• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Oil Rally Resumes Amid Gap Up; Gas Faces Trendline Rejection
Economy

Oil Rally Resumes Amid Gap Up; Gas Faces Trendline Rejection

by November 4, 2024
by November 4, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Overall Analysis

Oil gets back in a bull rally with a gap up after the previous session breakdown. Oil continues to rally towards the upside. 
Natural Gas continues its rally downside, and Major rejection from the trendline stays intact. 

Oil Chart Analysis 

Oil/USD 15-Minute Chart (Source: TradingView)

On the 1st Nov 2024 trading session, oil sustained at a higher level but ended up falling in the second half. The fall broke the major support trendline and indicated more selling. 

Currently on 4th Nov today, oil opened a gap up and again entered back in the supporting trendline zone. Price keeps moving up creating higher high and higher low patterns. 

On a daily time frame price is currently near the rejection zone. If it fails again, major selling will trigger. The 72 level is crucial for oil if prices fail to break it and sustain above it on a daily time frame. Then selling will continue till 67 levels. 

Looking at the chart on the 15-minute time frame indicates the price is sharply moving up towards the rejection area of 71.45. Continued green candles will not support the price to break this level as RSI is also in the overbought zone. 

Multiple entries will trigger as mentioned below. 

If the price comes towards a supporting trendline and makes a reversal candle, then buyers can enter with a small stop loss below the previous swing low and target for 71.47 and 71.97
If the price rejects from the 71.47 level, comes back and breaks the supporting trendline, then make a selling entry with the previous day’s closing as a target and stop-loss above the previous swing high. 

Natural Gas Chart Analysis 

Gas/USD 15-Minute Chart (Source: TradingView)

On the 1st Nov 2024 trading session, Natural gas was rejected from the exact rejection trendline and gave targets till 2.6330. Currently, natural gas is in the selling trend. 

If we look at the price in a 15-minute time frame, then we can observe from historical data that the price rejects from the resistance trendline and sharply falls after rejecting it. 

Currently, Natural gas is indicating a simple trading strategy, where sellers can make a position if the price faces rejection from the rejection trendline and target till 2.6330 

If the price breaks the trendline, don’t enter into buying side trade immediately.

The post Oil Rally Resumes Amid Gap Up; Gas Faces Trendline Rejection appeared first on FinanceBrokerage.

You Might Also Like
  • Gun rights group issues ‘travel advisory’ for Massachusetts after lawmaker proposes more firearm restrictions
  • Obamas’ chef who drowned while paddleboarding wasn’t wearing life vest, no foul play suspected, police say
  • 7 reasons to fear Kamala Harris’ radical ‘Medicare-for-all’ schemes
  • Dem rep scrubs post supporting Susanna Gibson after online sex act scandal: ‘VA Dem Cleanup’
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Blackstone’s Stock: Wealth Assets Reach $250B
next post
EUR/USD and EUR/GBP Analysis: A Sharp Drop

You may also like

Connecticut to hold special elections to fill 3 vacancies in...

January 17, 2023

Biden takes growing heat from Democrat allies, far-left ‘Squad’ on...

January 4, 2024

Sens. Rick Scott, Elizabeth Warren propose to replace the Fed’s...

March 23, 2023

Why Business Should Dispense with ESG

December 4, 2022

Lara Trump says ‘every single penny’ of RNC funds will...

February 15, 2024

China ‘afraid’ of Trump winning re-election, Taiwanese defense expert says

June 3, 2024

Services-Sector Sees a Plunge in New Orders in December

January 6, 2023

White House press secretary slips up and says US averages...

May 9, 2023

‘Radical feminist’ groups break with Biden, join GOP in support...

April 20, 2023

Georgia senators advance bill allowing truck weight changes on highways

March 23, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025
    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,631 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,577 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,451 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters...

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Defense Secretary Lloyd Austin to undergo...

    May 24, 2024

    Sports betting battle pitting casino owner...

    January 25, 2023

    UN halts food distribution from US-built...

    June 10, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here