In this video, the Trader Guy looks at commodities Crude Oil and Natural Gas for the April 21st session.
WTI Crude Oil — As you can see, we initially tried to rally, but then turned around to form a rather negative looking candle during the Thursday session. At this point, I believe that the market is going to continue to find a bit of trouble here at the 50-day Exponential Moving Average, but if we break above there, I think we will be free to go to $52 and test there for resistance. With this being the case, I think that the market probably at this point market would more than likely reach towards $50 on a break down below the lows. A break down below there would get things really ugly quick.
Natural Gas — We continue to find support around $3.10, form a negative candle as we grind sideways, if we break above $3.25, free to go to $3.33, and then $3.50, as we try to reach the gap and possibly even fill it longer term. Now I do not know if we are going to do that, but certainly it seems that the buyers are returning. I do not have any interest in selling, at least not until we break below $3.10. At that point, I might start looking for selling opportunity, but buying on dips in this volatile market will be probably the way to go.
© Prabhu for Forex Videos, 2017. |
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Post tags: Natural Gas, technical analysis, WTI Crude oil
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