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Melina DELTASJunior Market Analyst

Items filtered by date: October 2016

Monday, 31 October 2016 10:28

WTI Booked Profit at 48.60!

The West Texas Intermediate (WTI) recorded a fresh 2-week low at $48.46 following the strong pullback from the $51.10 resistance level. The oil recorded the first negative week after five consecutive green weekly sessions.

The technical structure suggests upside potential move after the rebound on the 200-SMA on the 4-hour chart. The oil reached our suggested target at $48.60 and had a pullback that level (see our analysis here: http://bit.ly/2fvCF9N). The price is moving towards the $49.75 resistance level and there are no obstacles until the latter barrier. On the other side, a break below the $48.46 resistance level will slip the price to $47.30 support level. Furthermore, the Relative Strength Index (RSI) is rising towards the 50 level, confirming the recent bullish attitude of the price.

WTICrudeH4311016

Published in Commodites & Metals
Wednesday, 26 October 2016 08:18

WTI Recorded a Fresh 2-Week Low

The West Texas Intermediate (WTI) recorded a fresh 2-week low at $49.37 following the strong pullback from the $51.10 resistance level. The oil is creating the first negative week after five consecutive green weekly sessions as the worries for global supply glut fired following a report showing a surge in U.S. crude stocks. API Weekly Crude Oil stock jumped to 4.8M from a deficit of 3.8M before.

On the short-term timeframe, the price was moving within a rising channel which was violated to the downside during yesterday's session. The technical structure suggests bearish move as it is developing below the strong resistance level at $49.75. The price is moving towards the $48.60 support level and there are no obstacles until the latter barrier. In addition, the oil is developing below the 50-SMA and the 100-SMA while the technical indicators hold near the oversold areas. The MACD oscillator lies below the zero line with strong momentum whilst the RSI indicator lies near the 30 level.

WTICrudeH4261016

Published in Commodites & Metals
Tuesday, 25 October 2016 06:53

WTI Reached Our Suggested First Target!

The West Texas Intermediate (WTI) recorded a fresh 4-month high at $52.25 and had a strong pullback on that level. The oil is creating the third consecutive green month and on the short-term timeframe, the price is establishing within a rising channel.

During yesterday the oil penetrated the ascending trend line to the downside and reached our suggested target at $50.30 (see our analysis here: http://bit.ly/2eq1h28). Also, the price slipped below the latter level and met the $49.75 support level. Currently, the price continues developing within the channel and is approaching our second target at $51.10 resistance obstacle. On the 1-hour chart, the three SMAs (50-SMA, 100-SMA and 200-SMA) are sloping upwards while the technical indicators hold within the positive territory. The MACD oscillator is near the zero line whilst the RSI indicator is following a bullish area.

WTICrudeH1251016.png

Published in Commodites & Metals
Monday, 24 October 2016 07:30

Gold Has More Room to Fall

The yellow metal rose more than 1.2% over the last week after the aggressive sell-off of the penetration of the descending trend line and the strong barrier at $1,306. The XAU/USD pair is moving in a downward move since July after the pullback from the $1.374 resistance level.

From a technical point of view, over the last week the pair bounced off the 200-weekly SMA which overlaps with the $1,275 obstacle and currently is developing within the 50-SMA and the 100-SMA on the 4-hour chart. The technical structure suggests bearish movement until the $1,241 - $1,248 support zone since the technical indicators on the daily basis timeframe are following a negative path. The RSI indicator is flattening below the 50 level while the MACD oscillator lies below its zero line. On the other hand, a penetration of the $1,275 barrier will expose the price to $1,306 resistance level.

XAUUSDDaily241016.png

Published in Commodites & Metals
Wednesday, 19 October 2016 07:37

WTI Crude Oil Is Fueled Up!

The WTI Crude oil is still looking bullish over the short-term, despite the slightly negative start to the day. On the 4-hour chart, the WTI continues to be confined within a pennant pattern, which is a continuation pattern of the uptrend from mid-September. The price is nearing the apex of the pattern and a breakout is expected anytime soon. There are strong expectations for an upside move, given the fundamentals surrounding the U.S. stock market – Dow and S&P 500 are set to deliver the third consecutive month of declines.

The commodity found strong support just below $50.00, where the lower boundary of the pattern propped it up. The price has also failed to close below the previous low, $49.56 and doesn’t look like doing so again this week. This would make it eight days without a close below which tends to be quite a bullish sign. Finally, the price made new higher lows yesterday, slightly above the upper boundary of the pattern, which suggests the short-term uptrend is very much intact. The next target should now be the $53.00 level. Resistance may be found along the way around $52.00.

WTICrudeH4191016

Published in Commodites & Metals
Monday, 17 October 2016 09:07

Gold is Moving in a Consolidation Area

The yellow metal plunged more than 4% following the aggressive sell-off from the $1,341 resistance level. The XAU/USD pair is moving within a trading range over the last ten days between the $1,248 support level and the $1,265 barrier.

