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Oil in Downward Channel, Bearishness is Expected

Commodity Inspector — Sun, 16 Oct 2011 21:39:27 +0000

The oil price entered the downward channel, promising a bearish tendency for the commodity. For those traders, who wish to follow the bearish trend, the green line shows a potential target where traders may start taking profit. In case the prices close above the channel a breakout is likely occur. In such case the red line would point at a potential stop-loss level. Traders should remember that fundamentals, especially the situation in Europe, currently have a great impact on the commodity market, so they may interfere with technical analysis and should also be taken into account. Click the image to enlarge it to a full-size screenshot:

If you have any questions or comments regarding this chart pattern for oil, please feel free to reply below.

Posted on Commodity blog.

Warning: Pennant Pattern on Silver Chart

Commodity Inspector — Sun, 19 Jun 2011 11:41:33 +0000

The pennant pattern can be seen of the daily silver chart. It resemble the flag pattern, but instead of moving in reverse to previous and future direction, as on the flag patter, prices on the pennant pattern consolidate before breaking out. As the flagpole on the current pattern points down, a breakout to the downside is expected. The pattern support the seasonal tendency of the metal to be weak at this period of year. Click the image to enlarge it to a full-size screenshot:

If you have any questions or comments regarding this chart pattern for the silver, please, feel free to reply below.

Posted on Commodity blog.

Head-and-Shoulders Pattern on Daily Copper Chart

Commodity Inspector — Sun, 03 Apr 2011 11:55:25 +0000

We can see a head-and-shoulders pattern on the daily chart of copper. This pattern often shows that price can’t continue to go in its previous direction and should reverse its trend. On this chart we see that copper wasn’t able to rise above the ”head” level ($10,160) and stalled at the ”shoulders” level ($9,784). The green line shows the target ($8,066) in case the price will break below neckline ($9,114). This target is derived by subtracting the height of the pattern from its lowest level. The technical analysis shows that copper is endangered in the shorter term, even though fundamentally the industrial metal looks attractive. Click the image to enlarge it to a full-size screenshot:

If you have any questions or comments regarding this chart pattern for the copper, please, feel free to reply below.

Posted on Commodity blog.

Symmetrical Triangles Pattern on Oil Chart

Commodity Inspector — Sun, 06 Mar 2011 21:08:07 +0000

A symmetrical triangles pattern has formed on the chart for Brent crude oil (4-hour time frame). This pattern appears as swings on the chart start to narrow, signaling that a breakout may occur soon. Often a breakout shows direction in which commodity price will move in near term. The numbers on the current chart shows the possible targets when a breakout will occur. Usually, a breakout occurs to the direction of the previous trend. The present pattern isn’t ideal as the triangles aren’t completely symmetrical and it’s possible for the price to behave somewhat differently from the prediction. Click the image to enlarge it to a full-size screenshot:

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Read the rest of Symmetrical Triangles Pattern on Oil Chart (16 words)

Posted on Commodity blog.

Flag Pattern on Gold Chart — Good News for Gold Bulls

Commodity Inspector — Sun, 06 Feb 2011 14:57:17 +0000

You can see a flag chart pattern on the oil chart (4-hour time frame). The chart is named so obviously because it resembles a flag. It consists of a ”pole”, marked by the vertical yellow line on the chart, and a ”flag”, or the two parallel lines on the chart. The ”pole” marks a strong move of prices, while the ”flag” shows a small correction of prices in a small range (marked by the ”flag” or the parallel line on the chart) as prices take a breather after an initial strong move. This chart signals that the correction is a temporary pause before the prices will move in the direction of the initial strong move, in this case the next wave will be bullish. It’d be welcomed by gold bulls, who may be quite disheartened after the weak January performance of the precious metal. The price should rally after it breaks through the upper level of the ”pole”. Click the image to enlarge it to a full-size screenshot:

If you have any questions or comments regarding this chart pattern for the gold, please, feel free to reply below.

Posted on Commodity blog.

