WTI Testing Major Target at $54.0
WTI crude oil is trying desperately to show that a bottom has been made and that a recovery is underway. WTI is testing a crucial decision point at $54.0. This is the 0.618 projection for the wave, $43.58 – 54.24 – 47.36. Most waves that meet the 0.618 projection extend to at least the 1.00 … Continue reading WTI Testing Major Target at $54.0
Natural Gas Negative Ahead of EIA Storage Report
For several weeks $2.79 was major support for natural gas. This level was tested many times, and was finally broken after last week’s bearish U.S. Energy Information Administration (EIA) Natural Gas Weekly Update. Subsequently, prices have fallen to a $2.608 contract low, and $2.79 has become near-term resistance. The $2.79 level is the completion point … Continue reading Natural Gas Negative Ahead of EIA Storage Report
NY Harbor ULSD Futures Extend Higher
NY Harbor ULSD future’s upward correction extended to 177.7 on Monday. The primary wave 158.9 – 171.7 – 160.5, met its 1.382 projection at 177.7 and is poised to extend to the 1.618 projection of 184.2. This is the decision point for an extended correction and potential recovery. Although it is too early to say … Continue reading NY Harbor ULSD Futures Extend Higher
Natural Gas Still Testing (and Holding) $2.79
Natural gas has positioned itself for a break out of the recent coiling pattern that began forming on January 20. March futures tested the crucial $2.79 area this morning, and most technical factors still favor continued decline. However, March’s inability to close below $2.79 is making this recent range look more like a short-term bottoming … Continue reading Natural Gas Still Testing (and Holding) $2.79
Natural Gas Outlook Negative Before EIA Data Released
Last week’s natural gas price rise was poised to fill December 22nd’s gap from $3.48, but the upward correction stalled at $3.352. The week settled above the $3.09 midpoint of Wednesday, January 12th’s candlestick, leading to speculation that the market might try to rise again early this week. However, Monday’s intraday gap down from $3.056 … Continue reading Natural Gas Outlook Negative Before EIA Data Released
Brent Targets $45.8 upon Close Below $47.7
Brent has been trading in a corrective range for the past several days, but fell to major support at $47.7 on Tuesday. This is the 0.618 projection for the wave $52.42 – 48.07 – 50.41. The $47.7 projection connects to a major target at $45.8 as the 1.00 projection. This is also the 1.618 projection … Continue reading Brent Targets $45.8 upon Close Below $47.7
Short-Term Natural Gas Indicators Point to Upward Correction
Natural gas has finally showed some signs of life over the past few days in anticipation of tomorrow’s U.S. Energy Information Administration (EIA) Natural Gas Weekly Update. The short-term charts are showing that traders are anticipating a bullish EIA report, which would be the support the market needs to continue this upward correction. Keep in … Continue reading Short-Term Natural Gas Indicators Point to Upward Correction
Natural Gas Due for Correction, Hesitant to Break $2.80
The outlook for natural gas is negative, and without help from external factors the decline will likely continue. However, the market is hesitant to break support at $2.80 in the near-term, and is likely waiting on tomorrow’s U.S. Energy Information Administration (EIA) Natural Gas Weekly Update before it presses higher or continues to decline. Several … Continue reading Natural Gas Due for Correction, Hesitant to Break $2.80
1/7/2015 Kase Chat
Kase’s senior analyst Dean Rogers reviews trade setups and price forecasts for e-mini S&P 500 and WTI Crude Oil. http://youtu.be/6ADWjwZK_kE
WTI Crude Oil Breaks Out of Coil, Targets $49.7
February 2015 WTI crude oil broke lower out of a coil formation on Friday and continued its decline on Monday, December 29. The target for the coil is $49.8, and is in line with a highly confluent $49.7 objective that we have discussed as a potential stalling point for several weeks. A close below $49.7 … Continue reading WTI Crude Oil Breaks Out of Coil, Targets $49.7
