Oil/USD 15-Minute Chart (Source: TradingView)
On the 7th November 2024 trading session, oil can be seen highly volatile on the 2nd consecutive trading session, where the price went down near the supporting trendline and sharply reversed, breaking the 6th Nov day high of 72.63. Currently, the price is moving upwards in an uptrend channel but with high volatility.
On a daily time frame, the price is facing resistance from the 72.40 level, which has been a resistance for a long time. Closing the price above this level on the daily time frame will trigger a sharp rally towards the upside.
Looking at the price on a 15 min time frame, the price can be seen moving upwards in a channel, also creating an ascending triangle pattern. Oil is currently highly volatile, so traders should consider trading it only when it nears support or resistance levels.
There are multiple entry triggers one can follow for creating an entry.
Gas/USD 15-Minute Chart (Source: TradingView)
On the 7th November 2024 trading session, Natural Gas gave a sideways opening. It then continued moving upwards, reaching a high of 2.8540. However, it sold off sharply, dropping to the 2.7630 level and marking a -4% fall. Natural Gas is moving in a peanut pattern with high volatility in it.
On a daily time frame, Natural Gas has made a double bottom-like structure, but the price has taken a halt for the last 4 trading sessions, which is currently very far from the pattern’s neckline.
The peanut pattern is forming on a 15 min time frame, and the price is respecting the levels. High volatility can be seen in the instrument. Planning entry based on support and resistance is safe in the current market.
Entry Triggers:
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