CRUDE_ CLH16

Weekly – Still consolidating at the 30.72 level. Trade pressures are down, but turning up. Volumes have changed from bullish to bearish.

Daily – Flat. Stopped out last week. Trade pressures are neutral. Volumes are mixed, closing bearish.

Expect congestion here.

A close below 29.14 would signal lower and a test of the prior lows.
A close above 34.82 would move crude above the 25×5 and open the way for another bull run.

(watch the resource based currencies, such as the Canadian Dollar.  Could benefit both from the oil price change and the decline in the US Dollar.)

 

NAT GAS_ QNH16

Weekly – Still in congestion after the 2.44 long confirmation. Trade pressures are neutral. Volumes are mixed, confirming congestion.

Daily – Flat. The short entry at 2.07 has been triggered. Trade pressures are down. Volumes are bearish to neutral.

The weekly congestion suggests – no sustained moved likely.