Synopsis: In this analysis, we will delve into the daily chart data for Crude Oil and Natural Gas. We will provide detailed observations along with entry and exit points for potential trades on 9 August 2023. The article begins with insights into the recent developments of Natural Gas, particularly focusing on its breakout rally. It then transitions to analyze Crude Oil, identifying key support and resistance levels, as well as indicators that influence trading decisions. The analysis concludes by offering actionable insights for both Crude Oil and Natural Gas traders, emphasizing the importance of trade caution.
Introduction: The energy markets are experiencing dynamic shifts, with Natural Gas achieving significant milestones and Crude Oil demonstrating trading patterns that demand attention. In this analysis, we will break down the latest developments, entry, and exit points for potential trades on 9 August 2023.
Natural Gas Breakout and Long-Term Outlook: After persistent calls for the three-dollar level, Natural Gas has finally broken through. The target of $3.1 is now within sight, as the price surged to $2.96 from the previously mentioned level of $2.83. This bullish momentum is supported by the fact that U.S. Crude remains above $83, touching $83.6. The subsequent charts and indicators analysis will guide us in understanding the potential trajectories of Crude Oil and Natural Gas.
Crude Oil Analysis: The Crude Oil chart reveals a transformation. The resistance at $83 has evolved into a supportive level, establishing a foundation at $82.4. This shift potentially propels bullishness in Crude Oil. Technical indicators, such as the Stochastic, MACD, and RSI, are evaluated to gauge the current market sentiment.
Stochastic: A minor retracement observed.
MACD: Remains bullish.
RSI: Approaching higher levels.
Moving to the 2-hour chart, a support formation is evident. The ongoing bullish channel is a positive sign, with resistance now at $84.5. Key indicators reflect overbought conditions but remain supportive of further upward movement.
On the 4-hour chart, the support base at $82.4 is clear. A second consecutive green candle suggests a potential rally, while indicators reaffirm bullish tendencies.
Crude Oil Trading Strategy: To initiate selling, a breach below $83 is recommended. Selling can gain momentum at $82.4. Otherwise, the bullish outlook is intact, with resistance at $84 and beyond.
Support and Resistance Levels:
Support: 82.4, 83
Resistance: 84, 84.5
Trading Recommendations:
Buy at 83.4
Target: 84, 84.35, 85
Stop-loss: Below 82.4
Natural Gas Analysis: Natural Gas has achieved the anticipated three-dollar level, validating a long-term forecast. The upward journey is driven by strong indicators.
Stochastic: Overbought levels.
MACD: Bullish with divergence.
RSI: Extremely overbought.
Moving to shorter intervals, Natural Gas is within a bullish channel. The former resistance at $2.8 now acts as strong support. Indicators indicate overbought conditions, with the potential for a slight retracement.
On the daily chart, the stability around $3 suggests the potential for further growth. If the price remains above $2.8, a target of $3.2 is conceivable.
Natural Gas Trading Strategy: Consider selling below $2.8, but stay cautious due to overbought levels. Buying at current levels or slightly below is viable, with an eye on $3.2 in the near future.
Support and Resistance Levels:
Support: 2.8, 2.9
Near-term Target: 4-5 dollars
Trading Recommendations:
Sell if below 2.8
Buy if above 3
Stop-loss: Respect 2.8
Conclusion: As the energy markets evolve, seizing opportunities requires careful analysis and strategic decision-making. Natural Gas's breakout rally and Crude Oil's transformation provide intriguing prospects. While bullish trends prevail, traders should exercise caution, utilizing appropriate stop-loss strategies. Stay informed, trade wisely, and navigate the energy markets with confidence.
Disclaimer: The information provided in this analysis is for educational and informational purposes only. Trading involves risk, and decisions should be made after careful consideration of individual circumstances and risk tolerance.
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