Natural Gas Forecast: Correction Forms Bearish Pennant
Late last week, September natural gas fulfilled important support near $2.51 when prices fell to $2.523. This is the 1.00 projection of the wave down from $2.99, the 50 percent retracement of the move up from $2.009, and the 62 percent retracement from $2.195. The confluence of targets around $2.51 indicate it is a potential … Continue reading Natural Gas Forecast: Correction Forms Bearish Pennant
What is Technical Analysis?
Stock, commodity, foreign exchange, and fixed income markets are complex beasts that few can tame. There is no one right way to make trading decisions. When it comes to speculating on the direction of a given security traders generally have two ways of analyzing information and making trading decisions: fundamental analysis and technical analysis. The … Continue reading What is Technical Analysis?
Crude Oil Forecast: WTI Overcomes Important Technical Levels
September WTI crude oil’s settle above $44.4 Friday and $45.7 Monday has opened the way for the move up to continue. The Stochastic has risen into overbought territory, but there is no technical evidence the move will stall. The next targets are $46.3, $47.0, and $47.9. The $47.9 level is a crucial confluence point split … Continue reading Crude Oil Forecast: WTI Overcomes Important Technical Levels
Natural Gas Forecast: Correction Poised to Test $2.51
September natural gas’s correction down from $2.99 is extending after breaking lower out of a coil formation. Tuesday’s close below $2.66, the 0.618 projection of the wave $2.99 – 2.591 – 2.911, opened the way for the 1.00 projection at $2.51. The $2.51 target is also the 50 percent retracement of the move up from … Continue reading Natural Gas Forecast: Correction Poised to Test $2.51
Crude Oil Forecast: WTI’s Correction Gains Ground
September WTI crude oil’s correction up from $39.19 gained ground on Monday when it settled above $42.8. Media outlets indicate the rise was due renewed hopes that OPEC members might consider freezing production levels. OPEC announced on Monday that they would hold informal talks at an energy conference in September. That said, from a technical … Continue reading Crude Oil Forecast: WTI’s Correction Gains Ground
Natural Gas Forecast: September Trying to Break Out of Range
September natural gas is trying to break higher out of the month long trading range. Two important boundaries have been established within the range. First between $2.71 and $2.84. Second between $2.66 and $2.96. Prices rose above $2.84 in early trading Wednesday, but closed just below at $2.839. Nonetheless, prices will likely push for at … Continue reading Natural Gas Forecast: September Trying to Break Out of Range
Natural Gas Forecast: August Stalls at Key Resistance
August natural gas stalled at $2.998 late last week. So far, August has pulled back to $2.697. The $2.998 swing high was in line with the 1.618 projection of the wave $1.99 – 2.494 – 2.157. From a technical standpoint, the move up was due for a correction. Momentum was exhausted and the bearish KasePO … Continue reading Natural Gas Forecast: August Stalls at Key Resistance
Natural Gas Forecast: Daily Shooting Star Warns of Correction
August natural gas pushed to new highs Tuesday and early Wednesday before stalling at $2.974. Cooler than previously expected near-term temperature forecasts are reportedly the culprit for Wednesday’s pullback and settle at $2.863. Longer-term, the outlook for natural gas is positive and is most likely forming a five-wave trend. The move up is due for … Continue reading Natural Gas Forecast: Daily Shooting Star Warns of Correction
Crude Oil Forecast: Technical Factors Negative for WTI
The U.K.’s vote for Brexit came as a shock to many investors and traders around the world. Equity markets have tumbled and crude oil followed suit as the U.S. dollar has risen substantially. Some pundits think the downturn in oil has been overdue, and warn that the market is still oversupplied and could slip further … Continue reading Crude Oil Forecast: Technical Factors Negative for WTI
Natural Gas Forecast: Overdue Correction Poised to Extend
July natural gas rose to a new high for 2016 when it overcame the January 8 swing high of $2.635. The move up extended to crucial resistance near $2.75 and stalled. $2.75 is a confluent target. Most importantly, it is the 1.382 projection of the primary wave $1.949 – 2.427 – 2.08. Negative Factors July’s … Continue reading Natural Gas Forecast: Overdue Correction Poised to Extend
