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Commoditysignals

WTI OIL is on track for the October $85.00 high.We have been following this bullish sequence on WTI Oil closely since the December 02 2021 bottom and so far is following our projection to a great extent: As you see, the most recent pull-back (red arrow) was successfully made on the yellow Lower Highs trend-line and after the price recovered, it re-tested (green arrow) the line as a Support, which is so far giving a very strong green 1D candle today. As explained on my previous analyses, this is following the late August - late October bullish wave sequence to the Higher Highs trend-line of the long-term pattern. You don't need to target all the way to the Higher Highs trend-line, the previous high of $85.00 is good enough to take profit as we've been mentioning since December. However if you wish to seek more risk, an potential indicator that may signal the next top, is the Ichimoku Cloud. During the last bullish wave of August - October, the market top was formed exactly on the Ichimoku squeeze. Currently the new squeeze is on February 10. Can this mean that we still have another month of uptrend? Possibly but always manage the risk carefully especially in the energy sector. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
5
GOLD forming a symmetrical November bullish break-out pattern.As you see Gold spot prices (XAUUSD) broke below their dominant Channel Up pattern of December but this didn't turn out to be a bearish signal as the very same bullish (break-out) flag was formed in October's Channel Up. The Bull Flag (black channel) eventually recovered the 4H MA50 (blue trend-line) and broke upwards, above the 1834 Symmetrical Resistance and made a 1877.50 top. Right now Gold is above the 4H MA50, attempting that important break-out test. We expect 1875 at least within January. A 3.0 Fibonacci extension can be used as target later after 1D closes a candle above the Resistance. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSDLong
by TradingShot
5
XAUUSD hit the 4H MA200. Buy opportunity.Gold experienced strong selling yesterday on the 4H time-frame, which technically was the result of the Channel Up making a Higher High. So far the pull-back has stopped on the 4H MA200 (orange trend-line) and as it holds, at the same time the RSI bounced on its 1 month Support Zone. This creates buy conditions again. Technically it appears to be forming a similar pattern to the October Channel Up, which resulted in a very bullish break-out rally in November. As such, my immediate target is the next Resistance (1877.50) and in extension, if a 1D candle closes above it, then the 3.0 Fibonacci extension (1938.50). -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSDLong
by TradingShot
3
WTI OIL The important 1D MA50 testWell I've been tracking and trading the pattern you see on this chart for over a month and the very last formations have played out particularly well: Right now WTI is ahead of the first important test of this uptrend, the 1D MA50 (blue trend-line) which is currently posing as a Resistance. If that breaks, we have a strong case of a bullish continuation. However, this the current wave is repeating that of August - September quite closely, the (yellow) Lower Highs trend-line will be critical as well, and what I am particularly looking as confirmation is a rejection there, hold on the 1D MA50 and the red Ichimoku area and then a strong bullish break-out. The RSI is so far on course for its Symmetrical Resistance of those Lower Highs. If that breaks, our next target will be $85.00. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
XAUUSD Emerging Golden Cross on 4HGold appears to have priced the bottom two weeks ago on the medium-term Channel Up on the 4H time-frame and is now ready to break upwards for a new Higher High. The confirmation signal for this rise could be the 4H Golden Cross (when the 4H MA50 (blue trend-line) crosses above the 4h MA200 (orange trend-line). This is technically a very bullish formation. As shown on the chart, last time this pattern emerged was on October 20. It was when the price of XAUUSD was coming off a Higher Low (bottom) and the Ichimoku Cloud has just turned green again. This is the very same sequence we see today. The price is above the Ichimoku and is about to form a Golden Cross. Assuming the Higher Highs are symmetrical then the next one should be on the 1.382 Fibonacci extension as well, which is currently around 1920. Before that however, the price has to overcome the 1876 Symmetrical Resistance, which rejected the uptrend recently on November 16. That is our medium-term target. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSDLong
by TradingShot
3
