Trading Insights: Learn to read the market and focus on price action

Commentary & insights

Momentum trading the recent US Natgas and Wheat moves, crude oil outlook looks bearish while stock indices seem to be finding price support.

Price is king: If prices are moving higher then the fundamentals must be good, if prices are falling the fundamentals must be negative?

Commodity movers:

US Nat Gas is up +12% in the last 5 days, strong technical signals could keep the momentum going. Current price $2.83 upside towards the $3.50s can not be ruled out.

US Wheat is up +7.9% in 5 days, current price $719.30 hit resistance at $767 yesterday. Upside prospects remain for a move toward $812.

WTI Crude down -3.4% in the last 5 days. Current price $69.54 downside support at $63.64, outlook remains bearish.

---

Indices movers

Spain 35 Index although down -1.36% during the last 5 days, current price is near the round number €9,300 support level which also happens to intersect at the prevailing uptrend line (daily chart), keeping alive the prospects for the index to keep the uptrend going. Watch for prospects towards €10,190 above 9,245?

German 40 Index seems to be finding price support around €15,810, the prevailing multi-month uptrend appears to be attempting to hold. Current price €15,809 with prospects for €16,320 on the table.

---

FX bullets

USD/JPY is up +2% during the last 30 days, current price 143.54 appears to be holding onto recent gains. Upside prospects toward the 144.60s can not be ruled out.

---

Today’s economic calendar

Source: TradingView / J. Knobel June 27 2023 7:32 UTC