Natural gas remains indecisive but is poised to break higher out of a bullish expanding wedge. This will negate a complex head and shoulders pattern and clear the way for $3.02 and possibly higher during the next few days.
The near-term outlook for WTI is tight but leans bullish headed into tomorrow. Rising above $65.9 will increase odds for a test of $66.8 and $67.7. However, support at $64.1 must hold.
Gold settled above a highly confluent $1806 objective today and is now poised to challenge the $1676 double bottom’s target at $1837 in the coming days. Support at $1801 is expected to hold and $1787 is key support for the near-term outlook.
Natural gas is still poised to challenge a highly confluent $3.03 target. However, the move up is showing signs of exhaustion. For now, support is expected to hold, but downside risk is increasing.
The outlook for WTI is bullish and the move up is poised to reach $66.7 and then a major objective at $67.7 during the next few days. However, there are a few technical factors that warn a test of support might take place first.
Gold’s pullback from $1798.4 still looks corrective. Odds favor a continued rise and a close above $1791 will clear the way for at least $1806. However, downside risk is increasing and a close below $1738 will call for a test of major support at $1724.
The outlook for natural gas is bullish and the wave formations call for a test of $3.03. However, a daily shooting star warns that a test of $2.91 and possibly $2.87 will probably take place first. Closing below $2.87 would shift near-term odds in favor of a deeper test of support.
WTI confirmed a double bottom and broke higher out of an intra-day coil this afternoon. The move up is poised to challenge at least $63.5 and likely $64.2 during the next day or so. Support at $61.7 is expected to hold.
Gold has reconfirmed a double bottom around $1676 by settling well above $1756 today. The move up is now poised to reach $1776 and likely $1788 during the next few days. The double bottom’s target is $1837.
Near-term odds for natural gas still bullish and a test of $2.69 is expected. However, today’s shooting star warns that the move up might be short-lived and that natural gas could remain range-bound.