NASDAQ 100 Index Review
Technical Observation;
After breaking below the support line 5840.8 with a big red candle in August 10th, NASDAQ 100 Index rallied even lower tested the next support line 5773.0 and has retraced back to 5840.8. This level acted as a support on 17th and 18th of July and now that the price is below this level I expect this line to act as a resistance to any movements to the upper side. Thus, I expect a rejection from this line to short NASDAQ 100 with a take profit at 5773.0. A break below will push the price further towards 5681.6
Technical Levels
Resistance levels
R1: 5917.6
R2: 5918.4
R3: 5919.4
Support Levels
S1: 5914.1
S2: 5914.9
S3: 5915.9
Trade Signal
Sell NASDAQ 100 index around 5840.8 with take profit at 5773.0.
Gas Review
Technical Observation
After a breakout above 2.984 on August 10th with a big green candle. This Commodity continues to consolidate above 2.984 and is now showing any signs of pulling back to the lower side. Expect this consolidations to end earlier this week to buy this commodity towards 3.072. If this resistance is broken, then the price could rise even higher towards 4.000. On the 4 hour chart, wait for a bearish pullback towards 2.984 to buy this commodity. At the moment, I cannot recommend any short positions.
Technical levels:
Resistance levels
R1: 4.149
R2: 4.870
Support Levels
S1: 1.736
S2: 2.836
Trade Signal
Buy gas around 2.984 towards 3.072.
WTI review
Technical Observation
After breaking above the resistance line 48.37 on July the 25th, Light Sweet Crude oil Futures continues to consolidate above this resistance and is now showing any signs of closing below. I went long around 48.37 on the third pullback to this zone and is still holding onto this position. My expectation is that, prices should rise towards the weekly resistance line 54.48. A break above this line will push the price further to the upper side. According to the weekly chart, Long positions are more ideal and can be recommended, if you're not long already, you could wait and re-buy this Futures on the fourth pullback towards 48.37.
Technical levels:
Resistance levels
R1: 51.55
R2: 54.48
Support Levels
S1: 48.37
S2: 45.42
Trade Signal
Buy WTI around 48.37 with a take profit at 51.55 and the next at 54.48.
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