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Trading Short FTSE100 and WTI. Natural Gas (NatGas) at Upper Trend Line.


Hey Valutraders!  Did you see this selling opportunity on WTI?

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I’m Brad Alexander and in this week’s Market Blast Technicals let’s take a look at EURUSD, the NASDAQ, Natural Gas (NatGas), FTSE 100 (UK100), AUDNZD, and WTI (USOil).

Yesterday we showed how WTI was helping the CAD and we now see that price action has turned downward off this upper trend line and off this Fibonacci 50% level of resistance.Screenshot 2023-05-09 at 17.42.25

We see that the Stochastic Oscillator has also turned down.

The next key level below is the $71 mark.Screenshot 2023-05-09 at 17.42.42

We have been spending a lot of time on AUDNZD as it has been giving us some good opportunities as well.

At this moment, we still see a bearish indication on the pair but it would be better to wait until the Stochastic Oscillator moves back to overbought and turns down again.

We haven’t looked at Natural gas for a while and we can see the journey it has taken based on geopolitical conflicts.Screenshot 2023-05-09 at 17.42.53

Now, on a lower time frame, we can see price action rising from this level of support at $1.93 to this upper trend line.

The Stochastic Oscillator is showing overbought and we would like to see price fill this gap.

If you saw our monthly summary from April, you would have seen these diverse chartScreenshot 2023-05-09 at 17.43.02 patterns on the US Indices:

A Rising Wedge on the NASDAQ,

An Ascending Triangle on the S&P500,

A Pennant on the DJIA, 

And a Descending triangle on the Russell 2000.

We need to keep an eye on all of these to expect breakouts.Screenshot 2023-05-09 at 17.43.09

Yesterday we talked about GBP getting stronger and very often this results in a weaker FTSE100.

Well, here we see price action in a clear downtrend and bouncing off the upper trend line with the Stochastic Oscillator turning down from overbought.Screenshot 2023-05-09 at 17.43.22

And finally, keep an eye on many of the USD pairs like EURUSD.

Price action is at the lower trend line with the Stochastic Oscillator very oversold and probable ECB Interest Rate rises next month.

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.

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That’s all for now.  Happy trading with Valutrades and we will see you next time.

CFDs and FX are leveraged products and your capital may be at risk.9 May 2023 Fundamentals EN TN



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