Crude Oil and Natural Gas Bottoming?
Commodities / Crude Oil Mar 16, 2012 - 03:25 AM GMTBy: Mike_Paulenoff
If I totally was isolated from any news today, and all I had at my disposal was the enclosed 4-hr chart of nearby NYMEX Oil, the analysis argues that a correction from the March 1 high at 110.55 is at or nearly completed into this morning's low at 103.78.
If accurate, this means that a new upleg is nearing that should propel oil to 114-116. At this juncture, only a decline that breaks and sustains beneath today's low will point the price structure towards a full-fledged test of the October 2011 up trendline, now at 102.30.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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