WTI Crude (CL) is in the advanced stages of a weekly chart Bull Flag consolidation, where the Bull Flag is arguably extending. Nevertheless, with CL bumping up against upchannel resistance (on the daily chart), CL is vulnerable to another pullback to last week’s low before month end…
Tag: WTI Crude
WTI Crude (CL ) Weekly Chart Bull Flag Trying to Extend
WTI Crude (CL) is in the advanced stages of a weekly chart Bull Flag consolidation, where the Bull Flag is arguably extending. Nevertheless, with CL nearing completion on an ascending wedge (on the 4hr chart) and bumping up against upchannel resistance (on the daily chart), odds are moderately high for a retest of the psychologically key 110 whole figure level following today’s highly anticipated 1030am EST weekly inventory data…
WTI Crude (CL) Back Below Key 100 Level Ahead of Inventory
WTI Crude (CL) is vulnerable to breaking upchannel support (on the weekly chart), but could get some reprieve today as it nears a Megaphone support (on the 4hr chart). Any reclaiming of the psychologically key 100 whole figure level following today’s 1030am EST highly anticipated weekly inventory could keep the Bull Flag narrative in play, where the sideways range since early March is arguably a Bull Flag consolidation…
AUDUSD Bounces Off Just Above Key 0.70 Level
The AUDUSD surged roughly 100 pips yesterday on the back of the FOMC and US Fed rate hike, halting the correction from early April. Yesterday’s break above downchanel resistance (on the 4hr chart) dramatically increases odds for a break above descending wedge resistance (on the daily chart) by the weekend…
Natural Gas (NG) Consolidating Just Below Key 8 Level
Natural Gas (NG) is hesitating near the 2022 high tested yesterday, digesting the strong bounce in the past week. Although the highly anticipated weekly storage data (on Thursday) could very well spark a daily close above the psychologically key 8 whole figure level, healthy profittaking is moderately likely post-storage…
Natural Gas (NG) Bounced Off 38.2% Fib Retrace of Jan-Apr Rally Extension
Natural Gas (NG) has bounced off the 38.2% Fib retrace of the January to April rally, trying to halt last week’s slide from the 2022 high. Nevertheless, with the incredible volatility typically accompanying the highly anticipated weekly storage data (on Thursday), bulls should not rule out NG deepening in its correction to the 50% Fib by early May…
Natural Gas (NG) Testing 2022 High
Natural Gas (NG) is consolidating in today’s Asia morning after soaring almost 6% yesterday. Significantly, NG has reclaimed the psychologically key 5 whole figure level and is testing the 2022 high…
Natural Gas (NG) Weekly Hammer Bounces from Key 4.5 Level
Natural Gas (NG) is trying to edge higher going into today’s European morning as it breaks above a descending triangle resistance (on the 4hr chart). Significantly, NG is trying to bounce off the psychologically key 4.5 whole figure level and the 38.2% Fib retrace of the January to March bull market extension…
WTI Crude (CL) Retesting Key 70 Level Ahead of Inventory
WTI Crude (CL) is wobbly going into today’s European morning after 2 straight days of rejection at downchannel resistance (on the daily chart). Significantly, CL is back below the psychologically key 70 whole figure level, and appears to be tiring in its bounce that began 2 weeks ago from below uptrend support (on the weekly chart)…
WTI Crude (CL) Weekly Doji Testing ~19 Month Upchannel Support
WTI Crude (CL) is trying to firm going into today’s European morning after yesterday’s massive 5% plus slide. Significantly, CL is trying to form a weekly Doji at uptrend support (on the weekly chart), with odds decent for the Doji to turn green after 5 straight down weeks…