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Oil N' Gold Focus Reports
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Aug 24 10 06:58 ET
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Crude oil's decline extends further as expected and reaches as low as 72.02 so far today. Intraday bias remains on the downside and further fall should be seen to 71.09 support next. As discussed before, whole rebound from 64.23 should be finished at 82.97 already. Break of 71.09 will confirm this case and target another low below 64.23. On the upside, above 74.48 minor resistance will turn intraday bias neutral and bring consolidations before staging another fall.
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ONG Focus | Technical |
Written by Oil N' Gold |
Tue Aug 24 10 06:57 ET
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No change in Natural gas' outlook. Recent decline from 5.007 is still in progress with 4.375 resistance intact and further fall is expected to 3.81 key support level next. On the upside, strong rebound above 3.81, followed by break of 4.375 will argue that natural gas might have bottomed and will turn focus to 5.007 resistance instead.
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ONG Focus | Insights |
Written by Oil N' Gold |
Tue Aug 24 10 00:11 ET
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Although yesterday’s economic data was concentrated in the Eurozone, the market continued to worry more about the situation in the US. While Wall Street climbed higher in early trading as Chicago Fed’s National Activity Index rebounded +0.7 points to 0 in July, gains were soon erased with DJIA and S&P 500 Indices plunging -0.38% and -0.40% respectively.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Aug 23 10 07:16 ET
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Sinopec and CNOOC, 2 of the giant oil companies in China, reported stronger-than-expected earnings results last week. Net profits for Sinopec soared +6.66% y/y to RMB 35.5B in 1H10. While the E&P sector jumped +300% to RMB 22.0B, it’s partly offset by slump in the refinery sector which plunged -71% to RMB 5.69B. Refiners in China have been under the threat of margin squeeze as the government controls fuel prices.
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ONG Focus | Technical |
Written by Oil N' Gold |
Mon Aug 23 10 06:54 ET
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No change in Gold's outlook. Rebound from 1155.6 is merely a correction to fall from 1266.5. Hence, even though another rise cannot be ruled out, we'll continue to focus on reversal signal inside 1224.1/1266.5 resistance zone. sustained trading below 4 hours 55 EMA (now at 1221.8) will be an important signal of topping and will turn bias back to the downside for 1192 support for confirmation. Break will target another low below 1155.6.
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ONG Focus | Technical |
Written by Oil N' Gold |
Mon Aug 23 10 06:53 ET
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Outlook in Silver remains unchanged. Silver is still bounded inside recent converging range. Price actions would remain choppy before a break of 17.325 support or 19.48 resistance. On the downside, break of 17.325 will affirm the case that whole rise from 16.65 is completed and will target medium term trend line (now at 16 level). On the upside, break of 19.48 will suggest that silver will make another high above 19.845 before topping.
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ONG Focus | Technical |
Written by Oil N' Gold |
Mon Aug 23 10 06:53 ET
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Crude oil consolidates above last week's low for the moment. But still, intraday bias remains on the downside with 76.63 minor resistance intact and further decline should be seen to 71.09 support next. As discussed before, whole rebound from 64.23 should be finished at 82.97 already. Break of 71.09 will confirm this case and target another low below 64.23. On the upside, above 76.63 resistance will suggest that a short term bottom is in place, possibly with bullish convergence condition in 4 hours MACD. Stronger recovery would be seen in this case. But after all, risk will now remain on the downside as long as 82.97 resistance holds.
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ONG Focus | Technical |
Written by Oil N' Gold |
Mon Aug 23 10 06:52 ET
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Natural gas drops further as expected and reaches as low as 4.035 so far today. Further decline is still expected with 4.375 resistance intact. Whole fall from 5.196 should now target a test on 3.81 key support level. On the upside, above 4.375 will turn intraday bias neutral and bring recovery. But after all, another fall will remain in favor as long as 5.007 resistance holds.
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ONG Focus | Insights |
Written by Oil N' Gold |
Mon Aug 23 10 00:54 ET
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Crude oil price recovers as a -2.08% selloff sending price to a 6-week low spurs buying interests. Stock markets are mixed but strong earnings reports from Chinese machinery companies boost optimism on better outlook in emerging economies in the second half. Decline in USD against EUR also increases attractiveness of oil investments.
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ONG Focus | Insights |
Written by Oil N' Gold |
Sat Aug 21 10 13:01 ET
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Trading was relative light in the commodity sector as investors continued to gauge the implications of macroeconomic indicators and government officials' comment on global economic outlook. Despite broad-based decline in risk assets, the dataflow was not entirely poor last week. US' industrial production rose +1% m/m in July after contracting -0.1% a month ago while UK's retail sales and net borrowing showed signs of improvement. Unfortunately, the market only focused on the weak side of the economy and reacted vigorously when US initial jobless claims surprisingly rose to 500K in the week ended August 14 from an upwardly revised 488K in the prior week and ECB member Axel Weber signaled stimulus should stay for the rest of the year.
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