WTI OIL Consolidation almost over. Buy the break-out.This is an update to a pattern on WTI that I've been working on since August: As you see, the price did eventually rebound and right now is consolidating within the 1D MA200 (orange trend-line) being the Support and the 1D MA100 (green trend-line) being the Resistance. This is similar to the August 25 - September 10 consolidation, looking like another accumulation phase before a major rally. Be ready to buy the break-out and target 76.30 on the short-term, which where the 1D MA50 (blue trend-line) may act as a Resistance. After the (yellow) Lower Highs trend-line breaks, our attention shifts to the long-term target of $85.00. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
3
XAUUSD update. The rally is starting.This is an update to last weeks trading plan on Gold: As you see even though the Fed Rate Decision event yesterday slightly altered the original pattern with a candle wick 1753, the current formation remains very similar to the June 21 - July 05 sequence. Then it was the July rally that took Gold to its 0.5 Fibonacci retracement level, this time we are starting the December rally which initially targets 1815 (0.5 Fib) and if a session closes above, then 1870 in extension. Notice how accurately the reversal formation on the RSI predicted the bottom and the current rebound we are in. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSDLong
by TradingShot
3
WTI OIL approaching a medium-term ResistanceThis is an update to my WTI Oil outlook made over a week ago: Despite breaking below the 0.786 Fibonacci retracement level and the Higher Lows trend-line of the multi-month Bullish Megaphone pattern, the price managed to close all 1D candles within the pattern and formed a Support. It has come very close to my first 73.50 Target which is near the 0.5 Fibonacci level and the 1D MA100 (green trend-line). I consider this a strong Resistance, in fact the whole zone as high as the 1D MA50 (blue trend-line), where we can see a weekly consolidation and sideways trading in a similar way as in late August - early September. Short-term traders may buy if the price breaks above the 1D MA100 and target 76.30 and engage for a more long-term trade only if the 1D MA50 breaks (TP 85.00 in that case). -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
3
XAUUSD Buy SignalPattern: Channel Up on 1D. Signal: Buy as the price has so far found Support on the Higher Lows (bottom) trend-line of the Channel Up, while a Golden Cross (when the MA50 (blue trend-line) crosses above the MA200 (orange trend-line) has emerged. Also the 1D RSI is on a reversal formation similar to June 29. Target: 1815 (just below the 0.5 Fibonacci retracement level, which was the Resistance during the July rebound) and if 1820 breaks then target extension at 1870 (just below the 1876 Resistance). -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSDLong
by TradingShot
3
WTI OIL Ideal long-term buy opportunityWTI Oil is down more than -20% since the October High. The fundamentals over the new Omicron COVID variant have undoubtedly accelerated this but technically this is a much needed correction following the big rally of August - October. My last update on WTI was the following, where I pointed out the upcoming rejection on the 1D MA50 (blue trend-line): The 1D RSI touched its multi-month Support Zone and even though a slightly lower level is technically possible (-23.50% would be within the technical limits of the 9 month Bullish Megaphone pattern), the current levels already represent an ideal buy opportunity for the long-term. Our firm's thesis is that the rebound that will follow will target the 0.5 Fibonacci level (73.50) on the short-term, followed by the 0.382 (76.30) on the medium-term. The long-term lies on October's 85.40 High and potentially beyond (based on the geopolitics at the time can be reviewed). -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOILLong
by TradingShot
2
XAUUSD 1D Golden Cross forming.This is a Gold update to last week's idea on the potential bottom formation on the 1D MA50: The price did form a Support around the 1D MA50 (blue trend-line) indeed and the important development of the day is the formation of the Golden Cross on the 1D time-frame (when the 1D MA50 crosses above the 1D MA200), which is about to emerge. Being technically a bullish indicator, Gold is expected hold the Higher Lows zone of the Megaphone and the Channel Up. See also how well the RSI bounced off its own Higher Lows zone of August. The green line is the DXY and since it is pulling back, that should have an additional bullish effect on Gold. But be advised that the Nonfarm Payrolls at the end of the week is the trigger for either a strong rebound or break below the Channel. The direction after the Nonfarm Payrolls should provide the new trend. In our view, it is very likely to see a slow monthly rise similar to October's. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSDLong
