Natural Gas (NG) is trying to gain for a 6th straight day, but appears ready for healthy consolidation after the strong bounce off downchannel support (on the weekly chart) and last week’s fresh February low. NG has in all likelihood formed a major low just above the psychologically key 2 whole figure level (on the April contract), but may see a pullback following Thursday’s highly anticipated weekly storage data back to downchannel resistance (on the daily chart)…
Silver (SI) is making progress in forming a much higher February low versus the Bull Flag Consolidation low (on the weekly chart) in September and seen more easily on a monthly chart on tradingview.com. Odds are low for SI to slide further to the psychologically key 20 whole figure level by March sometime, particularly with SI trying to halt its pullback from the January high around the 38.2% Fib retrace of the March to September slide…
The GBPAUD is forming a 3rd straight weekly Doji just below the 50% Fib retrace of the February to September slide. With volatility about to surge as hinted by the near complete triangle (on the 4hr and daily chart), the question is whether the triangle resolves lower, extending the pullback from the December high…
Natural Gas (NG) is trying to halt the deep slide since September, with odds elevated and rising for a strong bounce off downchannel support (on the weekly chart) and the February low following Thursday’s highly anticipated weekly storage data. Any break above downtrend resistance (on the 4hr chart) post-storage would dramatically increase the likelihood of a retest of the psychologically key 3 whole figure level in the week after…
Natural Gas (NG) is trying to halt the deep slide since September, with odds elevated and rising for a strong bounce off downchannel support (on the weekly chart) and Friday’s fresh 2023 low following Thursday’s highly anticipated weekly storage data. With NG arguably breaking above a descending wedge resistance (on the daily chart), a break above downchannel resistance (on the 4hr chart) post-storage is likely…
The S&P500 (ES) is trying to firm, but remains vulnerable this week to a deepening in the consolidation that began Friday. Although the February high formed Thursday has been slightly higher than the January and December highs, a slide back (this week) below the psychologically key 4k whole figure level and the uptrend support (on the weekly chart) connecting the October and December lows would keep alive the possibility (albeit moderately unlikely for now) that the break above the weekly chart downchannel resistance was a Bear Trap…
The VIX (VX) is trying to halt the slide from October by rebounding off yesterday’s fresh 2023 low. Before bulls get excited, the VX will need a daily close above downchannel resistance (on the daily chart)…
Natural Gas (NG) is trying to bounce off this week’s fresh 2023 low near downchannel support (on the weekly chart). With NG arguably breaking above descending wedge resistance (on the daily chart), odds are elevated following Thursday’s highly anticipated weekly storage data for a break above downchannel resistance (on the 4hr chart) and a daily close above the psychologically key 3 whole figure level…
WTI Crude (CL) is vulnerable to sliding to below the psychologically key 80 whole figure level today following the highly anticipated weekly inventory data at 1030am EST. The rejection this week so far at downchannel resistance (on the weekly chart) just below the 38.2% Fib retrace of the slide from the 2022 high in June to the December low suggests higher odds of retesting of the January low before month end than for a break above the December high during the same period…
WTI Crude (CL) is trying to add to yesterday’s gains after breaking above the psychologically key 80 whole figure level. Any decisive surge above the slightly downsloping resistance line (on the daily chart) connecting the December and January highs will likely though have to wait until after Thursday’s highly anticipated weekly inventory data (postponed from today due to Monday’s US Dr Martin Luther King Jr Day holiday).
