WTI Crude Oil is on a healthy bullish 1D technical outlook (RSI = 61.125, MACD = 0.800, ADX = 42.762), crossing today over the 1D MA200 for the first time in February. 79.75 (R1) is the first Resistance level but once the 1D MA50 broke (as we stated on our prior idea), the target is at least 83.50 (TP), which is what WTI delivered on the August 10th 2023 and April...
Gold is about to cross from a neutral technical 1D outlook (RSI = 45.543, MACD = -1.200, ADX = 26.629) to a bearish one as it got rejected on the 1D MA50, under which it will close for the third straight 1D candle. The 1D RSI suggests that this is a very slow medium term decline, as is evident by the 6 week Channel Down, that in the near term it will find a...
Natural Gas is almost oversold on its 1D technical outlook (RSI = 33.738, MACD = -0.139, ADX = 32.983) right at the bottom of the three month Channel Down. Last time the 1D RSI dipped under 30.000 (oversold level), the LL was formed, the Channel Down bottomed and posted a strong December-January rally. Due to the long term bearish trend on NG, we don't expect such...
Gold is neutral on the 1D technical outlook (RSI = 56.363, MACD = 190.210, ADX = 36.018) with a 4H RSI that turned overbought at 70.000 intraday. This just so happened to take place exactly at the LH trendline of the monthly Channel Down as long as daily closes under the R1 level (2,062.00), the medium term trend remains bearish. Two short entries are recommended...
Silver is on a neutral 1D technical outlook (RSI = 45.485, MACD = -0.282, ADX = 24.810) as despite a straight downtrend since December 22nd 2023, it has registered three successive green 1D candles that pushed the price over the LH trendline of the December 4th 2023 High and the 0.382 Fibonacci retracement level. Technically, if the price stays over the LH...
WTI Crude Oil is rebounding today aggressively after hitting and holding the 1W MA200, which as we've discussed on our channel, has been the long term Support since February 1st 2021. The rebound has turned the 1D technical outlook neutral (RSI = 47.857, MACD = -0.970, ADX = 22.204) but the 1D RSI is inside a Channel Up, which indicates that there might be a...
WTI Crude Oil broke yesterday over the two month Channel Down but the 1D candle closed back inside it and today is turning into a red session so far. The 1D technical outlook is barely neutral (RSI = 50.474, MACD = -0.620, ADX = 28.954), indicating no clear direction. We shouldn't technically see a sustainable bullish extension before the market closes a 1D candle...
Gold reached the top of the ATH Channel Down and so far is being rejected. Turning bullish on its 1D technical outlook (RSI = 57.506, MACD = 11.660, ADX = 41.229) means that it is not unlikely for the top to break but we will engage (buy) only if the R1 level (2,048) breaks and target the R2 level (TP = 2,090). Until this happens, we will use the rejection to...
Copper is bullish on its 1D technical outlook (RSI = 59.350, MACD = 0.033, ADX = 19.471) as it is at the top of the 2023 Channel Down, but having failed to cross over it, opens the way for a big decline in the first quarter of 2024. As you can see the Channel Down that started last January looks very similar to the one in 2012/13. Both emerged after a Global peak...
Natural Gas is very consistent with its long term patterns and in particular Cycles that have been in effect since the 2008 crisis. The dominant pattern since then has been a Channel Down and with the application of the Fibonacci levels we get a good understanding of the Cyclical phases. We need to look at the 1W timeframe for that, where the technical is already...
Silver has turned bearish on the 1D timeframe (RSI = 38.233, MACD = 0.035, ADX = 37.062) as it has been on a continuous decline since the December 4th top. The price is already under the 1D MA200 and the 1D MA50 and even touched the 0.382 Fibonacci level. The 0.236 - 0.382 Fibonacci range has been the most common Support since April but in order to rebound the...
Gold entered the All Time High territory on heated overbought technicals on the 1D timeframe (RSI = 73.661, MACD = 29.580, ADX = 38.098) so far coming only a fraction away from hitting the May 4th 2023 ATH. Practically this is a Resistance line that formed long term tops and rejected the price another two times, on March 8th 2022 and August 7th 2020. The least...
Gold is neutral on its 4H technical outlook (RSI = 55.793, MACD = 4.760, ADX = 31.119) as it reached today the bottom HL trendline of the short term Channel Up. So far it is reacting with a bounce and that is a buy signal, aiming at the R1 level (TP = 2,002), as every rise sequence inside the Channel has been around +1.90%. Today's Low was supported on the 0.5...
WTI Crude Oil hit today the bottom LL trendline of the six week Channel Down, turning oversold on the 1D timeframe (RSI = 31.036, MACD = -2.860, ADX = 46.284). That alone is a strong medium term buy signal, aiming at a +10.15% rise (TP = 79.50), which is how much the previous bullish leg of the Channel rose by. That is where the R1 level is also (79.75) and...
Natural Gas is on a six day bearish streak, turning neutral on the 1D technical outlook (RSI = 47.415, MACD = 0.105, ADX = 27.914). The pattern since April is a Bullish Megaphone and every pullback like this, has been a buy opportunity. The last one reversed just before it hit the 1D MA50, and as the 1D RSI is also near the S1 level, we turn bullish, targeting the...
Gold turned again marginally overbought on its 1D technical outlook (RSI = 70.196, MACD = 25.640, ADX = 45.356) as it managed to stay supported inside the Channel Up pattern of October, over the 4H MA50 as well. Even though Gold's price action this past month took many traders by surprise, its price action is really that simple, a technical Channel Up, which keeps...
WTI Crude Oil got rejected on Friday on the former HL trendline which should now be considered a Resistance, rejecting the attempt to resume the uptrend. This turned the 1D timeframe technically bearish (RSI = 41.271, MACD = 0.120, ADX = 25.766) and the 1D MACD Bearish Cross (straight after a Bullish Cross) allows us to attempt a short entry, targeting the 1D...
Gold is on a fierce rally since the October 6th bottom that has turned the 1D technical outlook overbought (RSI = 71.518, MACD = 17.530, ADX = 38.679). The price crossed over the Fibonacci 0.618 level but Friday's 1D candle closed downwards leaving a big wick above (but still closed green). We may see a Triangle consolidation much like March 20th-April 3rd before...