by TradingShot
XAUUSD Finding a Support on the 1D MA50Gold has held its 1D candle closings on the 1D MA50 (blue trend-line) for 2 straight sessions and today despite the low volume (due to the Thanksgiving holiday), is attempting to print its first green 1D candle since November 17. As you see this is right on the Higher Lows trend-line of the Bullish Megaphone, slightly above the bottom trend-line of the Channel Up and with the RSI on its own Higher Lows trend-line. As long as this holds, the price should rebound and initially aim for the 1876 Symmetrical Resistance. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSDLong
by TradingShot
4
WTI OIL Rejection on the 1D MA50Pattern: Megaphone on the 1D time-frame. Signal: Sell as the price has been rejected on the 1D MA50 (blue trend-line) and buy before it touches the 1D MA200 (orange trend-line) or when the RSI hits the Support Zone. Target: 85.40 (the October 23 High). -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
COPPER Buy signalPattern: Channel Up on 1D. Signal: Buy as the price is rebounding on the Higher Lows (bottom) trend-line of the Channel Up while the MACD just formed a Bullish Cross. Target: 4.980 (the 1.236 Fibonacci extension). -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
COMEX:HG1!Long
by TradingShot
2
PLATINUM targeting $1090Pattern: Giant Head and Shoulders on 1D. Signal: Buy as the price hit the 0.5 Fibonacci trend-line and is near the Support. The 1D CCI is also on its Core long-term Support. Target: 1090 (potential contact with the 1D MA200 (orange trend-line) and right on the 2.0 Fibonacci extension). -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
FX_IDC:XPTUSDLong
by TradingShot
3
XAUUSD Correction towards the 1D MA50This is an update to the 30 day trading plan I published last week: Obviously as the condition of closing a 1D candle above the 1876 Symmetrical Resistance was not fulfilled, the bullish momentum failed and Gold got heavily rejected today. As mentioned on the trading plan, the natural Support is the 1D MA50 (blue trend-line) and as a 1D Golden Cross is emerging (when the MA50 crosses above the MA200), that gets even stronger. There are two patterns now, a Channel Up and a Bullish Megaphone, with the latter gaining ground as it has more clear contact points. Once this pull-back and very needed technical correction (Gold has been on a very strong rise since November 03) is completed, TradingShot's first target is the 1876 Symmetrical Resistance followed by 1917 (Resistance 1) which would make a perfect Higher High on the Channel Up. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSD
by TradingShot
WTI OIL can go much lower based on this patternIt was exactly one month ago (October 19) when I reversed my bullish thesis on WTI Crude Oil, calling for a top and a reversal: As you see, the top got priced exactly on the March Higher Highs trend-line and the rejection successfully took place. Even early into November, the Lower Highs peak formation was clear: Back to today. In my firm's outlook, since the 1D MA50 (blue trend-line) broke, the only level that may support Oil is the 1D MA100 (green trend-line) and that only temporarily. Why? Because this is what happened last time on July 20, a short-term hold there followed by a dead-cat bounce above the 1D MA50 again only to serve as a new rejection towards the 1D MA200 (orange trend-line) where the price eventually made the bottom. As you see, the major pattern since March is a Bullish Megaphone which besides the Higher Highs, has also a Higher Lows trend-line that Supports. A new contact with that trend-line would be on the 0.786 Fibonacci retracement level, which was where the bottom was formed last time on the Higher Lows trend-line in August 20. Corrections of -15% are common within this Megaphone pattern and another such correction would make a low right above the 1D MA200, which I believe will be the bottom and will prevail over a deeper contact on the Higher Lows trend-line. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
1
