Market Forecasts and Insights
Kase Market Commentary
Samples of Kase’s energy and metals price forecasts, daily updates, market commentary, and educational perspectives on technical analysis and trading — published by Dean Rogers, CMT.
Market Forecasts and Insights
Samples of Kase’s energy and metals price forecasts, daily updates, market commentary, and educational perspectives on technical analysis and trading — published by Dean Rogers, CMT.
Natural gas is poised to challenge a major wave projection at $2.36. The move down is due for a correction, and although there are no bullish patterns or signals to call for such a move, $2.37 is a potential stalling point.
The outlook for WTI crude oil is bullish for the coming weeks after settling above a key wave projection at $82.4 on Monday. However, today’s shooting star warns that a correction might take place first.
Gold settled above a few important wave projections today that imply a test of $2389 and possibly key resistance at $2405 will take place within the next day or so. Settling above $2405 will imply that the move down is complete and that gold is readopting a firm bullish outlook.
July natural gas settled below a crucial $2.76 target today. This was quite bearish for the outlook and indicates a test of key support at $2.52 may take place within the next week or so.
WTI crude oil overcame key technical levels today and confirmed a bullish reversal and trend. The move up is now poised to test $81.4 and likely a longer-term bullish decision point at $82.4 within the next day or so.
Gold is poised to take out the $2308.7 confirmation point of a double top that formed around $2474 a few weeks ago. Tomorrow, look for a test of $2296, a close below which will open the way for a highly confluent target at $2261.
The outlook for natural gas in the coming weeks is bullish. However, a double top at $3.16 and today’s dark cloud cover indicate a deeper test of support will likely occur before the move extends.
The outlook for WTI crude oil is bullish after settling above a key technical level at $77.6. However, today’s lackluster move up warns that a test of support might take place first. Support at $76.5 is expected to hold and $75.4 is key support for the near term.
Gold confirmed a small $2335 double bottom and settled above an important retracement of the move down from $2477 today. These factors warn that the move down will fail to confirm a double top that had formed around $2474. They also suggest that gold is readopting a firm bullish outlook.
Natural gas may be consolidating into a range after testing and holding major support at $2.52 late last week. Trading has been indecisive for the past few days. Even so, based on today’s move up, near-term odds favor a test of at least $2.84 and likely $2.88.