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Commoditysignals

XAUUSD Bullish extension expected. Unless this level breaks.Gold (XAUUSD) has been trading within a very aggressive (blue) Channel Up, which today hit the top of the logarithmic (dotted) 6-month Channel Up. If it is indeed symmetric with the first Bullish Leg of that Channel Up, then it is close to completing a +10.60% rise which should call for a 4H MA50 (blue trend-line) pull-back. As a result we expect a quick fall to 2305 and then sharp rebound targeting 2500, for a new Higher High on the (blue) Channel Up. If however the price closes below the 4H MA100 (green trend-line), which has been supporting since February 23 2024, and Support 1 (2270), we will sell for the medium-term and target 2150 (Support 2), near the bottom of the (dotted) 6-month Channel Up, which will be a very comfortable buy entry for the long-term. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSD
by TradingShot
XAUUSD New Bull Cycle mapped! Approaching first Resistance Zone?Gold (XAUUSD) has technically started its new Bull Cycle after breaking above the Resistance and previous All Time High (ATH) into green overbought territory. Being overbought in such instances isn't necessarily bearish but suggests that even though the long-term trend is now heavily bullish (and should be for the next year or so), we should look for key Resistances to offer relief pull-backs. As you can see on this 1W chart, there are strong similarities of the current Cycle (both Bear and Bull) with the previous one (June 2016 - August 2020). The Bear Cycle's come in the form of Cup patterns, while the Bull Cycles start on Channel Up patterns at the bottom of the Bear ones. During the previous Bull Cycle, the 1W MA50 (blue trend-line) has supported all the way from its bullish break-out (December 24 2018) until deep into the next Bear (February 01 2021). Right now the 1W MA50 has been supporting since October 09 2023, which is shortly after the dashed Channel Up started. That is an important pattern as it currently has a maximum upside to 2350 for a Higher High. The dotted Channel Up on the contrary, which was initiated at the bottom of the Bear Cycle has already touched its Higher High. This means that Gold's new Bull Cycle is facing its first significant Resistance Zone of the current run: 2300 - 2350. Relative to the previous Bull Cycle, Gold had it's first Resistance rejection on August 26 2019, making a Higher High and started to pull-back for almost 100 days (3 months). As the current bullish trend is significantly stronger than the 2019 one, the dashed Channel Up being narrower, I doubt that Gold will correct for that long, but on the next red 1W candle, we have to consider the possibility for a short-term correction. The August 2019 one pulled as low as the previous High before the rejection (bold black line). This suggests that 2220 - 2200 is Gold's floor at the moment and shouldn't be broken. Back to its overbought status, the 1W RSI gives a clear indication of that. Once it starts reversing inside an Arc pattern, we will confirm the correction we're discussing now. And after it forms systematically Lower Highs on quarterly intervals, we can expect by the 3rd Lower High to be close to the Top of the Bull Cycle. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSD
by TradingShot
XAUUSD target hit. Now expect a 2100 reversal.Gold (XAUUSD) hit this morning our long-term 2260 Target, which we called for on our March 2021 (see chart below) idea: That not only made a Higher High formation at the top of the 5-month Channel Up that started on the November 03 2023 Low but also hit the symmetrical 1.382 Fibonacci extension as the last Higher High on May 04 2023. This has indeed been a long rise for Gold, which is now looking ahead of an equally lengthy correction, assuming the Channel Up and its top stay intact. If they do, we expect a 6-8 week pull-back below the 1D MA50 (blue trend-line) and towards the 0.618 Fibonacci extension from Gold's last Low. That gives us a 2100 Target, which could make contact with the 1D MA200 (orange trend-line) for the first time since November 13 2023. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSDShort
by TradingShot
1
XAUUSD Bullish unless this trend-line breaks.Gold (XAUUSD) is on a short-term uptrend on the 1H time-frame as it is supported by a Higher Lows trend-line since Friday's bottom. As long as this trend-line holds, we are bullish, targeting 2220 (marginally below Resistance 1). If the price breaks and closes a 1H candle below the Higher Lows trend-line, we will see and target 2150 (marginally above Support 1). We follow this break-out approach as it was exactly what Gold did on March 20, after it broke above the Lower Highs trend-line and turned aggressively bullish. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSD
by TradingShot
