Commodities

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Technical Analysis – WTI crude oil futures hits 3-month high; bullish correction mode in near term

Posted on February 19, 2019 at 7:42 am GMT

West Texas Intermediate crude oil futures topped at a new three-month high of 56.31 during yesterday’s trading session, advancing above the 38.2% Fibonacci retracement level of the downleg from the four-year high of 76.90 to the 18-month low of 42.50. The technical indicators seem to be overbought, as the RSI is flattening in the positive zone, while the %K line of the stochastic oscillator posted a bearish cross with the %D line in the strong bullish area, signaling possible downside pressures to come [..]

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Three important risks to know about crude oil – Special Report

Posted on February 18, 2019 at 12:43 pm GMT

The last quarter of 2018 was a tough one for oil producers as fears over a global growth slowdown and concerns on plentiful production sent prices to 1 ½-year lows. To reverse the slump, OPEC and non-OPEC members clinched a deal to cut output as of January 1 despite previously increasing levels, with the market responding immediately, sending prices higher by 18% since the start of the new year. But moving ahead, the outlook remains fragile as some issues still need to [..]

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Technical Analysis – Gold records 3-week high; Ichimoku suggests further gains

Posted on February 18, 2019 at 9:57 am GMT

Gold prices edged sharply higher in the previous days, hitting a more than two-week high earlier today. Also, the metal is approaching the eight-month high of 1326 and a successful jump above this strong barrier would resume the bullish outlook. The RSI indicator is holding around the overbought zone and the 70 level, while the MACD oscillator is strengthening its momentum above the trigger and zero lines in the 4-hour chart. Also, the price stands well above the Ichimoku cloud [..]

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Technical Analysis – Brent crude oil futures advance above ascending channel; reach 3-month peak

Posted on February 14, 2019 at 12:31 pm GMT

Brent crude oil futures are holding slightly below the three-month high of 64.80 after the aggressive bullish run above the ascending sloping channel. The MACD oscillator suggests that the market might improve in the coming sessions as it is moving upwards, however, the RSI indicator seems to be overbought as it reached the 70 level in the 4-hour chart. Should the price move higher, it would increase the chances for an extension of the bullish correction and would challenge the next critical level of 68.35, identified by [..]

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Technical Analysis – Gold trades cautiously above 1300; bullish in medium term

Posted on February 14, 2019 at 9:36 am GMT

According to the RSI, gold touched overbought levels at a nine-month high of 1,326 at the end of January when the indicator topped above 70. Consequently, the price turned slightly southwards since then, with the 1,300 key level deterring steeper declines and therefore the violation of the three-month old ascending channel. The RSI, though, continues the downward move towards its 50 neutral mark and the MACD keeps losing strength below its red signal line, both painting a neutral-to-bearish profile for the short [..]

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Technical Analysis – WTI crude oil futures point slightly higher in the near term

Posted on February 12, 2019 at 9:59 am GMT

West Texas Intermediate (WTI) crude oil futures are edging slightly higher, surpassing the Kijun sen line and the 20-simple moving average (SMA) in the 4-hour chart, indicating a possible upside retracement. However, the price remains below the Ichimoku cloud and the technical indicators are still standing in the negative zone. The RSI is approaching the 50 level, while the MACD jumped above the trigger line in the near term. Moving higher immediate resistance could come from the 40-SMA currently at [..]

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Technical Analysis – Gold reverses down but remains above 1300

Posted on February 11, 2019 at 10:07 am GMT

Gold has come under renewed selling pressure over the last couple of 4-hour sessions, dropping below the 20- and 40-simple moving averages (SMAs) with strong momentum. Also, the price slipped below the Kijun sen and Tekan sen lines, supporting the bearish view, while the RSI indicator plunged into the negative zone. On the other hand, the MACD oscillator is flattening near the zero line. In case of further declines the price could challenge the 1302.50 support, taken from the low on February [..]

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Technical Analysis – Copper futures settle near upper boundary of consolidation area in medium term

Posted on February 8, 2019 at 12:26 pm GMT

Copper futures with delivery in March 2019 have been moving in a sideways channel over the last six months with an upper boundary the 2.8530 resistance level and lower boundary the 2.5480 support. Currently, the price is easing below the 38.2% Fibonacci retracement level of the downleg from 3.3290 to 2.5480 around 2.8410, having rallied strongly so far in February. The technical indicators are still located in bullish area, with the MACD flattening above its red signal line, while the RSI is losing momentum [..]

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Technical Analysis – WTI crude oil futures turn bias to more bullish; reach 2-month high

Posted on February 4, 2019 at 7:43 am GMT

WTI futures came close to breaking the 38.2% Fibonacci retracement level of the downleg from the four-year high of 76.90 to the 18-month low of 42.50, around 55.64, reaching a fresh two-month high on Friday. The price remains in a bullish correction mode as it jumped above the 20- and 40-simple moving averages (SMAs), which posted a positive crossover in the preceding sessions in the daily timeframe. According to the technical indicators the market could maintain positive momentum in the short-term as the MACD indicator has surpassed [..]

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Technical Analysis – Brent crude oil futures trade sideways in near term; hold in tight Bollinger Band

Posted on February 1, 2019 at 12:19 pm GMT

Brent crude oil futures have been moving sideways within the Bollinger bands over the last three weeks, failing to create a significant movement. The RSI indicator suggests that the market might improve in the coming sessions as it is pointing upwards, however, the MACD oscillator is flattening near the zero line, confirming the recent trend in the 4-hour chart. Should the price move higher, it would increase the chances for an extension of the bullish correction but would first face immediate resistance at the 62.60 [..]

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