Nymex Crude Oil (CL)
Crude oil dives to as low as 70.13 so far and at this point, intraday bias remains on the downside. The break of 72.39 support confirms that decline from 82.0 has resumed and should now be targeting 65.05 support next. On the upside, above 73.87 minor resistance will turn intraday bias neutral and bring consolidations. But upside should be limited below 79.04 resistance and bring fall resumption.
In the bigger picture, the break of trend line support (now at 71.86) affirms that case that medium term rebound from 33.2 has completed earlier at 82.00 already. Further decline is now expected to 58.32 cluster support (50% retracement of 33.2 to 82 at 57.60) for confirmation. Firm break there will target a retest of 33.2 low next. On the upside, break of 79.04 resistance is needed to invalidate this bearish view. Otherwise, outlook will remain bearish in case of recovery.....Nymex Crude Oil Continuous Contract 4 Hours Chart.
Nymex Natural Gas (NG)
Natural gas's pull back and break of 4.960 minor support suggests that recent consolidation is still in progress and turns intraday bias neutral again. Choppy sideway trading could still be seen between 4.157 and 5.318 but after all, we'd continue to anticipate an upside breakout eventually. Decisive break of 5.318 resistance will confirm that recent consolidations have completed and rise from 2.409 has resumed for 61.8% projection of 2.409 to 5.318 from 4.157 at 5.955 next.
In the bigger picture, medium term fall from 13.69 is treated as part of the long term consolidation pattern that started at 15.78 back in 2005 and might have completed at 2.409 already. Rise from 2.409 should not be completed yet and we would continue to anticipate an upside break out of the recent range of 4.157/5.138 eventually. Above 5.318 will target 38.2% retracement of 13.694 to 2.409 at 6.72 and beyond. Nevertheless, break of 4.157 support will dampen this bullish case and turn outlook mixed again.....Nymex Natural Gas Continuous Contract 4 Hours Chart.
Crude Oil Trader News Reader Subscription Link
Share
No comments:
Post a Comment