Natural Gas (NG) continues consolidating after the strong profittaking from the psychologically key 3 whole figure level briefly reached Friday. Although NG has unwound most of last week’s gains, it has made progress in its major bottoming near downchannel support (on the weekly chart)…
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…
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).
Gold (GC) continues in its month long consolidation after pushing to a fresh December high yesterday. Regardless of the low liquidity in this holiday shortened week, odds are decent going into mid next week for GC to extend its ascending wedge (on the daily chart) and to resume its Bull Flag (on the weekly chart)…
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