Oil & Natural Gas
If global events remain stable then Oil has more chance to go higher levels from here. Nymex Oil (Dec) is trying to break a good resistance of $96, in coming days it will be clear whether it maintains this level or not. In the downside it has support at $90, but before that it has initial support at $94. In the upside it has resistance at $100 level. Brent Crude (Dec) is also trying to break $112 level, now if it maintains this level then it will try to test $118 level in coming days. It has support at around $108. Last week I was suspecting that Natural Gas (Dec) has more chance to drop from this level, now it may get some support around $3.50 level. On the upside it has resistance at $3.80 level.
Last week I was expecting that since Gold (Nov) is following a channel so it may test lower level of the channel that is $1680 but it extended its run in the upside. Now it has support at $1700-$1720 level. In the upside it has resistance at $1820. Gold has keep its bullish momentum and some are expecting it to reach around $2000 level.
Silver’s (Nov) chart pattern is not clear to me, it is moving around $35 range. Last week I was talking about a break out but yet it is not clear. It has initial support around $33-$34 range and resistance around $39-$40 range.
Last week I was talking about higher highs and higher lows for Copper (Nov), this week it follows that trend. Unless it breaks $3.10 range in the downside it will follow that trend, therefore in the upside it needs to break $3.70 level. If Copper tests level below $3.1 then it has a chance to make a bearish pattern though it is very early to talk about that.
All these metal are showing no sign of correction and everyone is expecting more from it. During October and November, both Gold, Silver and Copper were reacting on quite similar bullish pattern. Now while Gold is still moving up but other two are not reacting like Gold. In fact Copper looks little weaker among the lot, but I have a feeling that Copper may feel the gap in coming days. In case of Silver, though it is not clear but looks like it may follow the trend.
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