In this video, the Trader Guy looks at commodities Crude Oil and Natural Gas for the July 7th session.
WTI Crude Oil — Oil fell initially during the day, but found support down here at the $46 level, which for me is the bottom of a bullish pressure. One thing that I cannot help but notice that we continue to see lower highs. So, really, I think it is only a matter of time, before we break down. But based upon the hammer, we could very well have a little bit of a bounce. I am looking for one of two things here. Either we break down below the bottom of this hammer or a rally that shows signs of exhaustion, as I believe that the $50 level is now the ceiling in this market.
Natural Gas — We have fallen here as well, but of course as I have been saying, we of course did get buyers into the market as we formed a nice looking hammer. This cluster below is going to offer support. So, if we break above the top of this hammer, I think we reach towards the $3 level again. However it is going to take more than likely several attempts to finally breakout. I have no interest whatsoever in selling.
© Prabhu for Forex Videos, 2016. |
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