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Overall Analysis
Oil Chart Analysis
Oil/USD 15-Minute Chart (Source: TradingView)
On the 31st Oct 2024 trading session, oil prices showed a bull run while taking support of the trendline. Price made higher highs and higher lows, indicating a bullish momentum. On a daily time frame, the price can be seen taking support from major support levels and is continuously moving up since the last 4 trading sessions. The price on a daily time frame is in a constant selling zone, making lower lows and lower highs. Currently, the price is holding at higher levels, showing buyer strength in the lower time frame. Major rejection levels appear at the 72 and 72.5 zones, where the price previously faced rejection three times.If looking for an entry, then there are three conditions in which one can plan an entry in oil.
Natural Gas Chart Analysis
Gas/USD 15-Minute Chart (Source: TradingView)
On the 31st Oct 2024 trading session, the price dropped, breaking the support level and continuing the rally. On a higher time frame, Natural Gas is currently creating an “M” pattern. 2.6330 level works as neck-like for the pattern breaking which can trigger massive selling. If we observe the price behaviour, we can see price moves in a pattern, the price falls and creates an accumulation zone, then breaks the zone and continues the rally. Talking about the entry trigger we have two entry triggers.
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