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CRUDE_ CLH24

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

Daily – Flat.  CL moving up to retest the breakdown at trendline resistance just under the 200 day MA.  Trade pressures are now up.  Volumes close as bullish.

Touched 69.53 and rallied to 74.00. The expected oversold levels are 69.19.

Need a close above 75.33 to confirm any signal higher.  The expected overbought levels are 75.47.  Expect a new move lower. ( Lower demand? Recession?)

 

NAT GAS_ NGH24

Weekly – In the December 2022 downtrend.  Trade pressures are still down but rising.  Volumes are now bullish.

Daily – Flat. In the move up from 2.20 on 12/21.  Trade pressures are up.  Volumes remain bullish.

Closed above the 2.53 target. The next target up is 2.81.  The expected over-bot level would be 2.83.        [1-9-24: Overbought is now 3.04]

A close below 2.47 would signal lower.  The next target down is 2.42.  The expected oversold level is 2.30. Nothing easy here.