Replies to post #1881 on Energy (Oil & Gas) Stocks | NYSE | AMEX | NASDAQ

[DiscoverGold]

Crude Oil Follows Our Near-Term Technical Script, Traverses Its Feb-Mar Bullish Channel
By MPTrader

* March 24, 2016

Crude Oil is down another 2% this morning, after spiraling down nearly 4% yesterday in reaction to a much greater than expected build in Weekly Inventories.

Let's notice that the weakness off of Tuesday's recovery-rally high at $41.90-- against the upper-channel boundary line-- has traversed the entire width of the channel, as the price structure probes the lower-channel boundary in the vicinity of $38.50, where the weakness should be contained, ahead of renewed buying interest.

That said, my intermediate-term work also has rolled over, and suggests strongly that any bounce off of the lower-channel boundary line will be short lived ahead of downside continuation towards $36-$34.



https://www.mptrader.com/middayminute/

• George.

Click on "In reply to", for Authors past commentaries.

[DiscoverGold]

Natural Gas and UNG are poised for Another Recovery Upleg
By MPTrader

* March 28, 2016

The United States Natural Gas Fund, LP (UNG) has the right look and set-up for the initiation of a new upleg off of its March 4 low at 5.72.

The first upleg ended at the March 17 high of 6.88.

Current strength should challenge and hurdle the Jan-Mar resistance line, now at 6.60, which should trigger upside acceleration towards my next optimal target zone of 7.20-7.50.

Only a decline that breaks 6.24 will weaken the developing set-up.



https://www.mptrader.com/middayminute/

• George.

Click on "In reply to", for Authors past commentaries.