[music]
Hello everybody, Drew Dose here with
Verified Investing. Today we've got some
procharts to go over in the commodity
space, guys. We're talking about US oil.
It's definitely been a very hot topic
recently with inflation concerns. Go
over nat gas, gold, silver, and I've
also thrown in copper. So, let's take a
look at these five charts, see where
they're at, and also try to project
where they're likely to go. All right,
so first off, with US oil on the daily
time frame, you can see I've got a few
different uh trend lines on this chart.
We've definitely been analyzing and
studying this chart very cleanly, but
first, I want to point your attention to
this declining trend line right in the
center of the chart. That is the
neckline of the inverse head and
shoulders pattern with a targeted
measured move up here at $116. Now, as
long as price remains above this
declining trend line, that targeted
measured move is still active despite
the price on oil coming down on the
charts as we've seen. We've had some
little bit of stabilization in the
Middle East as far as not increasing
conflict and that's brought hopes into
the US oil price pulling down ever so
slightly. So, um near-term though, we're
still broken out of this declining trend
line, the neckline of the inverse head
and shoulders pattern. And we're also
trading amongst this inclining parallel.
So, we've got support coming up on US
oil should we see further selling at
8802. Also is just above these pivots
that you see here on the chart uh back
in August 20th. Um so, I anticipate
there could be a near-term bounce if we
do see a little bit of selling on US oil
getting us closer towards getting toward
that targeted measured move of $11621.
Get price under that neckline, that
bullish target goes away, guys. So,
that's what's at stake right now on this
chart for US oil. important to pay
attention to it. Take a screenshot so
you can anticipate some of these moves
right here on these key trend lines that
I've already highlighted. Next up into
Nat Gas. Now, Nat Gas had a fantastic
breakout here on Thursday, September
24th. The problem, and guys, you may
know this if you watch Trading the
Close. You definitely know this. It
didn't push past that broken trend line
with conviction the following day.
Matter of fact, look what happened. The
very next day, we tested the breakout
trend line. And then you see here, we
closed still within that green candle.
We didn't get any sort of conviction
move extending price away from this
declining trend line that that was the
breakout line. And you can see what
happened very quickly. Price came right
back in. Now, there's some fundamental
reasons, too. Knackas inventories came
in robust. They fixed some of the issues
in West Virginia, which also helped them
stockpile more NAC gas. So, the Knackas
inventories are doing well. that
balances out supply and demand as far as
costs go in the near term and uh
investors major hedge funds started
trimming their bullish stance on NAC gas
at least for the near term and you see
here cleanly prices so far holding up
above where it had previously broken out
and put in the following day extended
move uh so this is why this level is
holding and maintaining much better than
this declining trend line that you see
here on the chart now if we continue
knocking on this door it's just going to
weaken it and likely lead to another
push push to the next level lower, which
isn't that far away. Just a breach of $3
at $2.99 on the chart there in that gas.
Next up into gold with higher yields,
guys, gold has been under pressure, most
recently breaking beneath this declining
trend line of support, kissing this
level of 4104 on the chart. But right
now, that is the line in the sand for
further downside in the marketplace for
gold with the near-term support down
here at 3,943.
this low pivot that you see on the chart
from when price and gold originally
broke this inclining parallel channel
that contained price uh for a while ever
since back here in April of 2025 on
gold. Next up into silver. Now notice
here silver maintaining similar price
action as gold moving down on the charts
getting beneath yesterday's price action
and now to breaching this level of 6103
of support. Um here on silver this is
actually pretty interesting. We do have
a head and shoulders pattern that has
already broken and you can see that with
the neckline. This is a little bit
different uh of a head and shoulders
pattern but you can see and here what
let me see roughly like like this we
have um a left shoulder a head and a
right shoulder and you can almost say
this is the left shoulder too. So with
this sort of head and shoulders break
and gold has one too, but I wanted to
illustrate this on silver to where you
guys can see potential price coming down
getting ever so close to this declining
trend line on my chart. If this does
continue down lower on the chart, we're
looking at $536
for the price of silver. Now watch, you
see this declining trend line is just
above 50 and this one horizontally is
just under 50. This is really the hot
spot I'm considering for when and if
silver gets down into this level. That's
going to be an area where I start
picking up uh a little bit more physical
silver and uh hanging on to it for a
while. I think that will be a nice sell
area. Anything around 50 bucks, I would
be a happy buyer. All right, next up
into copper. As we see here, guys, on
the copper daily time frame, man, copper
continues to hammer at the top of this
parallel channel each time doing so,
putting in higher lows. Look at this.
There's a low down here at 430. Another
higher low. Another higher low. Another
higher low. Another higher low. Another
higher low. Guys, this this is a super
strong stock or chart. And if you get
here on the weekly time frame, you can
see this has just been bullish
consolidation up here at the top of the
parallel channel. Now, occasionally when
you do have bullish consolidation at the
top of charts, I don't care if it's
commodity, uh, stock, um, crypto,
whatever it is, they generally fail. You
know, much like this. You can see this
is bullish consolidation. tried to go up
and then ended up pulling down on the
charts and then it did rocket back up.
So, I'm almost anticipating a similar
move. Now, the near-term, it'll be very
minor, $6.33 if we do have that
continued draw down. This is the major
line where I I would anticipate a bigger
bounce, one that we just experienced
back here in June of this year. That
level's at 559. So again guys, right on
top of this consolidation, right around
633 for the first level of support. If
price continues coming down, failing the
bullish consolidation like what we had
experienced not only this time but this
time as well. Notice how there's
patterns on these charts. You may wonder
what's what's going to happen here. And
to be quite honest, no one really knows.
But what we do is we look back on
charts, see patterns, and then start
anticipating the moves by stacking
probabilities on our side by narrowing
down each one of those factors I
highlighted right there on that chart.
All right, guys. Uh, thank you so much
for tuning in and watching today. As you
guys know, this was a free video
available right here on our website.
Several other free videos available from
all of our pro traders. So, sit back,
feel comfortable, start learning some
more TA, set up your next winning trade
right here. All right, guys. Thanks
again for watching. My name is Drew
Dosek with Verified Investing. Have a
great day and we'll see you next time
right here on the charts.