XAUUSD broke major Resistances. Check this 30 day trading plan.It's been a while since I updated my Gold thesis. My last post was a short-term bullish trade on 4H: That target has been achieved and now we have to switch back to 1D for a more effective evaluation of the current trend. Obviously that is bullish as not only has Gold (XAUUSD) been rising non-stop since the September 29 low but more importantly at the start of the current week it broke two major Resistance levels: a) the Lower Highs trend-line that started on the January 06 High and the 1876 Symmetrical Resistance (but only marginally, the 1D candle closed back in on the same day and hasn't broken back above it again). It is obvious that in order for the bullish trend to be extended, the price has to close a 1D candle above the 1876 Symmetrical Resistance. If it does, the natural targets would be first 1917 (Resistance 1 from the June 01 High) and if a 1D candle closes above it, then 1938.50 (middle of the two Resistance levels: 1960 and 1917). As you see the October - November rally has been mimicking that of April - May (both pattern and RSI wise). However, if a 1D candle is closed below the 1843.50 short-term Resistance, this plan may have to be abandoned as the price may seek its long-term technical Support of the 1D MA50 (blue trend-line) and then, with the 1D Golden Cross emerging, resume the bullish trend. Much of this of course depends on key upcoming macro-economic events such as the U.S. GDP next week, so stay alert. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSD
by TradingShot
5
WTI OIL Break-out or rejectionOil is approaching the most important trend-line on the medium-term, the 84.80 - 85.40 Resistance Zone. A break and session close above 85.40 should technically aim at the 2.0 Fibonacci extension of 92.50. On the other hand, a rejection at 84.80 should aim at the 1D MA50 (red trend-line) and the Lower Lows trend-line. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:USOIL
by TradingShot
6
XAUUSD Trading PlanGold broke above the Channel Down and the 4H MA50 (blue trend-line) in the aftermath of the Fed Press Conference yesterday. This is a short-term buy signal towards the 1834.50 Resistance. On the other hand, if the price breaks below the 1,757.50 Support level, it's a strong sell signal towards the 1,720 August Support Zone. The Nonfarm Payrolls tomorrow should provide Gold's trend for the next 2-3 weeks so be alert. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSD
by TradingShot
8
WTI OIL Bearish Reversal patternWTI Oil is on a typical Bearish Reversal pattern and the first signs of this were given last week as posted on my most recent analysis: Right now the price is on Lower Highs, similar to the July peak and reversal fractal. If a 4H MA50 (blue trend-line) / MA100 (green trend-line) Bearish Cross is formed, it will confirm the sell target of the 1D MA50 (red trend-line). That is currently around the 0.382 Fibonacci retracement level and even though the price may dip even lower, that is a solid short-term short target. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
4
WTI OIL Reversal confirmed if daily closes below the 4H MA100Even though my firms thesis has been very bullish on WTI Oil long-term throughout the whole year, that doesn't stop me from spotting potential medium-term tops and technical corrections that only serve for sustaining the uptrend on the long-term. An example was my following idea on October 19: So far it appears that the price was indeed rejected on the Internal Higher Highs trend-line and is pulling-back on a potential technical correction towards at least the 1D MA50 (blue trend-line). However, further confirmation of this potential reversal can come if the price closes a day below the 4H MA100 (red trend-line). What's the importance of the 4H MA100? Well for the whole year, this has been the short-term support during WTI uptrends and every time a session closed below it, then the 1D MA50 was hit a few days later. Important notice: Such a confirmation was also given by another indicator, the RSI, last time for the formation of the peak on the Fib 2.0 (as seen I've plotted the long-term uptrend on the Fibonacci Channel). The RSI made a Triple Top on the exact same Resistance that gave the July 06 peak on Fib 1.5. Keep an eye on such confirmations, they come quite useful when determining reversals that are hard to see coming when the price is on a trend. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:USOILShort
by TradingShot
2
XAUUSD aiming at the 1820 - 1830 zone.This is an update to my October 19 idea and the buy signal that the break below the 4H MA50 (blue trend-line) gave: It turned out that the signal was accurate and the 4H Golden Cross was formed. The whole idea was based on the fact that the October Bullish Megaphone pattern was repeating the August Bullish Megaphone. So far the two have printed the exact same formations and right now we are at the phase where while the 4H MA50 is still supporting (closings above it), there is one more Higher High left towards the 1834.50 Resistance. My first target (1810) has been hit, 1820 is the next one. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
FX_IDC:XAUUSDLong
by TradingShot
3