Oil & Gas

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Weekly – Five weeks into the move up off the $42 low. Trade pressures are down but rising into the neutral zone. Volumes are bullish.

Daily – Long. In the move up from the 50.74 long entry. Trade pressures are up but turning down. Volumes remain bullish.

The next target up is 55.88. Expect consolidation here.

A retracement below 52.72 would signal lower.

[2-5-19: stopped out at the 53.72 level.]



Weekly – Now closing at 2.73 giving back the entire rally to 4.82. Trade pressures are down but rising. Volumes remain bearish.

Daily – Short. In the move down from the 3.22 level. Trade pressures are down and trending. Volumes are still bearish.

Despite the coldest week of winter is some years, price continues lower. The next target down is 2.548.

A close above 3.23 would signal higher.

Lower the stop to the recent low pivot, 2.75.

[2-6-19: Next target down is 2.55. Take profits here, if not stopped out at the 2.75 level.]

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