Gasoline Prices Poised for Decline
April gasoline prices fell for the fourth day in a row, but held support at 185.0. The bearish KaseCD divergence and underlying short permissions (red dots) indicate the decline should continue to 180.0. A normal correction will hold 180.0 because it is the 38 percent retracement of the move up from 149.64 and the 1.618 … Continue reading Gasoline Prices Poised for Decline
Midweek Natural Gas Forecast – March 4, 2015
Cold weather continues to support natural gas, but the wide sweeping frigid conditions have not been enough of an influence to drive prices higher. Fundamental and technical factors leave little doubt that the outlook for the next several months is bearish, but for now, natural gas prices are stuck in a trading range bound between … Continue reading Midweek Natural Gas Forecast – March 4, 2015
KOSPI Forecast – Korean Index Nearing End of Narrowing Range
Since late 2011 the Korean Stock Exchange (KOSPI) has oscillated in a narrowing range, now nearing its apex, which means a breakout is expected within the next quarter or two, perhaps sooner. The pattern began after 2011’s decline to 1644.11. The entire pattern could be the middle “B” wave of a downward ABC correction, or, … Continue reading KOSPI Forecast – Korean Index Nearing End of Narrowing Range
Natural Gas Prices Weak Ahead of EIA Update
Natural gas’s recent upward correction has been driven by cold weather, and still has a modest chance to extend. However, the key question that should be asked is how long will natural gas prices be able to sustain upward momentum once weather moderates? Several technical factors are already showing that the move up may be … Continue reading Natural Gas Prices Weak Ahead of EIA Update
Technical Failure Calls for WTI Price Decline
Most technical factors now indicate that WTI’s upward correction has failed and that the near term WTI price outlook is negative again. Monday’s decline broke the lower trend line of a bullish ascending wedge. Formations like this break higher around 75 percent of the time, so failures like this do not generally bode well for … Continue reading Technical Failure Calls for WTI Price Decline
Natural Gas Trying to Extend Upward Correction
Natural gas’s upward correction has stalled and is oscillating in a narrowing range centered around $2.78. This is a coil formation, which indicates that a breakout move is about to take place. The coil shows undertones of the market’s uncertainty between the balance of long-term bearish fundamentals and recent wide sweeping cold weather that has … Continue reading Natural Gas Trying to Extend Upward Correction
What Today’s Move Above $2.79 Means for Natural Gas
Natural gas’ decline stalled at $2.567 on February 6. This was near the very crucial bearish decision point of $2.52. Subsequently prices have risen to $2.857. The market is likely settling into a range that is being supported by external factors (i.e. cold weather), but is searching for the upper end of this range. A … Continue reading What Today’s Move Above $2.79 Means for Natural Gas
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
