[music]
>> Good afternoon, everyone, and welcome to
a ProCharts video. My name is Jake
Sweeney, pro trader here at Verified
Investing, and welcome. Today, we're
going to be covering commodities.
Uh we'll be covering oil as it continues
to surge as Iran and US the the US-Iran
war continues to escalate as strikes
continue to rain down. Oil continues to
push up as the energy sector XLE um
we're not covering that for today, but
we're going to cover oil, precious
metals, nat gas, and a Midwest fan
favorite since I'm from there, corn. We
gave a nice breakout level on corn uh
last commodities video, and since I
think it played out just like that. But
guys, we're going to be covering We're
going to start with oil today. We're
going to dive into resistance levels,
see how price is responding today, even
on the 10-minute, and where I think it's
going to continue to go.
And we'll finish off with that. Let's
get into it, guys. Thanks for joining me
today.
All right, guys. Looking at US oil
today, currently with the market about
to close in about 6 minutes, oil
continues to push up today.
Just yesterday, we were low as about 91.
We're piercing 91 a barrel, but a lot of
rejection here, a lot of tails pushing
oil higher as we're seeing that. And as
we We had another leg up today as the
biggest attack happened today
um over in the Middle East.
So,
we were able to pierce this trend line
or we were almost able to pierce this 97
level. We got up to 96.82
and it's since coming in. Sorry about
that, that was my trend line right here.
Um
but yes, this is the next level
resistance level that US oil is going to
be met with this pivot top here from the
screen bar at $97.
With that approaching is we also have
this pivot here at this red bar candle
at 9943.
That's also lining up with a 618 retrace
from this candle high all the way down
to this low
all lining up and then obviously the
$100 handle which the US economy does
not want oil to go back above this level
as we haven't seen since the middle of
May.
So right now guys, I'm watching those
are the horizontals I'm watching and the
trend lines that I'm watching
are these two right here kind of this
wedge pattern. So first one looking at
this up sloping resistance trend line
from this low as we're seeing it's kind
of tackling the middle and it's getting
rejection from price here and then we
fell below and it got rejected rejected.
And now we since have come away from
that.
So this trend line has had time to kind
of fortify per se and that could happen
late tonight or tomorrow should we push
up into this 9960 $100 zone also lining
up with this pivot top here. So
could be a shortable opportunity on USO
in that area for US for oil.
Support wise I'm looking for this up
sloping trend line as well capturing
these higher lows
as we got a nice clean bounce off here
two three a fourth hit and it since gone
away more steeply.
Should we come back down? I mean and now
this is going to be
oil around 84 to $87. So just look for
this one more on a swing basis. Keep
that in your pocket for oil.
Hopefully,
um
support-wise,
horizontal-wise, if price it does come
back in a little bit, look for this
92.61 level for a bounce as price tried
to get above this several times and then
broke above yesterday. Now, we could get
a fall
uh should tensions ease back to the
support level. So, watch those levels
cleanly. Just want to show you guys what
I was seeing on the 10-minute. This is
10-minute time frame here.
When trading through When day trading
throughout the day, I mainly use the
one, the 10-minute, and the daily, um
and kind of flip in between them. As we
see here,
um earlier in the day around lunchtime,
we broke this trend line, this kind of
steep trend line.
Uh a nice sell-off. I think that was
when the scent was talking. And then,
uh Treasury news unloaded. And then, we
have this trend line that was
um support, and it flipped to
resistance. And then, we were nailing on
this trend line. And then, finally,
we're pushing above it. We hit it so
frequently and above. Then, we were
wicking trying to stay above that trend
line. We didn't have enough momentum,
and then we finally did. And now, we're
bouncing it off as support.
So, now,
late in the day, we're approaching that
high that we had today at 96.82. And as
I said, that 97 level will be the level
to take out. All right, guys.
Looking at gold. Even pushing up today
about 1%. It was high about a 1.5%
today, but it got stopped by this
down-sloping trend line. So, I have it
from this pivot here from August 26. 1 2
3, and today now a fourth hit capping
price.
So, first off, this trend line will act
as resistance. And then, secondarily, we
have to get above this 4,477
5 540 level. 4,477.