The metal is trading quietly during the last sessions and now is ready to retest the 50-SMA on the 4-hour chart. If there is a break of the upper band will expose the pair until the $1,306 obstacle, however, the price need to go through the 100-SMA. On the other hand, a penetration of the lower band will open the way for the $1,220 support level. On the 4-hour chart, the MACD oscillator is still lies below zero line, however, is approaching the zero line. The RSI indicator is rising and is moving near the 50 level endorsing the bullish attitude.

XAUUSDH4171016.png

Published in Commodites & Metals
Tuesday, 11 October 2016 06:42

Gold Has More Room to Fall

The precious metal plunged more than 6% after the aggressive sell-off from the $1.341 resistance level. The XAU/USD pair broke to the downside the descending trend line which was holding over the last three months and the descending triangle.

From the technical point of view, the metal is currently trading near the $1,257 price level after the rebound in the $1,240 - $1,250 strong support area. The next initial targets to watch are the 200-weekly SMA which coincides with the 200-daily SMA near the $1,285 region. Additionally, if the price surpasses above the aforementioned obstacles will open the door for a retest of the $1,306 resistance level which overlaps with the first resistance of the pivot points. On the other side, if we see a break below the referred zone, the price will probably challenge the next support at $1,220. On the daily chart, the price is developing below the three SMAs (50-SMA, 100-SMA and 200-SMA) while the RSI indicator has corrected oversold readings. Also, the MACD oscillator lies below both, its zero and trigger lines.

XAUUSDDaily111016.png

Published in Commodites & Metals
Tuesday, 11 October 2016 06:25

WTI Rose and Reached Our Target at $51.10

The West Texas Intermediate (WTI) recorded a fresh 4-month high and met the $52.00 resistance level on Monday after Russia and Iraq said that they are ready to restrict output to agreed limits. In September, members of Opec voted to cut production for the first time in eight years. Also, over the last two months, the oil surged more than 23% and is creating the third green month in a row.

Over yesterday’s session, the pair reached our suggested target at $51.10 after the aggressive roller coaster following the rebound on the $49.50 support barrier (see our technical analysis here: http://bit.ly/2e9WXWc).

Currently, the price is developing near the $51.65 price level after the pullback of the new high level. The price is still establishing above the three SMAs (50-SMA, 100-SMA and 200-SMA) on the 4-hour chart endorsing the bullish attitude. Technical indicators are following a positive path with some weak momentum. The MACD oscillator is rising while is still moving above its zero line and the RSI indicator is flattening near the 70 level.

WTICrudeH4111016.png

Published in Commodites & Metals
Friday, 07 October 2016 06:47

Gold Profit Booked at $1,250

The precious metal plunged more than 6% over the last ten days after the aggressive sell-off from the $1,306 strong level. The XAU/USD pair broke to the downside the descending trend line which was holding over the last three months and the descending triangle. During yesterday’s session challenged our suggested target at $1,250 (see the technical analysis here: http://bit.ly/2dj6y8h) and the technical structure remains further decline move.

Technically, the pair is trading below the three SMAs (50-SMA, 100-SMA and 200-SMA) on the daily chart and the price is moving towards the $1,220 support level which coincides with the 50-weekly SMA. Technical indicators are endorsing the bearish scenario as both of them (MACD and RSI) are following the oversold areas. The MACD indicator is falling while the RSI oscillator is moving below the 30 level.

XAUUSDDaily071016.png

Published in Commodites & Metals
Wednesday, 05 October 2016 07:36

Metals on a Free Fall – Profit Locked!

The precious metal plunged more than 4.5% over the last week and during yesterday’s session broke to the downside the descending triangle which was holding over the last three months. Following the aggressive sell-off the target that we recommended on Monday was reached at $1,306 and the XAU/USD pair penetrated the ascending trend line from December 2015 (see the technical analysis here: http://bit.ly/2cS2087).

From the technical point of view, the yellow metal slipped below the 200-weekly SMA and the 200-daily SMA. The latter levels were strong obstacles for the bears and the price drop below them easily. Currently, the pair is trading near the $1,273 price level and is moving towards the $1,250 support barrier. The MACD oscillator is following the negative territory while the RSI indicator lies in an oversold area.

XAUUSDDaily051016

The silver plummeted more than 5% following the aggressive sell-off after the rebound on the $19.55 resistance level which was our recommended entry level on a previous technical analysis. The XAG/USD reached our suggested target during the downward move at $19.00 significant level (see the technical analysis here: http://bit.ly/2dvYbry). In addition, the pair continued the free fall and is currently trading near the $18.00 price level which is slightly above the 200-daily SMA. Technical indicators are following the oversold areas while the MACD oscillator is moving below both, its zero and trigger lines. The RSI indicator is approaching the 30 level as it is sloping upwards.

XAGUSDH4270916

 

Published in Commodites & Metals
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