tradeshark00

tradeshark00

NG settles at long time lows. Base is being held so far. Storms heading toward gulf coast. If we loose this base watch out. If we hold some upside is in order. Will make decision at big red finger IF it plays into that range and continue to consolidate.

tradeshark00

Next possible support levels IF we find resistance under May low

tradeshark00

I mapped possible levels lower if the sell programs continue this waterfall and we break May lows. Otherwise I think we need a to see 46.64 area for support to see a reversal hold

tradeshark00

Staying long bias until 2375 support area is broken

tradeshark00

OPEC meeting May 25 should produce a big move either way but from where ? Waiting to see. It could rocket north close to/just after meeting but until then if we get under 44.50's and reject from underneath the low 41's could be a viable target, but who knows.....

tradeshark00

So now the waiting game starts - 3 directions possible - IF it is a bottom it will take time to develop usually

tradeshark00 Updated 

Thinking we could hit lover 46's before a bounce but API, EIA, and OPEC meetings will factor in.

tradeshark00

If 2379 Fib50 holds then looking for 2390's re-test. For Short watch 2378 area and trend line break for a short swing and gap fill down to lower trend line and larger fib50 2358 area

tradeshark00

Waiting patiently for this sideways chop to find a direction. Looking for setups above 49.80 for long or below 48.90 for short.