WTI Crude Oil
The WTI Crude Oil market initially fell during the day on Wednesday, but found enough support at the $44 level to turn things back around and form a bit of a hammer. Because of this, it looks as if the market is still going to continue to go higher, but I do see quite a bit of noise all the way to the $50 level. With this being the case, it more than likely will continue to be a short-term trader’s type of marketplace, as pullbacks will offer buying opportunities as they represent value. However, there’s so much in the way of volatility and of course so many moving pieces that it is difficult to imagine that the trade would be easy to hang onto. Nonetheless, there’s nothing on this chart that suggests we are going to start selling.
Natural Gas
Natural gas markets shot higher during the course of the day on Wednesday, as we continue to see quite a bit in the way of bullish pressure. The $2.20 level is massively resistive, so with that being the case it isn’t easy to buy this market, but it certainly cannot be sold at this point in time as production is most certainly down, but then again demand isn't exactly up. With that, this is a very confused market that I am going to be staying away from in the short-term. Ultimately, if we get some type of resistant candle, I could be enticed into selling, because I believe in the longer-term downtrend. However, at this point in time it looks as if it is going to be easier to simply stay away.
Quite frankly, I will probably be looking to longer-term charts in order to get the next move from the markets. In the meantime, I am still going to observe the natural gas markets.
