Forecasts & Analysis | Technical, Page

MATIC leads the way down as the majors see red once more. Things could get messy…

It’s a choppy start to the day, with resistance levels tested before hitting reverse… A recovery would need to kick in by late morning to stop the rot…

Natural gas prices moved lower on Wednesday ahead of Thursday inventory report from the Department of Energy. Expectations are for a 55 Bcf draw according to the survey provider Estimize. The weather is expected to remain above normal for the next 8-14 days which could continue to put downward pressure

Gold rallies following Fed decision

The chart pattern and the Fed’s comments are potentially bullish, however, gains could be limited over the near-term if the United States and China reach a trade deal before the new tariffs are supposed to kick in on December 15, or if President Trump announces a delay in those tariffs

Based on the early price action and the current price at $58.51, the direction of the February WTI crude oil market into the close is likely to be determined by trader reaction to the minor pivot at $58.68.

Based on the early price action and the current price at 3135.00, the direction of the December E-mini S&P 500 Index into the close on Wednesday is likely to be determined by trader reaction to a pair of downtrending Gann angles at 3144.00 and 3130.00.

Bullish reversal is indicated as the Tadawul All Share Index (TASI) (Saudi Stock Market) breaks out of a head & shoulders bottom reversal pattern at the start of the week. The pattern formed following the completion of a 78.6% Fibonacci retracement of the near-term downtrend.

Bitcoin (BTC/USD) topped out at $13,868.44 in June of this year, thereby completing a 343.2% advance off the December 2018 corrective low of $3,128.89. That low ended a 1-year 84.3% decline off the bull market bubble top of around $19,892, reached in December 2017.

Based on the early price action and the current price at 97.380, the direction of the December U.S. Dollar Index the rest of the session on Wednesday is likely to be determined by trader reaction to a downtrending Gann angle at 96.495 and an uptrending Gann angle at 97.450.

The S&P 500 has sat relatively quiet over the last couple of days as we await the FOMC and of course the US/China trade deal. The December 15 deadline is this Sunday, and therefore everybody is standing on pins and needles.

Silver markets rallied a bit during the trading session on Wednesday, bouncing from the 200 day EMA finally. This is a bullish sign, but we have a ton of resistance above that could come into play.

Crude oil markets pulled back a bit during the trading session on Wednesday, reaching towards the round figure underneath before bouncing slightly. That being said, there are a lot of crosswinds right now when it comes to crude oil.

Natural gas markets rallied a bit during the trading session on Wednesday, as we continue to look to fill that gap from a couple of days ago. At this point, the market is likely to see a lot of choppiness, it is colder temperatures come and go, that will move

Based on the early trade, the direction of the EUR/USD the rest of the session on Wednesday is likely to be determined by trader reaction to the short-term Fibonacci level at 1.1102 and the downtrending Gann angle at 1.1104.

Gold markets bounced a bit during the day on Wednesday, showing signs of support just underneath. The $1450 level continues to be crucial.

The US dollar has rallied a bit against the Japanese yen early during trading on Tuesday but then given back quite a bit of the gains. By doing so, the markets look very likely to continue to recognize the moving averages just below as important.

The British pound has initially pulled back a bit during the trading session on Wednesday, but then turned around to show signs of strength again. With the British pound rally in the way it has, it looks as if we are getting that final push into the elections.

The British pound has pulled back a bit during the trading session on Wednesday but turned around to show signs of strength again. Ultimately, this looks as if the market is going to go looking towards the ¥145 level.

The Euro has initially fallen during trading on Wednesday but turned around to show signs of life again as we continue to look towards the 1.11 handle above.