As the bearish target from the top is almost met (near enough is good enough as it is a forecast), drop in volatility and clear support and resistance levels are now in place.See box of tricks. Which way the next move is likely to be ? Drop in volatility may suggest an…
Flat price action behaviour in effect remains that way until a decisive breakout in either direction. Moving average (12 period) is also flat suggesting a further range bound price action behaviour being the most likely scenario. Trump resistance of $1370 – $1380 with the precious metal is the level to watch…
Short term price action behaviour is suggesting an imminent upside breakout with the precious metal. Retest of the previous lows are positive as they have given us a higher troughs. Price action also staging a Bollinger Band Breakout as of this writing.Next important resistance test is likely to be the 200…
What is subjective with this PnF 3 Box chart of copper ? Box size which I have selected that equates to approx. 1%. To me, this represents a medium time horizon (weeks/months) in analysis. Objective here is to identify tops and bottoms and take counts. What is the trend ?…
Between now and December, I am charting ASX listed Gold stocks which also includes GDX.ASX ETF. Fundamentally sound producers not specy stuff that is. I have covered number in the past and positioned myself with one in the last week or so for the rainy day/days. Here is the daily Gold…
Weekly chart with a completed top and a trend reversal now on hand with Dr. Copper. Three technical developments, worth noting which all are supportive of each other or in sync are as follows : Support break and a follow through. Moving average bearish cross over. Current RSI reading. Next support level to…
Couple of weeks ago I touched base to CRB index monthly chart technicals when it was testing a long term major resistance.See post here http://thecharttechnician.com.au/?p=4921&refferer=mailnotify&uid=118 Here is the Copper weekly chart within CRB. Support break x 2 sums the price action behaviour of it. What to look for in the near…
Another long term monthly chart looking at the broader commodities as a whole. Still congested in the intermediate term and at a price resistance may summarise the technicals of CRB. It may be reasonable to assume that this congestion is likely to continue for a considerable period ( months) until a…
This analysis has a time horizon of short/medium term. Support break at the current session with a bearish bar after a change in behaviour out of the pattern ( bar chart not shown). Will we see a follow-through or lack of it at the next session or two ? If we did,that…
I will stick with one type of charting and use all relevant forecasting within to see where Brent may be headed. This includes a pattern of an Inverse Head and Shoulders to vertical as well as horizontal counts as shown on the charts. I have chopped the chart due to…