Symmetrical Triangle Pattern in Brent

Commodity Inspector — Sun, 31 Oct 2010 16:39:15 +0000

The chart shows that the oil is consolidating, demonstrating the symmetrical triangle pattern. At this stage the trend can be considered neutral and a breakout may occur in any direction, establishing a new trend. The yellow lines show probable target levels in case of a breakout. Click the image to enlarge it to a full-size screenshot:

If you have any questions or comments regarding this chart pattern for the oil, please, feel free to reply below.

Posted on Commodity blog.

“Death Cross” Confirmation in Commodities

enivid — Thu, 17 Jun 2010 08:35:29 +0000

Michael Hewson of CMC Markets speaks about the confirmation of the so called “death cross” in the broad commodity index chart. It’s a cross of the 50-day moving average below 100-day moving average. The pattern was followed by the bearish trend 3 times out of 4 during the last 10 years. The ”death cross” pattern is also confirmed by the head-and-shoulders pattern on the weekly chart of the commodity index.

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Read the rest of “Death Cross” Confirmation in Commodities (34 words)

Posted on Commodity blog.

Head-and-Shoulders Pattern on Silver Daily Chart

Commodity Inspector — Sun, 06 Jun 2010 17:01:26 +0000

A head-and-shoulder pattern has formed on the daily chart of silver. The $18.86 and $18.69 levels, indicated by the blue lines, form the shoulders. The red line shows the level of resistance (the neckline), which is at $17.43. This pattern suggests that the downward trend will strengthen and silver will extend its decline. We should wait for a significant move down below the neckline to confirm the pattern. In case the pattern will be confirmed, the price expected to fall to the target level of $15.05.

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Read the rest of Head-and-Shoulders Pattern on Silver Daily Chart (16 words)

Posted on Commodity blog.

Video: Gold & Silver Outlook May 2010

enivid — Wed, 26 May 2010 08:24:15 +0000

This video presents a rather optimistic view on the gold and silver future growth, suggesting a continuation of the bullish trend and setting of the new record high levels. It operates with the fundamental on the production and technical data in a form of the long-term charts. The author of the video also suggests that the Australian stock market may also benefit from the rising commodity prices (and especially gold).

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Read the rest of Video: Gold & Silver Outlook May 2010 (37 words)

Posted on Commodity blog.

Crude Oil — Acsending Triangle Chart Pattern

Commodity Inspector — Sun, 02 May 2010 18:32:41 +0000

The ascending triangle pattern has formed on the 4-hour chart of crude oil. The pattern is confirmed, as the price rate touched twice the horizontal line and the upwardly sloping line (at $83.35 level and near $85.15), and suggests the bullish trend for the oil. The level near $85.70 is the resistance level, above which the breakout should occur to support the outlook that the price is actually going to rise further. Click the image to enlarge it to a full-size screenshot:

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Read the rest of Crude Oil — Acsending Triangle Chart Pattern (17 words)

Posted on Commodity blog.

Symmetrical Triangle Chart Pattern on Corn

Commodity Inspector — Sun, 07 Mar 2010 10:21:33 +0000

On the daily chart of a corn a symmetrical triangle pattern has formed.The downward breakout is probable as this pattern tend to break in the direction of the previous trend. But symmetrical triangle can break in any direction, so you can wait for a breakout to see where the price is going and minimize the risk. Anyway, in this case the pattern is weak and, wherever the price will be going, movement should not be strong. Click the image to enlarge it to a full-size screenshot:

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Read the rest of Symmetrical Triangle Chart Pattern on Corn (16 words)

Posted on Commodity blog.

Video: Japanese Candlestick Analysis of Gold

enivid — Wed, 10 Feb 2010 08:24:14 +0000

This video presents a short-term technical analysis of the spot gold chart based on the Japanese candlestick patterns. The period of the last 15 days is reviewed, marking up the most important daily candles and the support/resistance levels that were formed by these candlesticks. In the end the short-term target for the gold is given. I recommend watching this video if you want to profit from the next few days’ move in gold disregarding your current long-term stance on this commodity.

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Read the rest of Video: Japanese Candlestick Analysis of Gold (37 words)

Posted on Commodity blog.