#crudeoilfutures #naturalgasfutures

CRUDE_ CLH24

Weekly – In the new December 2023 downtrend. Trade pressures are down. Volumes remain bearish.

Daily – Flat.  At support at the April 2023 median line (74.310.  Trade pressures are down.  Volumes remain bearish.

The next target down is 70.62. The expected oversold levels are now 73.53.

Crude is still basing around the 200 day MA; again the bias seems lower.

A close above 78.54 would confirm any signal higher. Watch the 75.31 level for an early indication.  The expected overbought levels are 78.92.

 

NAT GAS_ NGH24

Weekly – In the December 2022 downtrend; accelerating. Trade pressures are still down. Volumes remain bearish.

Daily – Flat. In the move down from 3.14 on 11/08.  Trade pressures are down hard. Volumes remain bearish.

The next target down is 2.57. The expected oversold level is 2.66.

A close above 2.66 would signal higher; with one test of 2.66 already, this seems more likely.  The expected overbot level would be 3.08.