December 2014 NY Harbor ULSD futures have formed a rectangle pattern. A break out of the rectangle will provide a near-term direction. Monday’s close below Friday’s midpoint indicates the pattern will likely break lower. Upon a close below 243.5 look for the pattern to break lower and decline to at least 236.4, which then connects to 225.1 and 213.2. A close over 253.8 would call for a break higher, and would open the way for 259.7, 267.4, and 282.1.
For more information and to take a trial of Kase’s weekly energy forecasts please visit the Energy Price Forecasts page.
December WTI broke the recent and crucial $79.1 swing low when prices fell to a $78.14 intraday low on Monday. This was the 1.00 projection for the two largest waves down from $106.81 (Wave A) and $103.66 (Wave A’/C). WTI is now poised for at least $73.9 and possibly $69.8, which are the next targets for these waves. Look for near-term resistance at $79.8, $83.0, and $84.8.
For more information about this call, the importance of these targets (and others), and the technical factors driving prices lower, take a trial of Kase’s weekly energy forecasts.
This is the second of a four part series on Kase Wave Analysis. In this video Kase’s senior analyst, Dean Rogers, explains how to calculate the nine core Fibonacci wave projections that Kase uses for analysis. Upon completion of this session, you will be able to calculate these projections for a series of waves.
Identify the impulse and corrective legs of a wave
Show how the Fibonacci sequence and Phi are derived
Explain why the Fibonacci sequence and Phi are important for wave analysis
Explain the difference between impulse and corrective wave projections
Demonstrate the ability to calculate impulse and corrective wave projections
Assemble a grid of Kase’s nine core Fibonacci wave projections for a set of waves
This is the first of a four part series on Kase Wave Analysis. In this video Kase’s senior analyst, Dean Rogers, explains how to identify and pick waves. Upon completion of this session, you will be able to assemble a list of the most important waves for analysis.
Identify proper swing highs and lows
Recognize the X, Y, and Z points of a wave
Identify valid, invalid, and irregular waves
Demonstrate the appropriate point at which to drop to shorter bar lengths
Produce a list of all of the appropriate up and down waves