In this video, the Trader Guy looks at commodities Crude Oil and Natural Gas for the July 1st session.
WTI Crude Oil — We fell a bit from the $50 level on Thursday session. It is an area that continues to be quite interesting. It looks like we are starting to see lower lows. I think now, we are almost forming a descending triangle pattern. If we can break down below the bottom of this triangle, which is at $46, I think at that point in time, the trend has changed, we have broken the uptrend line, this downtrend line continues and this large psychological number has held. On the other hand, if we can break above this downtrend line, then that is a very bullish sign and shows a clear breakout above the $50 level.
Natural Gas — We rallied again, which looks pretty interesting and we had a shooting star from Wednesday session, however, it is ignoring the shooting star and continue to go higher. I think the markets are trying to build enough momentum to finally break above the $3 level. However, it is going to take quite a bit as we are overextended. I see support at $2.60 to $2.75. So, pullbacks finding support are seen as buying opportunities. A breakout to the upside above the $3 level will be significant.
© Prabhu for Forex Videos, 2016. |
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Post tags: Natural Gas, technical analysis, WTI Crude oil
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