That is this low this
low pivot here from this red bar candle.
And as we saw here last Thursday and
Friday, we're trying to push above this
level but kept getting shut down. We
need confirmation above this level as we
did here in late August.
If we're coming back down into support
levels for gold, look for this
ascending trend line. It does have three
hits, 1 2 3, so valid trend line. Should
we come in also lining up with this
horizontal pivot here at 4,311.
Right here, gold should get a nice
bounce to the upside.
Looking at silver next.
Kind of price pushing higher today,
which is good to see. Higher high,
higher high, higher high here.
So, the next level to take out will be
this 69
81 90 level from this low pivot here. As
we see all of late in August, we're
hammering on this level and we finally
pierced it, but we did not confirm. We
lacked confirmation and we were shut
down and continued on lower.
So, that'll be the the level to take out
resistance wise. And then we also have
this up sloping If you kind of don't
look at the horizontals here, we have
this kind of up sloping parallel channel
here
where right here we have one two three
hits to the upside.
So, if price were to test that tomorrow,
should we break the 69 level, that would
be at about 72 and change at that upper
boundary of that parallel channel.
And then we have the lower boundary as
well from this low pivot. 1 2 3 4 5
hits. We pierced below here and then
we're able to close well above.
So, even if we come down here to
um
later today or tomorrow, look for this
near-term support at around 65 and 3
cents.
For Nat Gas, UNG,
>> [clears throat]
>> it's had a nice surge up as uh the
season was starting change, but we're
getting shut down from this 1076 level.
We
pierced it twice right here, small wick
into that level, and a larger wick here,
but then we're shut down. Also looking
for that confirmation.
Um from that though,
this down-sloping trend line that we
broke out of and then we were trying to
stay above it, we broke below that today
and it is now getting rejected from
that. And we even moved lower down to
this trend line,
and we got a bounce today off this trend
line and this low pivot here at 1007
for Nat Gas.
So, look for this ascending trend line
right here to continue to print higher
lows for Nat Gas.
>> [snorts]
>> If we were to break this to the
downside, you would have to look towards
977
or price discovery and down to 950 for
further support.
And last guys,
as I was covering that corn play, we
were talking about how corn was breaking
out of this long-term trend line here
from this high pivot from October
11th,
October 12th, 2022,
cutting through price here,
and then as we go down to price here, we
see we're able to push above it finally
and clearly broke out of it.
And we have yet to retrace.
So, where did we get stopped at?
So, there's this pit this down slipping
trend line
from a January 11th, 2024 hitting the
top of this pivot here.
Second hit right here.
And then third.
So, as you see here initially we got
rejected from this trend line.
And then
we were able to push above it, but we
keep coming back down under this trend
line waiting for confirmation. I want to
see a clear push above this trend line
and a confirmation daily close above
this trend line to
then it could have some legs to come
move on higher. But right now it is
sharply extended, so probabilities could
favor a minor pullback.
Right now could even go a little further
down to this poor at this low pivot here
at about 9 19 76.
And
just as I'm looking at that guys,
you know, this trend line right here is
just just right getting into my eye and
yeah, we just have another trend line
right there from the high of these
pivots here from September 11th
coming up this Friday as well. But this
is last year.
Anyways, right here getting this price
action perfectly.
And then we could even note it for a
bounce for today on corn. So beautiful
to see.
All right guys, thank you guys so much
for joining me on my commodities video
today. Hope you guys got some good alpha
regarding
oil, precious metals, nat gas, and corn
of course.
And I appreciate you guys joining me
today. Um, if you are a new guest, first
off welcome and thank you. I appreciate
your time on spending your day with me
on learning how I chart and how I use
these levels for my trading.
And if you were curious to see how I
trade every single day, I'm in the Apex
Live Day Trading Room where I give day
trade setups on stocks and ETFs. And if
you want to check out any of that info,
we also have plenty of free alpha that
we give out daily, up to six items
personally that we give out. Um you
could check out those links below free
analysis. All right, guys. Thanks again.
You guys have a happy Wednesday. Take
care.
>> [snorts]