[music]
Good afternoon everyone and welcome to a
ProCharts video. My name is Jake
Sweeney, protrader here at Verify
Investing and I got a good video for you
today guys. Mainly we're going to be
covering oil, gold, silver, nat gas, and
then maybe some breakouts potentially on
wheat and corn to finish. But yes, the
story of the day is oil continuing to
rise, putting pressure on the stock
market, putting pressure on gold and
silver, and continuing to rise as we
continue to get tweets of US um strikes
in Iran and further escalation with Iran
itself in the straight of Humuse
attacking tankers. But nonetheless,
oil's continuing to push up. Let's dive
into the charts, guys. Let's see what's
going on.
All right. So, so far
last week on oil, we were pushing up and
I thought that this downs sloping trend
line, major one from this March 9th
pivot driving through here was going to
shut down price and it did for a little
bit, but as the war escalates, we're
continuing to push up. We pushed past
these pivot tops here at 8769
today and still driving up. And right
now, this is $1245 of reading this. And
just a few minutes ago,
uh oil shot up another dollar up to this
$89 almost up to 90 a barrel. Uh which
we have not seen in well at least since
July, right? But still coming back in.
And if we go to the 10-minute,
we could see that 8769 level price
traded on it quite some time. That's why
I marked it and has since continuing to
go up. But as uh we're selling coming,
we're getting a a slight sell coming in
right now. But be curious to see if we
close above this 8769.
Um or if it's just temporary resistance
and we're going to close back below
this. Um so still curious to watch this
8769 a major level for oil uh to watch.
Um also plenty of support here at the
382 8707.
But where is oil going to come to next?
If we keep going up on oil getting into
the 90 print 90 handle uh we have we
have some some ways to run. big major
resistance is we're going to get at this
candle top here 9261.
Um rejected a lot of candles here and
flipped to support now resistance. And
right here price got to pierce this
level but was shut down. So we haven't
confirmed above this 9261
since going back all the way to early
June when the war was at its highest. Um
so right now that 9261 will be a key
level and then as well as this 9350
also lining up with the 0.5 Fibonacci
retrace of this grand move. Uh 9326 9350
there should be some major resistance
here for oil as it continues to push up.
Support-wise we always already know this
8769.
But there's two key support lines I want
you to watch. And that one is this trend
line here that we broke out of. Um this
if we came back to this about $85 a
barrel for oil, this could test uh be
support. Also this ups sloping trend
line from lower highs here. We're
getting uh from this low pivot from July
2nd getting these two pivots two three
fourth hit right here and now up and
away. But if we come back and break this
support here, still look for this trend
line. And as this is dynamic and rising,
this could be from anywhere from $81
tomorrow all the way up to 83. So maybe
some major support here. 81 to 83 on US
oil as it continues to um go up. Look at
gold. hit 4,690
just last week and I was since coming
in.
Today we made a new trend line. So today
we're already giving back up. We broke
through this level which was resistance
or which was support now resistance. Um,
we made this trend line today uh from
this low
August 6th pivot 1 2 3 and now a third
hit today with price action bouncing up.
And the reason why I like this trend
line is because well you could say price
got a bounce from this low pivot here
because it never got to this 4,311
level. This is the next level of
support. So right now look for this
support trend line. We'll make that a
little neater and better. Yep, right
there. If we break this, look for this
$4,311
for support for gold. But if we if oil
continues to push past 90 and above, I
do see this coming into these more
support levels a little lower, which
could be at 4,268,
this low pivot here, and then this
consolidation shelf here with all this
price action at 4,245.
So some key levels for gold as it's
coming down in
looking at silver. Ah kind of same thing
taking a hit.
The key level of silver as I said last
week is this $69,000 or $69
and 81 handle right here from this low
pivot. Um it's rejected price several
times now. 1 2 3 4 5 6 7 just on the
latest print. And even with that, we
were able to push all the way above two
past 70 up to 7116
an ounce, but it's since coming didn't.
We need confirmation. And what this
means is just another daily close past
this resistance level to have it as the
new floor support so we can push on
higher for silver and tackle some of
these resistance levels. But
nonetheless, we're coming back into
support. Same thing today. We had this,
we made this trend line as well. This
one actually has four hits with today's
price action from this August 6 low. 1 2
3 four hits now hitting support here.
