Gas Review:
Technical Observation
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.
Trade Signal;
Look for long positions on the monthly chart towards 3.480.
WTI Review
Technical Obseverstion:
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.
Technical levels
Resistance levels
R1: 45.43
R2: 50.44
Support levels
S1: 49.04
S2: 45.00
Trade Signal.
Sell this futures around 49.04 towards 45.63.
Silver Buy opportinity
Technical Observation:
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.
Technical Levels
Resistance levels
R1: 17.71
R2: 17.35
Support Levels
S1: 16.14
S2: 15.65
Trade Signal.
Buy silver around 16.90 with your take profit at 17.71.
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