23 Feb 2015
NYMEX Crude and Natural Gas remain in recovery mode – MPTrader
FXStreet (Barcelona) - Mike Paulenoff of MPTrader, comments that the NYMEX Crude rally is running out of conviction to move further higher while Natural Gas still has scope towards 3.25/35.
Key Quotes
“From a big picture perspective, both NYMEX Crude Oil and Natural Gas prices appear to have stabilized, formed minor bases, and have embarked on recover-rally efforts.”
“To inflict some damage to the downtrends, both Crude and Natural Gas must hurdle and sustain above their declining 50-day EMAs, now at $45.09 and at $3.05, respectively.”
“My pattern and momentum work on Natural Gas argue in favor of upside continuation into the 3.25/35 target zone, while Crude Oil already has attempted unsuccessfully to climb above its 50-Day EMA three times during Feb-- and is running out of time and conviction to do so.”
Key Quotes
“From a big picture perspective, both NYMEX Crude Oil and Natural Gas prices appear to have stabilized, formed minor bases, and have embarked on recover-rally efforts.”
“To inflict some damage to the downtrends, both Crude and Natural Gas must hurdle and sustain above their declining 50-day EMAs, now at $45.09 and at $3.05, respectively.”
“My pattern and momentum work on Natural Gas argue in favor of upside continuation into the 3.25/35 target zone, while Crude Oil already has attempted unsuccessfully to climb above its 50-Day EMA three times during Feb-- and is running out of time and conviction to do so.”