3 October 2015

Natural Gas and Crude Oil Technical Report

Crude Oil
Crude oil prices continue to consolidate in a narrow range. Sustenance above 3035 will see prices rebound towards 3084/3100 levels. Fresh selling can be seen if prices approach higher levels. Failure to sustain above 3030 will see prices drift lower towards 2950 levels again.
Natural Gas Oct. Natural Gas prices closed down with a cut of 3.25% yesterday. Further weakness from current levels will see prices move lower and test 165 levels. A daily close below 165 will see prices correct further towards next support at 160 levels. Pullback rallies will face resistance between 169—170.50 levels.
Gold price traded with strong positivity to touch the bearish channel’s resistance mentioned in our major reports, and the price needs to hold below this resistance to keep the negative scenario valid for the upcoming period, which requires monitoring the price behavior according to 1137 level that represents the protecting factor for the bearish overview.

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