Natural Gas going lower? How about Oil?
Natural gas has started the week off on a bad note.
Nat gas has lost the key weekly volume gap fill at $1.8622
This was the line in the sand that the bulls needed to maintain.
The fact that Natural GAs has lost the key supply zone shapes up for a likely bearish move lower. We are holding the 20 Day MA so Bull have one last hope at this level. Hope typically isnt a good strategy.
Based off of the RSI divergence, Nat gas may make new lows in the cycle before it has a bullish reversal.
Oil today was weak early on and then made a massive red to green reversal. We have observed every time oil dips into the daily EMA 113, it keeps getting gobbled up.
A bull flag on the daily chart is still being observed. XLE keeps moving higher as it sniffing out higher oil prices.
Oil for the month of February has higher prices compared to the month of January, this should put a higher bid on the CPI energy component tomorrow.
Nat gas has lost the key weekly volume gap fill at $1.8622
This was the line in the sand that the bulls needed to maintain.
The fact that Natural GAs has lost the key supply zone shapes up for a likely bearish move lower. We are holding the 20 Day MA so Bull have one last hope at this level. Hope typically isnt a good strategy.
Based off of the RSI divergence, Nat gas may make new lows in the cycle before it has a bullish reversal.
Oil today was weak early on and then made a massive red to green reversal. We have observed every time oil dips into the daily EMA 113, it keeps getting gobbled up.
A bull flag on the daily chart is still being observed. XLE keeps moving higher as it sniffing out higher oil prices.
Oil for the month of February has higher prices compared to the month of January, this should put a higher bid on the CPI energy component tomorrow.
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