Nymex Crude Oil (CL)
Crude oil is losing some upside moment with 4 hours MACD back below signal line again. Nevertheless, another rise is still in favor with 80.79 support intact and current rise from 68.59 could extend to upper trend line resistance at 87/88 level. On the downside, break of 80.79 will argue that a short term top might be formed with bearish divergence condition in 4 hours MACD and deeper pull back could be seen.
In the bigger picture, the break of 82.0 resistance confirms that whole medium term rise from 33.2 has resumed. Nevertheless, there is no change in the view that it's a correction to fall fro 147.27. Hence, we'd continue to look for reversal signal as crude oil approaches 50% retracement of 147.27 to 33.2 at 90.24, which is close to 90 psychological level. However, break of 68.59 support is still needed to confirm that rise from 33.2 has completed. Otherwise, outlook will be neutral at worst even in case of deep pull back.....Nymex Crude Oil Continuous Contract 4 Hours Chart.
Nymex Natural Gas (NG)
Natural gas rally stalled at 6.108 and retreated sharply and with 4 hours MACD back below signal line, intraday bias is turned neutral again. Nevertheless, another rise is still in favor as long as 5.615 minor support holds. Above 6.108 will bring rally resumption to 38.2% retracement of 13.694 to 2.409 at 6.72 next. On the downside, below 5.615 support, however, will indicate that rise from 4.157 has completed and in such case, deeper pull back could be seen to 4.157/5.318 support zone.
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 is still in progress and should target 38.2% retracement of 13.694 to 2.409 at 6.72 and beyond. On the downside, break of 4.157 support is needed to indicate that medium term rise from 2.409 has completed. Otherwise, outlook is neutral at worst even in case of deep pullback.....Nymex Natural Gas Continuous Contract 4 Hours Chart.
Video: As the Dow Goes, So Goes the Country
Share
No comments:
Post a Comment