Showing good resilience today in GASL sector. The concern, however, is how easily Crude Oil fell from highs over night in Asia after the brief Iran-Saudi hype. Demand in the world along with resulting high supplies over weigh it yet. The tensions over there are having likely no disruptions on any supply or productions.
Doesn't mean we can't have a technical bounce from here though. We shall se. That said, there is still some downside risk i the interim short term.
Been an environment lately best for quick flips only on this oil/gas sector (as I had lamented about in older posts). But in terms of a daily chart swing trade and looking for a major bear market reversal in the sector (GASL), waiting with patience has been a virtue so far; Hence looking for consolidation and more weakness into part of January yet has been correct.
Near term catalysts that may also be interesting to watch are the Oil & Nat Gas Inventory reports. WTI Crude Oil Inventory report due today (Jan 6), along with upcoming Nat Gas Report (Jan 7). Anything is possible, but a bearish re-test so far with Oil at 34 area is occurring, which these days has been having the largest affect on the GASL.
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