|
Read more...
|
|
ONG Focus | Technical |
Written by Oil N' Gold |
Thu Aug 26 10 07:02 ET
|
|
Silver' strong rally and break of the upper falling trend line suggests that recent sideway consolidations might be finished at 17.735 already. Intraday bias is now on the upside for 19.48 resistance first. Break there will indicate that medium term rally is likely resuming for another high above 19.845. On the downside, below 18.67 will suggest that a temporary top is at least formed and turn bias neutral. Also, outlook will be turned mixed again as choppy sideway trading might be extending further in such case.
|
|
Read more...
|
|
ONG Focus | Technical |
Written by Oil N' Gold |
Thu Aug 26 10 07:01 ET
|
|
Crude oil dropped to as low as 70.76 but drew support from 71.09 and rebounded. A short term bottom should be in place with bullish convergence condition in 4 hours MACD. Stronger rebound might now be seen towards 38.2% retracement of 82.97 to 70.76 at 75.42. But upside should be limited by 61.8% retracement at 78.31 and bring fall resumption. As discussed before, decisive break of 71.09 support will confirm our bearish view that whole rebound from 64.23 is finished at 82.97 already and target another low below 64.23.
|
|
Read more...
|
|
ONG Focus | Technical |
Written by Oil N' Gold |
Thu Aug 26 10 07:01 ET
|
|
Natural gas's fall continued as expected and reached as low as 3.83 so far. At this point, intraday bias remains on the downside. Decisive break of 3.81 key support will confirm that whole fall from 6.108 has resumed and should target 100% projection of 6.108 to 3.81 from 5.194 at 2.896 next. On the upside, above 4.029 minor resistance will indicate that a temporary low is formed and turn bias neutral first.
|
|
Read more...
|
|
ONG Focus | Insights |
Written by Oil N' Gold |
Thu Aug 26 10 00:04 ET
|
|
Dramatic price actions in NY session caught everyone in surprise. Selloff in crude oil price accelerated after poor durable goods orders and new home sales data. The front-month contract then tumbled to an 11-week low of 70.76 after oil and petroleum inventories surged to record highs. Price then rebounded, erasing losses made earlier and halting the 5-day decline, to 72.52, up +1.24% at close. The reversal was in synchronization with Wall Street which jumped after positive corporate news.
|
|
Read more...
|
|
|
|
|
JPAGE_CURRENT_OF_TOTAL |
|
|
