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CRUDE_ CLM24  (June Contract)

Weekly – Still in the December 2023 downtrend. Trade pressures are up. Volumes remain bullish.

Daily – Flat. In the uptrend from 74.15.  Trade pressures are down.  Volumes are now bearish.

Five touches on the resistance trendline from October.  A breakout above 77.00 would signal “long” and a target of 79.41. The expected over-bot level is 79.52.

A close below 74.50 would signal lower.  The expected oversold levels are 67.27.

 

NAT GAS_ NGJ24

Weekly – In the February 2024 downtrend.  Trade pressures are down.  Volumes remain bearish.

Daily – Flat. The attempted rally shows some signs of basing.  Trade pressures are up but turning back down.  Volumes are bullish.

The next target down is the 1.56 downside target.  The expected oversold level would be 1.46.

A close above 1.92 would signal higher.   The expected overbought level is 1.99.