Oil & Gas

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Weekly – In a new August 2023 uptrend. Trade pressures are up. Volumes remain bullish.

Daily – Flat. In the second leg up from the 81.85 long entry on 8/31. Trade pressures are up and trending.  Volumes  remain bullish.

The next target up is 95.53.  The overbought levels are now 91.21. Support is at 83.15.

A close below 83.15 would signal lower. The expected oversold levels are 85.02.



Weekly – In the December 2022 downtrend; holding at long term support. Trade pressures are up into the neutral zone. Volumes are remain bearish.

Daily – Flat. Rallied to 2.82, now moving down again to the lower median line support.  Trade pressures are down. Volumes remain neutral.

The next target up is 2.78. The expected overbought level is 2.90.

A close below 2.63 would signal lower. The expected oversold level is 2.49.

[The average daily range is moderating. Still too much volatility; stops won’t work.  Stay Away.]

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