Last week, gas plummeted in price despite the previous analysis that it could rise towards 4.00. This plunge in price is a retarcement on the monthly chart, thus, if you’re a position trader and had longed gas on the monthly chart, its better to leave this position. Intraday traders should watch for a rejection from either 2.892 or 2.789 to long this commodity. Key resistance levels can be seen around 3.025, 3.074 and 2.959. My advice, if you’re a position trader, look for long positions especially on the monthly chart. If you’re an intraday trader, wait and buy either along 2.094 or 2.789.
Look for long positions on the monthly chart towards 3.480.
Around August 10th this year, Light Sweet Crude oil Futures broke-out below the lower support trendline, rallied lower, retraced back to it, but got rejected with a big engufing candle opening around 49.04. This is a key 4 hour resistnace line and will call for a great deal of force to breakout above it. That said, unless 49.04 is clear breached to the upperside with a big green candle, I expect a rejection from this line to pick a short position in this futures towards 45.03. My advice, place a pending sell limit order around 49.04 with a stop loss at 49.26 and take profit at 45.43.
Sell this futures around 49.04 towards 45.63.
Silver Buy opportinity
On August 9th this year, silver broke-out above the daily resistance line 16.90 with a big green candle, rallied higher, but then broke below it (16.90) on 15th and back above it (16.90) on 16th the same month; now the price is slowly getting back to the same line. Unless there’s a clear bearish breach below this zone with a big red candle, I remain hesitant to short this commodity; rather I expect a rejection from 16.90 to pick a long position towards the daily resistance line 17.71. My advice, place a pending buy limit order around 16.90 with your stop loss slightly below 16.60 and take profit at 17.71.
Buy silver around 16.90 with your take profit at 17.71.