WTI OIL Strong sell aheadWTI Oil (USOIL) eventually held the short-term uptrend within the Bullish Leg of the Channel Up and hit our 81.85 Target, as explained on our last idea (March 14 2024, see chart below): Moving out to the 1D time-frame, we can see that the price has started to pull-back after reaching the top (Higher Highs trend-line) of the long-term Channel Up pattern. In addition, it was rejected on the 1W MA100 (yellow trend-line). As the 1D MACD formed a Bearish Cross, selling may start to gain momentum and transition into the new Bearish Leg. The previous one hit the bottom (Higher Lows trend-line) of the Channel Up on the 0.618 Fibonacci retracement level from the top. It also made the last contact with the 1W MA200 (red trend-line), which has been Oil's multi-year Support. As a result, we are now turning bearish on WTI, targeting the 0.618 Fib at 76.00. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
XAGUSD Rejection at the top of the 1 year pattern. Huge SELL.Silver (XAGUSD) reached the 25.000 Target that we set more than a month ago (February 15, see chart below) easily surpassing the 0.786 Fibonacci level and getting heavily rejected exactly at the top (Lower Highs trend-line) of the 1 year Triangle pattern: On July 20 2023, a rejection slightly lower started wave (e-f) towards the bottom of the High Volatility Zone and touched the 1W MA100 (red trend-line). This trend-line has made contact with all corrective waves of the long-term Triangle pattern. As a result, taking also into account the 1D RSI which has hit the exact 70.00 overbought barrier like on July 19 2023, we are now bearish and targeting 22.500 (expected contact with the 1W MA100). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAGUSDShort
by TradingShot
1
XAUUSD Starting a new Mega Cycle. One last pull-back in order?Two weeks ago (March 07 2024, see chart below) we explored the possibility of Gold (XAUUSD) starting a new cyclical Mega Rally on the 1W time-frame after the recent bounce on the 1W MA50 (blue trend-line): This has turned out to be the reality as Gold closed a 1W candle above the Resistance Zone. That is the first signal of the start of the new Mega Cycle and it will get confirmed if the price closes a 1M candle above the Resistance Zone in 10 days time, which is at 2150. If not, one final test of the 1W MA50 before a new All Time High (ATH), may be in order. Until then, we need to consider the implications shown on the 1D time-frame, where the dominant pattern is a Channel Up. As you can see, the current Bullish Leg has so far repeating the previous one very closely and we are at the (blue) Channel Up stage that may price the new Higher High near the 1.382 Fibonacci extension from the previous High. The 1D MACD invalidating a Bullish Cross, confirms that we may be in a similar situation as on April 04 2023. As long the 2145 Support holds, we expect 2260 as a Higher High, which should of course close the 1M candle above the Resistance Zone, indicating that the new cyclical Mega Rally may start earlier, without a 1W MA50 (red trend-line) pull-back. If however the 2145 Support breaks, the above gets invalidated and we will have a sell confirmation. In that case, we will turn bearish, targeting the 1W MA50 and 1D MA200 (orange trend-line) on the Internal Higher Lows trend-line (as on June 29 2023) with 2035 as our Target. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSD
by TradingShot
GASOLINE Sell signal approachingGasoline (RBOB1!) is staging a short-term rebound towards the top of the (dotted) Channel Up ahead of a 1D Golden Cross. The 18-month pattern is a Channel Down and last time we saw those technical dynamics was during the previous Bullish Wave/ Channel Up that peaked on the 1.236 Fibonacci extension (April 12 2023) exactly on the Golden Cross and then corrected below the (dotted) Channel Up. As a result, we are starting to take a bearish stance on Gasoline, targeting 2.400 (bottom of the Channel Up). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NYMEX:RB1!Short
by TradingShot
XPDUSD Sell opportunity near the 1D MA200.Palladium (XPDUSD) has been trading within a Channel Down pattern since the October 04 2022 High and the recent Feb 13 2024 Low rally is approaching the 1D MA200 (orange trend-line). This is where the last Lower High of the Channel Down was priced (Dec 22 2023), thus a sell opportunity is being presented. On top of that, the 1D RSI just hit the 70.00 overbought barrier. As a result, we turn bearish on Palladium, targeting just above the Support 1 level at 865.00. We will turn bullish only if the price breaks above Resistance 1 and then pulls back to the 1D MA50 (blue trend-line), targeting 1630 (just below Resistance 2). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XPDUSDShort
by TradingShot
WTI OIL Trade according to this Channel Up.WTI Oil (USOIL) is trading within a short-term Channel Up on the 4H time-frame, with the wider pattern still a Channel Up since the December 13 2023 market bottom. As long as the price keeps closing the 4H candles within the Channel Up, we remain bullish, targeting 81.85 (+6.64%, which is the rise of the previous Bullish Leg of the dashed Rising Megaphone). If a 4H candle is closed below it, we will take the loss and open a sell aimed at the 4H MA200 (orange trend-line) at 77.70. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOIL
by TradingShot
