General analysis
- Oil turned out to be very volatile on the November 6 session, closing near the opening price, currently testing the previous swing.
- Natural gas rose +4% in the November 6 trading session. Currently the price is in a zone and the bullish trend remains intact after the elections.
Oil Chart Analysis
Oil/USD 15-minute chart (Source: TradingView)
In the trading session of November 6, 2024, oil turned out to be very volatile as the market showed a sharp decline in the first half of the trading session but reversed sharply after hitting a daily low of 69, 74 and close near the opening price. Initially, oil was down more than -3%.
Currently, in the 1 hour time frame, the price is moving up with the creation of swing. Oil remains at higher levels as previous swings are intact and the November 6 dip failed to break the previous low.
The price on the 15-minute time frame is testing the 0.5 fib retracement level of the previous swing. Therefore, the price fell sharply, pushing the RSI into an oversold scenario. There are multiple entry triggers that can be used to create a position.
- If the price fails to hold above the 0.5 fib retracement level, then the seller can plan an entry with a stop loss above the previous high and a target up to the 70.42 level.
- If the price reverses from the 0.5 fib retracement level and breaks the resistance trend line, then a buy entry can be made with a stop loss below the previous low and a target up to 72.50.
Natural Gas Chart Analysis
Gasoline/USD 15-minute chart (Source: TradingView)
In the trading session of November 6, 2024, natural gas was strongly sideways in the first half, but managed to break out and almost reached the +4.3% mark. Currently, the price is forming a peanut pattern-like structure.
If we observe the price on a daily time frame, a double bottom pattern forms, where the price shows a strong reversal from the previous swing level. Natural gas is a little sideways on the daily chart. The price will show momentum once it breaks the 2.9010 level.
On the 15-minute time frame, the price is currently moving following a peanut pattern, with a higher probability of breaking higher due to the ongoing uptrend. Traders can use a few entry triggers to plan an entry into natural gas.
- If the price breaks the resistance trend line and closes above it, then one can enter with a stop loss below the previous low and a target up to 2.9010.
- If the price reaches the support trend line and shows a reversal, plan an entry with a stop loss below the previous low and a target up to the resistance trend line.
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