Connect with us

Hi, what are you looking for?

Investing

Oil & Gas Trends: Resistance Rejections & Trade Setups

Overall Analysis

Oil continues its momentum towards downside with swing creation indicating selling opportunities. 
Natural Gas trying to break selling trend, but 0.5 feb retracement gives strong reject. 

Oil Chart Analysis

Oil/USD 15-Minute Chart (Source: TradingView)

On the 29th Oct 2024 oil price showed high volatile behavior, price is currently following a channel based moment. Where price can be seen rejecting the resistance trendline, overall the market is in the selling zone. 

Currently if we look at the price which is taking a trendline support to move upwards, in this strong build up can be seen, breaking of resistance trendline will not instantly trigger buy position. 

If we look at the historic data, when price takes rejection from resistance trendline it falls sharply towards supporting trendline. 

For a potential entry, one should plan to hold the trade long-term. If the price rejects the resistance trendline, consider a selling entry with a target at the support trendline and a stop loss set at the 68.42 level.

Natural Gas Chart Analysis 

Gas/USD 15-Minute Chart (Source: TradingView)

On 29th Oct 2024  price showed a volatile behavior, where after opening price showed a selling behavior and broke previous day low, creating a double bottom pattern. On the same the price went up and broke the patterns neckline and achieved target but with high volatility. 

As we can see natural gas faced huge selling on 28th Oct 2024 and when price went up to respect the double bottom pattern, 0.5 level of Fib retracement gave healthy rejection taking the price in sideways direction. 

If planning for an entry than there are few setup which one can follow to create position. Please note due to high volatility one be trap of stop loss hunting 

If prices successfully breaks fib retracement 0.5 level, than wait for price to break 2.9512 level and close above it for the target of 3.0020 with the stop loss of 2.2915
If price breaks the golden ration of 0.6 and falls than wait for price to break 2.8740 level and make position ones price closes below the level for the targets of 2.8470 and 2.8150 with stop loss of 2.9030

The post Oil & Gas Trends: Resistance Rejections & Trade Setups appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Former president Donald Trump and his allies have filed hundreds of lawsuits, with more to come, seeking to tighten voting rules or disqualify voters....

    Economy

    LONDON (Reuters) – Bank of England interest rate-setter Megan Greene said she still believed the central bank should take a cautious approach to cutting...

    Editor's Pick

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...

    Latest News

    Warner Bros. Discovery said Thursday its streaming platform Max added 7.2 million global subscribers in the third quarter. It marked the biggest quarterly growth for...

    Disclaimer: beneficialinvestmentnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 beneficialinvestmentnow.com