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Written by Oil N' Gold |
Tue Feb 23 10 07:58 ET
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Crude oil plummets in European session as investors see price above 80 not justifiable with weak fundamentals. Commodity prices also weaken after Germany's business confidence surprisingly dropped in February. Currently trading at 78.6 the front-contract for WTI crude will probably record a first daily drop in 6 days. Brent crude oil also slips more than -2% from Monday's close to 77.05.
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Technical
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Written by Oil N' Gold |
Tue Feb 23 10 07:29 ET
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Gold had another attempt to break through 1126.4 resistance but once again failed to sustain above this level. The outlook remains unclear. Still, from a near term point of view, another rise would be mildly in favor as long as 1099.1 minor support holds. Sustained trading above 1126.4 will indicate that whole corrective fall from 1227.5 high has already completed with three waves down to 1044.5 already. In such case, stronger rally should be seen to 1163 resistance for confirmation. On the downside, though, a break of 1099.1 support will argue that rebound from 1044.5 has completed and correction from 1227.5 is still in progress for another low before conclusion.
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Technical
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Written by Oil N' Gold |
Tue Feb 23 10 07:28 ET
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With 4 hours MACD crossed below signal line again, intraday bias is turned neutral. As noted before, even in case of another rise, we'd expect strong resistance at 16.95 to conclude the recovery from 14.65 and bring resumption of the whole fall from 19.50. Below 15.675 minor support will flip intraday bias back to the downside for retesting 14.65 low first. However, note that strong break of 16.95 resistance will argue that whole fall from 19.50 has completed and stronger rally could then be seen towards 18.925 resistance next.
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Technical
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Written by Oil N' Gold |
Tue Feb 23 10 07:27 ET
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With 4 hours MACD crossed below signal line again, an intraday top is in place at 80.51 and bias is turned neutral. Some consolidations could be seen, with risk of retreat to 4 hours 55 EMA (now at 77.40). But downside should be contained above 75.69 support and bring another rise. Above 80.51 will target a retest on 83.95 high. However, note that Break of 75.69 will argue that rebound from 69.50 has completed and will turn focus back to this low.
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Technical
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Written by Oil N' Gold |
Tue Feb 23 10 07:27 ET
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Natural gas dropped further to as low as 4.841 and met mentioned target of 61.8% retracement of 4.157 to 61.08 at 4.902 At this point, intraday bias remains on the downside and further decline could still be seen. However, we'd expect diminishing downside momentum as it approaches 100% projection of 6.108 to 5.06 from 5.68 at 4.632 and bring strong rebound. Above 5.204 support turned resistance will now be an early sign that correction from 6.108 has completed and will flip intraday bias back to the upside for 5.680 resistance for confirmation.
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Insights
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Written by Oil N' Gold |
Tue Feb 23 10 01:02 ET
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After surging to as high as 80.78, crude oil pared gains and settled at 80.31, up +0.6%. Today , the black gold continues edging lower, probably halting the 5-day rally, amid speculations on builds in crude inventory. Others in the energy complex also slide with heating oil dropping to 2.07 from 2.08. The benchmark contract rose to as high as 2.091 Monday. Gasoline stays almost flat from yesterday's close of 2.116.
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Written by Oil N' Gold |
Mon Feb 22 10 07:44 ET
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Crude oil price pulls back in European session as traders take profits from last week's rally. We have a light economic calendar today and the market is only awaiting Fed's Yellen to speak on US economy later today. Oil price will remain supported by bullish market sentiment. Time-spreads for WTI crude oil strengthened last week as both the US and Japan reported robust economic data, signaling recovery in the 2 largest economies in the world.
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Technical
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Written by Oil N' Gold |
Mon Feb 22 10 06:55 ET
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Despite edging higher to 1131.5 earlier today, gold still struggles to stand above 1126.4 resistance and retreated. The outlook remains unclear. Still, from a near term point of view, another rise would be in favor as long as 1099.1 minor support holds. Sustained trading above 1126.4 will indicate that whole corrective fall from 1227.5 high has already completed with three waves down to 1044.5 already. In such case, stronger rally should be seen to 1163 resistance for confirmation. On the downside, though, a break of 1099.1 support will argue that rebound from 1044.5 has completed and correction from 1227.5 is still in progress for another low before conclusion.
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Technical
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Written by Oil N' Gold |
Mon Feb 22 10 06:54 ET
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With 15.675 minor support intact, intraday bias remains on the upside and Silver's recovery from 14.65 could still extend further. But still, we'd expect strong resistance at 16.95 to conclude the recovery and bring resumption of the whole fall from 19.50. Below 15.675 minor support will flip intraday bias back to the downside for retesting 14.65 low first. However, note that strong break of 16.95 resistance will argue that whole fall from 19.50 has completed and stronger rally could then be seen towards 18.925 resistance next.
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Technical
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Written by Oil N' Gold |
Mon Feb 22 10 06:54 ET
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Crude oil edges higher to 80.51 earlier today before retreating mildly. Intraday bias remains on the upside with 77.76 minor support intact. As discussed before, fall fro 83.95 has completed with three waves down to 69.50 already. This in turn argues that 83.95 might not be the top yet and further rise should be seen to retest this high first. On the downside, below 77.76 minor support will turn intraday bias neutral and bring retreat towards 4 hours 55 EMA (now at 76.76). However, note that break of 72.66 support is needed to indicate that rise from 69.50 has completed. Otherwise, another rise would be in favor.
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Page 9 of 267 |
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