XAUUSD Is this a legitimate correction?Gold (XAUUSD) eventually broke above the Channel Up on our last signal (March 04 2024, see chart below) and almost hit the 2200 Target: It may be time to take profit on the break-out buy as the Bullish Leg since the February 14 Low is so far in perfect symmetry with the previous that peaked on December 04 2023 and potentially with the one before that peaked on October 27 2023. Both pulled-back to at least the 0.382 Fibonacci retracement level, the December one even as low as the 0.786 Fib. Even March 20 2023 even pull-back to the 0.382 Fib. With the 1D MACD about to form a Bearish Cross (all previous ones were a Sell Signal) and the price being near the top of the wider Channel Up, Gold flashes the strongest sell signal in months. Target 1 is 2115 (Fib 0.382) and if we close a 1W candle below it, then re-sell with Target 2 at 2030 (Fib 0.786). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSDShort
by TradingShot
1
XPTUSD broke above the 1D MA200 and is ready to rally.Platinum (XPTUSD) broke above the 1D MA200 (orange trend-line), and being on 1D RSI Higher Lows, we may be having a strong rally in its early stages. At least this is what the very same Higher Lows RSI pattern has led to when Platinum made the very same 1D MA200 break-out on October 26 2022. The result was a +28.50% instant rally from the bottom and then a finaly blow-out just below the 1.382 Fibonacci extension. As a result, we are bullish on Platinum targeting a minimum at 1060 (sub 1.382 Fib), even though it may very well reach the upper (red) Resistance Zone. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XPTUSDLong
by TradingShot
COPPER Best sell entry of the year.Copper (HG1!) has entered the 3.9740 - 4.0235 Resistance Zone that has been in effect since May 01 2023. It has provided the rejections of August 01 2023 and December 27 2023, with the latter hitting the 0.618 Fibonacci retracement upon its reversal and the former the 0.786 level. Technically the current 1D CCI pattern is almost identical to the one that preceded the August 01 2023 peak. We will pursue Target 1 at 3.800 (Fib 0.618) and Target 2 at 3.7400 (Fib 0.786). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
COMEX:HG1!Short
by TradingShot
1
NATURAL GAS Last pump to the 1D MA50 before selling.Natural Gas (NG1!) gave us an excellent sell signal on our last 1D analysis (January 11 2024, see chart below) and easily hit our 2.135 Target: That Channel Down broke and the new that has emerged is more aggressive, headed into a 1D MACD Bearish Cross. If that happens, we will sell on the spot, if not we will wait until a 1D MA50 (blue trend-line) test, ideally even marginally higher (+46% from the bottom). Our Target is 1.400 (-38.50% from the top, similar to the December 13 2023 Lower Low). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NYMEX:NG1!Short
by TradingShot
XAGUSD Time to turn bearish.Silver (XAGUSD) almost reached the 25.000 Target that we set almost a month ago (February 15, see chart below) but as it seems to fail to touch the 0.786 Fibonacci level, it is time to take the profit earlier and turn bearish: At least this is what took place on July 20 2023, a rejection that started wave (e-f) back inside the High Volatility Zone that touched the 1W MA100 (red trend-line). This line has basically made contact with all corrective waves since the long-term Triangle pattern started on May 05 2023. As a result, taking also into account the 1D RSI which has almost hit the 70.00 overbought barrier like on July 19 2023, we are now bearish and targeting 22.500 (expected contact with the 1W MA100). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAGUSDShort
by TradingShot
XAUUSD Is it starting the new cyclical Mega Rally?Gold (XAUUSD) broke the previous All Time High (ATH) yesterday as expectations over a June rate cut intensified. In order to determine our short-term strategies on Gold we often tend to look at the long-term time-frames for trend recognition. This time we look at the 1W chart and in particular how Gold's previous Cycle compares to today. We could look at those from a 1M (monthly) standpoint but we are particularly interested in making a case of the 1W RSI as it plays a critical role here. As you can see Gold's previous Cycle from 2013 - 2020 is so far highly similar and symmetrical with the recent Cycle of 2020 - 2024. The current ATH break is slightly diverging from the September 04 2017 High as Gold didn't make an ATH then but so did the December 04 2023 High, which was priced purely on fundamentals (geopolitical unrest). You can clearly see the RSI's key role here as despite Gold's new ATH, the RSI has only entered its 4-year Resistance Zone. On those terms, it is no different than the September 04 2017 High. As a result, if we don't see a considerable extension of the current rally, for example a 1M candle closing above the Resistance Zone, it is more likely to see a correction back to the 1W MA50 (blue trend-line). If not and the rate cut expectations prevail, the Mega Rally Phase should start earlier on this Cycle. And as always it will be brutally bullish with the 1W MA50 in support. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSD
by TradingShot
