Gas Weekly Review
Technical Observation
After establishing a swing low around 2.12, Natural gas retraced back to the upper side but could not go beyond the 23.6% fib level last week, However, earlier this week, Natural gas gaped above the 23.6% fib level and is still above this, we expect this jump to be a retracement rally and should not go beyond 38.2% fib level, if this level is broken to the upper side, then the maximum level we expect Natural gas to pullback up to is the 50.0% fib level. A bounce from either 38.2% fib level or 50.0% fib level will attract a long term sell.
Trade Recommendations:
Wait for a retracement towards 23.6% fib level to pick a long term buy order.
Gold weekly review
Technical Observation
After establishing a swing high around 1556.11, Gold retraced to the lowerside, but could not break below 23.6% fib level. This is a key support and while the price is not able to clearly break below it, I expect possible consolidations within the swing high and 1462.63. A break below 23.6% fib level may push the price to the lowerside, towards 50.0% fib level. On its way to the lowerside, the key line to look at include 1404.84, and 1386.00. If these lines are broken, then a momentum even lower is expected.
Trade Recommendations:
wait for a buy from 1462.63.
Oil weekly review
Technical Observation
After establishing a swing low around 51.470, oil retraced to the upperside and even hit the 61.8% fib level. Current as at now, Oil is within 23.6% fib level 38.2% fib level. While the price is contained above the 23.6% fib level, we're in an up trend, I expect a momentum towards 38.2% fib level and could breakout even higher. And should the price break below 23.6% fib level, then this could mean the price is heading to the lowerside probably towards the swing low 51.470.
Trade Recommendations:
Waiting for a rebuy from 23.6% fib level.
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