In this video, the Trader Guy looks at commodities Crude Oil and Natural Gas for the July 12th session.
WTI Crude Oil — We did bounce during the trading session on Monday, but then turned right back around to fall significantly. The $46 level has offered quite a bit of support in the past and acted as resistance. So, with this, I think we are going down to the next support level, which is $43 and then possibly down to $40 after that. We are starting to roll overall. I think Oil markets are heading into a negative trend. So, rallies at this point that show signs of exhaustion are also selling opportunities.
Natural Gas — We initially tried to rally, but then we ended up turning right back around to form a very negative candle. I think we could very well drop from here, but $2.50 and $2.60 look very supportive. So, with this being the case, it is not until we go down below the $2.50 handle that I am comfortable selling. I think a supportive candle between here and there is reason enough to go long. I think a bounce, quite frankly could happen sooner rather than later.
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Post tags: Natural Gas, technical analysis, WTI Crude oil
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