SOYBEANS Excellent buy opportunity.Soybeans (ZS1!) has been trading within a Channel Down pattern since early 2023 just last week, it almost hit its bottom (Lower Lows trend-line). So far the price has reacted with a minor rebound, while the 1D RSI has been on a major Bullish Divergence (Higher Lows against the price's Lower Lows). This is the best buy signal since the May 31 2023 bottom where again after an RSI Bullish Divergence, the price rebounded aggressively to the 0.618 Fib on a +12.56% rally. So far within this long-term Channel Down, we have had similar rebounds of +12.56%, +14.26% and +11.86%. Assuming the minimum of +11.86%, we are setting a Target on Soybeans at 1263'5, which may almost make contact with the 1D MA200 (orange trend-line), which has been the natural technical Resistance since April 24 2023. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
CBOT:ZS1!Long
by TradingShot
CORN Excellent 4-month buy opportunity.Corn's (ZC1!) price action since the COVID recovery in early 2020 is showcasing an amazing resemblance with the previous full Cycle of 2009 - 2014. This is better illustrated on the 1M (monthly) time-frame. Both started the Bull phase on a roughly +175% rebound on the 17 year Support Zone, topping on a Higher Highs (which was a Bearish Divergence with the Lower Highs of the 1M RSI) and then declined both astonishingly by -51.93%. This is where the market is at now. In 2014 the price rebounded by +28.78% back above the 1W MA50 marginally and just below the 0.382 Fibonacci retracement level, before resuming the long-term decline to the 17 year Support Zone. As a result, this presents an excellent 4-month buy opportunity with 506'4 as the Target (+28.78%). Notice also that the 1M RSI is on the exact same level (33.75) as it was on the January 2014 Low, and is reversing. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
CBOT:ZC1!Long
by TradingShot
XAUUSD Break-out to $2200 or pull-back $2030?Gold (XAUUSD) is rising and has gotten very close to the top (Higher Highs trend-line) of the long-term Channel Up pattern that started in November 2023. As long as it gets rejected within the pattern, it is a sell opportunity targeting $2030, which is above the 0.786 Fibonacci retracement zone and near the bottom (Higher Lows trend-line) of the Channel Up. The 1D MACD appears to be in a similar sequence as on July 20 2023, which initiated a strong sell towards the 1D MA200 (orange trend-line). On the other hand, if Gold breaks and closes above the Channel Up, we will not hesitate to take the loss on the sell and open a buy, as it will have stronger probabilities of imitating the December 04 2023 bullish break-out, which completed a +11.37% rise before correcting as well to the 0.786 Fib and the 1D MA50 (blue trend-line). As a result in that case, our target will be $2200, which would represent a +11.00% rise from the February 14 Low. In fact, +11% rallies have been common in the past 12 months for Gold, delivering 3 such occasions. Each one has corrected to an MA period and the one that has been untouched for longer is the 1D MA200, which by the time of a correction will be very close to the bottom of the Channel Up. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSD
by TradingShot
WTI OIL Sell opportunity targeting the 1D MA50.Oil (USOIL) is trading within a Channel Up pattern since the December 13 2023 market bottom and currently is on the 3rd Bullish Leg towards the top (Higher Highs trend-line). This indicates that on a R/R basis, there is greater incentive selling with the price being closer to the pattern's top than the bottom (Higher Lows trend-line). As a result we are bearish, targeting the 1D MA50 (blue trend-line) and the bottom of the Channel Up at 76.00, which is also marginally above Support 1. Notice also how symmetrical the Higher Highs and Higher Lows legs have been within the pattern. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
TVC:USOILShort
by TradingShot
1
Cotton # 2 Futures. The Epic 52-Week Highs BreakthroughThe main technical graph is for Cotton # 2 Futures that firmly up this year, with solid 13.5 percent performance in 2024 to this time. The weekly Commitment of Traders report showed managed money cotton traders dropped 6k existing shorts and added 11.6k new longs during the week that ended 2/6. That raised their net long to 46,344 contracts. Commercial cotton hedgers added 17.5k short hedges for a 90,540 contract net short as of 2/6. NOAA’s 7-day QPF has another band of heavy precip for the South/East. From the Gulf of TX through TN/NC/KY accumulations top out near 4”. Most of Northern LA, North/Central MS, Northern AL, and Northern GA will get ~2”. Central TX cotton area will also get ¾ to 1 ½” of precip to build up soil moisture reserves. Yesterday’s Drought Monitor confirmed there was still some D3-D4 in Northeast MS, but the total D3-D4 area has fallen from 29% to 2% since December 5th for the South-Southeast. The monthly WASDE update showed a 150k bale lighter domestic cotton use, now at 1.75 million bales. Exports, however, were raised by 200k bales to offset. On net ending stocks tightened by 100k to 2.8 million in the report. The main technical graph for Cotton # 2 futures ICEUS:CT1! indicates on 52-week highs breakthrough, as massive 20-years SMA supported the price over the past 12-15 months. Weekly RSI(14) sub chart is to confirm this epic breakout, while COT data says, Largest speculators are still positive in net position all the time, keeping calm above Zero-level, while producers are to massively sell the production.
ICEUS:CT1!
by Pandorra