Gas along a key monthly support line 2.834
Technical Observation
For three months consecutively, Gas has declined in price but is currently slightly a few pips above a key monthly support line 2.834. I expect a rejection from this monthly key line to long gas. That is, unless 2.834 is clearly broken to the lower side with a big green candle, I expect long positions around this line. The downward rally that has been in play for the past three months is a mere pullback following the bullish breakout above 2.834 in June 2016. On the shorter time frames such as the daily and the 4 hour charts, this commodity still looks a little bearish; which means the price could decline further on the shorter time frames but by the end of this month, I expect a close above 2.834 to get a strategic buy entry.
Technical levels:
Resistance levels
R1: 4.149
R2: 4.870
Support Levels
S1: 1.736
S2: 2.836
Trade Signal
Position traders should wait for a rejection from 2.834 to long Gas towards 4.126
Still waiting for the index to break below 5692.3
Technical Observation
The Australian index Continues to bounce within the key resistance line 5820.3 and the support line 5692.3. For two weekly now, I've patiently waited for the breakout below 5692.3 but still in vain. Unless 5692.3 is clearly broken to the lower side with a big red candle, I'm only interested in trading reversals from the key level 5820.3 and 5692.3. A breakout below the support line 5692.3 will mean waiting for a pullback to the just broken line to short this index with my target fixed at 5522.3. On the contrarily, if the price ascend above 5820.3, then I'll wait for a pullback to the just broken line to buy this index with my take profit at the weekly resistance line 6000.1
Technical levels:
Resistance levels
R1: 6000.1
R2: 5806.1
Support Levels
S1: 5374.3
S2: 5129.6
Trade Signal
Wait for a confirmed breakout below 5692.3 to short this index towards 5522.
Breakout below the lower moving Average
Since November last year, NASDAQ-100 Index (USA) has been an a relentless uptrend and has remained confined above the three experiential moving averages (14,35,56). However, recently, last two weeks, the price broke below all the three moving averages and the two upper moving averages crossed each other. Although this a sign that the long term direction could be at the verge of a correction, I'll only be interested in a short position if the lower 56 Exponential moving average can get above the two other moving averages. This downward move looks more ideal on the daily chart, but on the weekly and the monthly charts, this index could rise even further up
Technical levels:
Resistance levels
R1: 5888.2
R2: 5758.2
Support Levels
S1: 5328.3
S2: 5373.2
Trade Signal
Wait for a clear break below 5573.8 to short this index towards 5328.3
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