Thursday, June 2, 2011

Crude Oil (CL) / Natural Gas (NG) Update 6/2

On the left is an hourly chart of Crude Oil (CL) and the right is a daily chart of Natural Gas (NG). It looks like after a very bearish build in oil, we have seen a continuation of yesterdays sell off, and have broken through 100 and are headed to the lowest end of the up moves retracement (in purple, @98.21). I think this will eventually break through here and end up near recent lows @96. Natural gas, I had posted the other day that the yellow trend line might give resistance and the long position suggested should probably be taken off. It looks like after a bullish build in inventory, that we have gone right through this resistance and might be looking to break out to the upside.

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