In this video, the Trader Guy looks at commodities Crude Oil and Natural Gas for the July 8th session.
WTI Crude Oil — You can see that the WTI market has broken down and Oil has dropped below the $46 level. Also, we have broken to the downside of a descending triangle pattern and target for this move is $42. I think the jobs number is going to have an effect on this market. So, we will have to see how that plays out. If we get a bad jobs number, we should continue to go lower. That being said though, this may completely ignore them and continue to drop anyway.
Natural Gas — This market is a little bit different, we formed a slightly negative candle and did have trouble keeping the gains. But they also had trouble keeping the losses. We broke above the top of the hammer and it looks like we are trying to grind higher, probably towards $3. I don’t have any interest at this moment selling not until we get below $2.50, which was previously massively resistive. I just think there is too much support between here and there. A break above the top of the range during the day has me looking for the $3 level.
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