General analysis
- Oil returns to a bullish rally with a gap higher after the previous session's collapse. Oil continues to rise.
- Natural gas continues its downward rally and the major trendline rejection remains intact.
Oil chart analysis
Oil/USD 15-minute chart (Source: TradingView)
In the trading session on November 1, 2024, oil remained at a higher level but I end up falling in the second half. The drop broke the main support trend line and indicated more selling.
Currently in Today, November 4, oil gapped higher and re-entered the support trend line area. The price continues to rise creating patterns of higher highs and higher lows.
On a daily time frame, the price is currently near the rejection zone. If it fails again, significant sales will be triggered. The 72 level is crucial for oil if prices fail to break above it and stay above it. on a daily time frame. Then the sale will continue up to 67 levels.
looking the chart on the 15 minute time frame indicates that the price is moving sharply above towards the rejection area of 71.45. The continuous green candles will not support the price to break above this level as the RSI is also in the overbought zone.
Various inputs will be activated as mentioned below.
- If the price approaches a support trend line and forms a reversal candle, then buyers can enter with a small stop loss below the previous low and target 71.47 and 71.97.
- If the price rejects from the 71.47 level, returns and breaks the support trend line, then make a sell entry with the previous day's close as a target and a stop-loss above the previous high.
Natural Gas Chart Analysis
Gasoline/USD 15-minute chart (Source: TradingView)
In the trading session on November 1, 2024, natural gas was rejected from the exact rejection trend line and set targets up to 2.6330. Currently, natural gas is in a selling trend.
If we look at the price in a 15 minute time period, so We can observe from historical data that the price rejects the resistance trend line and drops sharply after rejecting it.
Currently, natural gas indicates a simple trading strategy, where sellers can take a position if the price faces rejection of the rejection trend line and the target up to 2.6330.
If the price breaks the trend line, do not place buy trades immediately.
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
