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Trading Short Gas and Oil? Energy in Consolidation. JPY Slightly Stronger.


Welcome to this week’s Market Blast Technicals.

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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.Screenshot 2022-04-26 at 11.31.18

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.Screenshot 2022-04-26 at 11.31.27

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.Screenshot 2022-04-26 at 11.31.34

Natural Gas is trending down as many countries are emerging from winter and we see the Stochastic Oscillator in Overbought territory here as well.Screenshot 2022-04-26 at 11.31.41

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 prices falling today.Screenshot 2022-04-26 at 11.31.46

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.Screenshot 2022-04-26 at 11.31.54

NZDJPY, for example, had reached support just above 84 Yen and the next key level is a long way 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.26 April 2022 Technicals EN TN



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