BRENT: The oil price has declined by 14% in the last two weeks on the back of profit-taking. In Wednesday session, swiftly reverse previous losses recovered nearly 35.0%. Past four-day action locked in a tight range between 61.60$-64.45$. Today in Asia bid the price gave a bullish break through the range.
The daily RSI and the oscillator turn bullish.
While holding the 61.60$ level near-term rebound could extend to 66.00$-66.50$ levels. If fails, then 61.00$ kicks in.
Another deep correction looms below 61.00$.
If we turned turn up to WTI, the price held the 20week MA twice.
View: We main the near term bullish stance. Buy the dip below 63.00 sl below 61.00 targets 66.00$ and 66.50$.
The risk to this view is growing global risk appetite.
COPPER: The falling trendline push the price higher. As shown in the below chart the price is trading on the verge of another descending trendline. The daily oscillator turned bullish. Earlier swing high seems at 3.2720 above this 3.2880 and Dec high exists.
At higher time frames 200EA month seems at 3.2875. Support finds at 3.1760 and pivotal at 3.1050.
NATURAL GAS: The commodity price sitting above big support zone having a weekly low at 2.5530 currently trading at 2.5830.
Weekly parallel support zone remains between 2.5480 and 2.5400 below this 2.5130 exists. The daily RSI lies at 33 and the oscillator about to turn bullish. In case of a rebound could expect to 2.75. A daily close above 2.65 could strengthen the near term bullish forecast.
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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