Welcome to the Extreme Investor Network blog, where we provide unique insights and analysis on the stock market, trading, and all things Wall Street. Today, we are diving into the current market conditions and what signals we are seeing that could impact trading in the coming weeks.
This week, we are keeping a close eye on the key level of 2,307 on the weekly chart. A drop below this level could signal a bearish continuation in the weekly time frame, as larger time frame patterns tend to influence lower time frame patterns. This is important to consider as traders plan their strategies and time horizons.
On the daily chart, we are also seeing a bearish signal with a potential daily bear flag forming. A drop below last week’s low could confirm this bearish sentiment in both the daily and weekly time frames. Additionally, this week may end with a bearish shooting star candlestick pattern, indicating short-term bearish sentiment.
To shift the momentum in favor of the bulls, a rally above 2,370 is needed. However, there is not much set up yet for bullish indications, and a breakout above this level may be necessary for any significant follow through. If natural gas can break out above this week’s high, we could see a move towards the recent record high of 2,450.
Stay tuned for more updates and analysis from the Extreme Investor Network. And don’t forget to check out our economic calendar for a comprehensive look at all of today’s economic events. Happy trading!