LET THE MARKET TELL WHO WE ARE

Crude oil is moving in a descending triangle on 240 min charts and yesterday good selling seen around $85.90 on its trend line resistance of descending triangle and price fall sharply till 83.61 from a high of 85.70 on Nymex . Crude was trading at 83.66 when this report prepared and its MACD is also supporting  this view and crude can slide up to $80.50-80.50 again during next 1-2 trading session and good resistance seen near 85.70  for this view  and 83.20 is looking minor support . 85.70 is a level that can act as good stop loss for sellers. Today EIA will release weekly inventory for crude oil and expected inventories are  -0.8M for this week and previous were 1.5M expected inventories are also neutral for crude oil if it moves as per our technical view then we can see a good slide in crude in next 1-2 trading session. Over all Crude oil is looking bullish on long term charts and personally I am expecting a $90-103 in medium term. This is only very short term view...

After a continues rally of 2 weeks from 3.696 to 4.499 yesterday good selling pressure seen in Nymex Natural Gas. But it has given a lovely breakout on weekly chart during previous week and successfully closed above that breakout level. In technical terms this types of breakout called falling wedge breakout. Yesterday good profit booking seen on upper levels 4.472 and low made 4.153 and closed at 4.187 near day low. I was expecting a correction till 3.920 in this counter before a new bull trend that has seen yesterday now buyers need not to go short in panic. As per this chart 3.780 looking good support and 4.200 is acting as a midpoint this is the 50% Retracement in terms of Fibonacci. Personally I am expecting a good bull trend in natural gas in coming days till 4.900 and 6.000 and seasonal demand in us will also support this technical view. Around 3.920 will be best buying those who want to enter in longs in Natural Gas. If you have any query related to any trade (NYMEX, COMEX, CB...