The crude oil markets continued to consolidate during the trading session on Thursday as we are essentially stuck in the same area that I have been talking about for several days. WTI Crude Oil The WTI Crude Oil market pulled back a bit during the trading session on Thursday, as we continue to consolidate between the 20 day EMA underneath, and the 50 day EMA above. We have recently seen a lot of bullish pressure in this marketplace, so it’s not a huge surprise to think that perhaps we will eventually get a breakout. Obviously, after the massive amount of technical damage that has been done in this market there will be a lot of traders out there a bit nervous about going long. Because of this, I think it could be a bit difficult to continue to go higher, but eventually I believe the buyers
Crude oil markets rallied a bit during the trading session on Tuesday, using the large, round, psychologically important levels, and the support from lower levels to turn things around. The WTI Crude Oil market rallied a bit during the trading session on Tuesday, using the $50 level as support. The 20 day EMA underneath is starting to turn higher, and it sits just below that level. The 50 day EMA above is offering resistance, and as I have said recently, I think the next move will be based upon a break of one of those levels. If we can break above the 50 day EMA, that could send this market much higher, perhaps reaching towards the $57.50 level, perhaps even the $60 level. At this point, I think pullbacks will continue to find plenty of support though, and I do think that the market will c
Natural gas markets tried to rally during most of the day on Thursday but got turned around as we are essentially hanging about the $3.00 level with no real momentum. Natural gas markets continue to be relatively flat, as we hang around the $3.00 level. I think at this point, the market looks very likely to make an explosive move soon, but I also believe that the directionality is probably to the upside, albeit for short-term. The 20 day EMA is close to the $3.32 level, and of course there is a gap above that still needs to be filled. Because of this, I expect a move towards the 20 day EMA, but so far we have not been able to make that move. Once we do, I think at that point looking for signs of exhaustion would be the way to go. At that point you can sell and pick up a little bit of real
Natural gas markets continue to do very little, and the Wednesday session sees more of the same. The $3.00 level has offered significant support, and I think it should continue to be the case. Natural gas markets continue to be very sideways overall as we hover around the $3.00 level. This is a market that has sold off rather drastically, so it makes sense that we would probably hang about. The gap above is of course going to offer a significant amount of selling pressure, but we also need to fill the gap in order to fill the technical needs of the market. The $3.30 level above should be a massive resistance barrier, as quite often you will see a gap filled only to turn right back around. We have seen the 20 day EMA turn down towards that area, so I think it’s only a matter of time before
Natural gas markets bounced a bit during the day on Tuesday, showing signs of resiliency near the $3.00 level. Ultimately though, this is a market that is very bearish. However, at these extraordinarily extended low levels, one would have to think that we are overdone. Natural gas markets rallied a bit during the trading session on Tuesday, as the $3.00 level has attracted a certain amount of attention. Because of this, I think that we will probably continue to see a lot of noise in this market, but the gap above I think needs to be filled. I’m looking at any rally as an opportunity to do just that, fill the gap. That would send the market towards the $3.30 level, perhaps even higher. The $3.50 level for me is still massive resistance as well, so I think that given enough time we will see
The natural gas markets went back and forth during the trading session on Monday as traders came back to work. It seems as if we are starting to face a significant amount of support, which quite frankly makes sense considering we had sold off so drastically. The natural gas markets went back and forth during the trading session on Monday, as we continue to meander just below the $3.00 level. This is a market that continues to be very bearish, but quite frankly we are so oversold that I think that a bounce is likely. That bounce will more than likely find trouble at the top of the gap, somewhere near the $3.30 level. I’m looking for an exhaustive candle stick in that general vicinity, and therefore will start shorting as soon as I get the opportunity. Beyond that, I think the $3.50 level ab
Natural gas markets have fallen during most of the week but seem to be finding support at a major round figure, which of course is something that always catches my attention. Ultimately, we are oversold so this could be a clue as to where we are going next. The natural gas markets gapped lower to kick off the week, and then broke down below the $3.00 level. By doing so, we entered a very bearish phase of the selloff, but by the end of the week we had started to see a bit of resiliency. At this point in time, I think that the market will probably try to rally from here and go looking towards the top of the gap, closer to the $3.30 level. Natural gas had gotten way ahead of itself. However, now it looks as if it had gotten ahead of itself to the downside as well. Overall, I think that a shor
Natural gas markets sold off during the trading session on Thursday as we continue to see massive bearish pressure. Quite frankly, at this point I think that if you are trying to short this market, you are chasing the trade, one of the best ways to lose money. Natural gas markets got hammered again during the trading session on Thursday, losing over 2%, as we continue to see people jumping out of this market and shorting it based upon the idea of warmer temperatures in the United States, and perhaps a lowering of global demand as it looks like we are going to see a slowing down of economic activity. This means that manufacturers and factories simply won’t need as much energy. Beyond that, crude oil is very cheap and quite frankly there may be people out there betting on the idea of crude o