Trading short gas and oil? Energy in consolidation, JPY slightly stronger [Video]
Welcome to this week’s Market Blast Technicals.
I’m Brad Alexander and on behalf of Valutrades, today we will look at NZDJPY, the NASDAQ (US100), Natural Gas (NatGas), Brent Crude (UKOil), and WTI (USOil).
As we all know, Oil and Gas are a fundamental story but we can look at the technical side as well.
During most of this month WTI has seen lower highs into this Descending Triangle with support at around $95 per barrel.
The Stochastic Oscillator is in Overbought territory so we will wait for a confirmation.
Curiously, if we look at the June contract on Brent Crude, we see a similar situation but with a Symmetrical Pennant.
Either way, there is obvious consolidation in the Crude Oil markets.
Natural Gas is trending down as many countries are emerging from winter and we see the Stochastic Oscillator in Overbought territory here as well.
Yesterday we looked at the NASDAQ and the technical story is similar with most of the indices with an obvious downtrend, the stochastic oscillator showing overbought, and with prices falling today.
We are finally seeing some strength in JPY but this is still a fundamental story with the Bank of Japan’s Interest Rate decision this week.
NZDJPY, for example, had reached support just above 84 Yen and the next key level is a long way below.
Reprinted from FXStreet，the copyright all reserved by the original author.
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