Trading commodities, metals, energy Archive
Natural Gas head and shoulders reversal chart pattern is still intact despite failed rally last week. After that wash out move, real effective resistance is revealed. Am looking for move to neckline.
Natural Gas printed a level in 2015. Price action says it's resistance in 2016. Everyone sees a bearish chart pattern. It fits our resistance perfectly in 2017. This one is waiting for signal to go.
If WTI bulls are lucky, WTI 'rallies' one more time to test former resistance/support at 51.40. If not, we should be inspecting price action at trend line soon.
There is a distinct bearish divergence between XLE (Energy Select Sector SPDR ETF) and WTI. XLE has completely reversed it's post-Trump election gains and is now in the red.
An illustration why knee jerk trading response to headlines is wrong with two pieces of reporting on crude oil production.
Although XAUUSD will probably do another leg down, signs are in place for a big up wave. Last year's new 52-wk high has terminated 2013 - 2015 down trend.