And look, and even if we can still keep
pushing up, if oil's coming in, try for
silver to have a close above this 650
print. to [snorts] the downside. If we
do break this trend line and keep going
lower, look for
this 6151
level. Should be another key support for
silver. Nat Gas having a brush of life
as we get into the fall season. We got
football coming up soon in the Midwest.
I know the weather's starting to change,
get a start to get a little chillier out
here at night and we have UNNG starting
to creep up. First thing is we have this
ups sloping trend line capturing lower
highs
uh from this August 6. This is the
lowest price for UNNG in the past well
ever and we're now trying to climb out
of this hole. We did break above and
confirmed above this 1017 key resistance
from that low pivot. So that is great.
We're now tackling resistance here at
this wide range red bar candle. So first
see if this support trend line comes
back into play as it's capturing lower
highs to grind back up. But we may test
this 1017 as support for resistance wise
glaring right here is this 1076 low
pivot. And we see here price got down to
this level. Buyer stepped in beforehand
and could not test it for these two
price actions.
uh seller stepped in beforehand and
couldn't test it. Here they did, but
they were a they were able to get the
above but close well below. And then
same attempt on just recently, August
27th, we try to push up to this 1076
level, but we're shut down. That will be
the next major resistance for UNNG. And
on a swing basis, look for this 1117.
Seems like the the 17s, the sevens with
UNG are resistance levels, but this
1117, this low pivot here will be the
next major resistance as well.
[clears throat]
Look, and we have two potential
breakouts here on wheat as well. one, we
we're covering wheat right here, wat,
and we've been just grinding from this
low pivot from uh the first of the year
of January 26, and we're now been kind
of switching polarity between these
trend lines, and now we're since
breaking out.
So, first one, we'll cover resistance
first. Glaring is this 2845,
this wide gap here in the charts. Um
these are resistance levels and this
should be um this could right now we're
just testing at the gap window trying to
push up into the zone but getting shut
down there. So 2845
uh key resistance there and then I'm
looking at this low pivot 2940
for wheat um as the next levels to take
out above just within a dollar40 range.
So manageable ahead here. But look at
these nice all these green bar candles.
I like it. Six green part candles in a
row. But as a trader, I know this is
going to come back in eventually. And as
it should
hopefully
have kind of some more near-term support
here.
um if so hopefully we don't have to come
back into this level. Hopefully wheat
has got some sustained momentum that we
stay above this but seeing the green bar
candles as I said if we come back in I
could see buyer stepping in at the 2665
level and then if we were to come back
into this downs sloping trend line that
we pushed off of right here somewhere
within this range about $24.98 to $25
all converging with these trend lines.
this down sloping one converging with
this ups sloping trend line in this
tight triangle here 24.95 to 258
there should be some great support there
for wheat
and lastly look at corn co
this top pivot here we had a down
sloping trend line that has been capping
price since 2024
2024 that is great on corn to see as
we're sharply pushing up from these
August lows
and we went up to this trend line. We
got rejected. We came back down again.
We hit on this trend line repeatedly
until that broke. And since now we're
trying to confirm,
waiting for confirmation above this
trend line. It does look at as the time
of day we should close above this trend
line. So good to see. Next um major
resistance level is going to be top of
these pivots here
about 2069
coming up. Two pivot tops here. You're
going to have to challenge some
resistance in and then you're looking at
this low pivot here at 2123
and this consolidation
resistance from these low pivots at
2171. be some major resistance to get
above these here. But great to see on
great to see the agriculture the middle
of America thriving as prices are going
up for corn and wheat yet oil continues
to surge and gold and silver are coming
down. Kind of wraps it up for today
folks. Thank you guys so much for
joining me today on my videos. I
appreciate it. If you want to follow
along how I trade, every single day I'm
the Apex Live day trading room where I
trade stocks and ETFs and um we we're
looking for uh I look for day trades and
then we're also starting a swing option
service as well. So uh leave me a
comment below of what you'd like to see
today. if I hit the head on oil, gold,
and silver, or if I missed something. If
you're if you got um bought some calls
on your wheat and corn, well, nice to
see that you're probably in the money.
Until folks, guys, I'll see you guys
next week. Take care. Thanks again for
joining me today. Have a good one.