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Market Insights

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

Copy of Blog Images - Skilling - 2023-06-27T104612.333

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.

Screenshot 2023-06-27 105157

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.

Screenshot 2023-06-27 105235

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

Screenshot 2023-06-27 105304


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?

Screenshot 2023-06-27 105335

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.

Screenshot 2023-06-27 105404


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.

Screenshot 2023-06-27 105435


Today’s economic calendar

Screenshot 2023-06-27 105551
Source: TradingView / J. Knobel June 27 2023 7:32 UTC

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Not investment advice. Past performance does not guarantee or predict future performance.