• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Oil Breaks Key Pattern: Oil Volatility & Natural Gas Surge
Economy

Oil Breaks Key Pattern: Oil Volatility & Natural Gas Surge

by November 8, 2024
by November 8, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Overall Analysis

Oil turned out to be highly volatile on the 6th of November session, closing near the opening price, currently testing the previous swing.
Natural Gas went up by +4% on the 6th of November trading session. The price is currently in a zone, with the uptrend remaining intact after the election.

Oil Chart Analysis

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

On the 6th of November 2024 trading session, Oil turned out to be highly volatile as the market showed a sharp fall in the first half of the trading session but sharply reversed after making a day low of 69.74 and closing near the opening price. Initially, Oil was down by more than -3%.

Currently, in the 1-hour time frame, the price is moving upwards with swing creation. Oil is holding at higher levels as the previous swings are intact, and the 6th of November fall failed to break the previous swing low.

The price on the 15-minute time frame is testing the 0.5 fib retracement level of the previous swing. Hence, the price came down sharply, taking RSI into an oversold scenario. There are multiple entry triggers that can be used to create a position.

If the price fails to sustain above the 0.5 fib retracement level, then the seller can plan an entry with a stop loss above the previous swing high and a target up to the 70.42 level.
If the price reverses from the 0.5 fib retracement level and breaks the resistance trendline, then a buy-side entry can be made with a stop loss below the previous swing low and a target up to 72.50.

Natural Gas Chart Analysis

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

On the 6th of November 2024 trading session, Natural Gas was strongly sideways in the first half but gave a breakout and reached nearly the +4.3% mark. Currently, the price is forming a peanut pattern-like structure.

Looking at the price on a daily time frame, there is a formation of a double bottom pattern, where the price shows a strong reversal from the previous swing level. Natural Gas is a bit sideways on the daily time frame. The price will show momentum once it breaks the 2.9010 level.

In the 15-minute time frame, the price currently moves in a peanut pattern, with a higher chance of breaking to the upside due to the ongoing uptrend. Traders can use a few entry triggers to plan an entry in Natural Gas.

If the price breaks the resistance trendline and closes above it, then one can enter with a stop loss below the previous swing low and a target up to 2.9010.
If the price reaches the supporting trendline and shows a reversal, plan an entry with a stop loss below the previous swing low and a target up to the resistance trendline.

The post Oil Breaks Key Pattern: Oil Volatility & Natural Gas Surge appeared first on FinanceBrokerage.

You Might Also Like
  • New Jersey sues to force pollution cleanup at 8 sites across state
  • RFK Jr. drops surprise campaign ad during Super Bowl: ‘Vote Independent’
  • Christie insists antisemitism in US not a ‘rise’ but ‘unmasking’: ‘It’s been there’
  • Kansas Republican Sen. Moran says ‘cyber-criminal’ stole nearly $700K from campaign
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Tesla, Bitcoin and Truth Social boom in election aftermath
next post
Bitcoin Hits All-Time High, Ethereum Breaks Key Resistance

You may also like

Biden says budget deal reached, takes ‘catastrophic default’ off the...

May 29, 2023

Idaho governor signs law allowing firing squad executions

March 26, 2023

The Bitcoin price rose to a new October high yesterday

October 16, 2024

Ted Cruz challenger said it would’ve been ‘better’ if Second...

May 6, 2023

Will Hurd makes the case for his possible presidential run:...

May 3, 2023

Biden moving forward on $1B in weapons for Israel after...

May 15, 2024

Republicans declare Biden ‘unfit for office’ following ‘disastrous’ debate performance

June 28, 2024

Trump says he’s ‘proud to be the most pro-life president’...

June 25, 2023

House ignores White House objections, votes to end COVID health...

February 1, 2023

Trump opposes plan to pressure RNC into making him the...

January 27, 2024

    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 2,449 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

    White House establishes guidelines for Cabinet...

    January 27, 2024

    McCarthy not optimistic about reaching debt...

    May 24, 2023

    Gen Z House Democrat says he...

    November 10, 2023
    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