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Oil N' Gold Focus Reports
Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Dec 13 14 22:41 ET
Crude oil's fall accelerated again last week and reached as low as 57.34. Near term outlook stays bearish and current fall should target 261.8% projection of 112.24 to 91.24 from 107.73 at 52.75 next. Sustained break there will turn focus back to 33.2 long term bottom. On the upside, break of 63.72 support turned resistance is needed to be first sign of short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Dec 13 14 22:40 ET
Natural gas recovered mildly ahead of 3.541 low and bias is turned neutral for this week. Outlook is unchanged. Price actions from 3.541 low is viewed as developing into a sideway pattern. Hence, while deeper decline could be seen, we'd expect strong support around 3.541 to contain downside and bring rebound. Above 4.041 will start another rising leg. But in that case, we'd expect strong resistance around 38.2% retracement of 6.493 to 3.541 at 4.669 to limit upside.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Dec 13 14 22:39 ET
The recovery from 1130.4 extended higher last week and further rise could still be seen. But still, the structure of such rise is corrective and carries bearish implication. That is, the larger down trend isn't over. Thus, we'd expect strong resistance below 1255.6 resistance to bring near term reversal. Below 1186.4 will bring retest of 1130.4 low.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Dec 13 14 22:38 ET
Silver's rebound from 14.155 short term bottom extended higher last week and broke 38.2% retracement of 21.63 to 14.155 at 17.01. Further rise could still be seen but we'd expect strong resistance around 18.61, 61.8% retracement at 18.775 to limit upside and bring near term reversal. Meanwhile, break of 16.165 support will turn focus back to 14.155 low.
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Gold Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Dec 06 14 22:40 ET
Gold rebounded strongly again and breached 61.8% retracement of 1225.6 to 1130.4 at 1207.8. Nonetheless, it failed to sustain above this fibonacci resistance and weakened mildly before closing. Also, the structure of price actions from 1130.4 look corrective. Thus, we'd holding on to the bearish view. Even in case of further rise, strong resistance should be seen above 1207.8 and below 1255.6 to limit upside. An eventual downside breakout is expected at a latter stage.
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Silver Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Dec 06 14 22:39 ET
A short term bottom should be formed at 14.155 spike low on bullish convergence condition in daily MACD. We'd expect some sideway consolidation ahead in near term. Upside would likely be limited by 38.2% retracement of 21.63 to 14.155 at 17.01. An eventual downside break is expected at a latter stage.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Dec 06 14 22:39 ET
Crude oil dropped further to as low as 63.72 last week and met long term fibonacci level at 64.38 already. While it's oversold, there is no clear sign of bottoming yet. Firm break of 64.38 will target 261.8% projection of 112.24 to 91.24 from 107.73 at 52.75 next. Nonetheless, break of 69.54 will indicate short term bottoming and would bring some consolidations first.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Dec 06 14 22:38 ET
Natural gas dived to as low as 3.638 last week before recovering mildly. Currently, price actions from 3.541 low is viewed as developing into a sideway pattern. Hence, while deeper decline could be seen, we'd expect strong support around 3.541 to contain downside and bring rebound. Above 4.041 will start another rising leg. But in that case, we'd expect strong resistance around 38.2% retracement of 6.493 to 3.541 at 4.669 to limit upside.
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Crude Oil Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Nov 29 14 09:13 ET
Crude oil's decline accelerated last week and took out mentioned target of 161.8% projection of 112.24 to 91.24 from 107.73 at 73.75. Further decline is expected in near term to long term fibonacci level at 64.38. Break there would target 261.8% projection at 52.75 next. On the upside, break of 73.25 resistance is needed to confirm short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
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Natural Gas Weekly Technical Outlook Print E-mail
ONG Focus | Technical | Written by Oil N' Gold | Sat Nov 29 14 09:12 ET
Natural gas' consolidation 4.544 continued last week and outlook is unchanged. We might see more sideway trading in near term but still, another rise is in favor. Above 4.544 will target 38.2% retracement of 6.493 to 3.541 at 4.669. However, we'd be cautious on strong resistance from 4.886 to limit upside to complete the rebound from 3.541. Meanwhile, break of 3.931 would probably bring retest of 3.541 low instead.
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