3/18/2013
Update:
Previous Crude
Pit Session:
High:
93.84
Low:
93.00
Close: 93.48
Looking
ahead to today:
We
saw crude oil prices chop in a relatively tight .84 cent sideways range closing
the day at 93.48. We have seen what is
now being referred to as “the Cyprus sell off” come into play in the overnight
session pushing us down into the 92.00 handle making overnight lows at
92.14. We are continuing to view the
92.00 level as a major area of support and the lows of our shorter term trading
range. However an open below the Fridays
settle and lows can be a very bearish indication. That said we will need to keep an eye on news
out of the EU and how prices react at the 92.00 level as a break below this
level may quickly bring us down to our next major support at 90.90 areas. Also keep in mind we are still in the process
of rolling to the May front month and sharing volume.
For more information also check out our daily
commentary video at:
Levels:
Support: 92.00, 91.76, 91.60, 90.90, 89.55
Resistance:
93.00, 93.44, 93.65, 93.84, 94.28
Previous Natural
Gas Pit Session:
High:
3.924
Low:
3.833
Close: 3.873
Looking
ahead to today:
We
saw Natural Gas prices catch a nice bid early in the session making new highs
at 3.924. Natural Gas continues to look
bullish in overnight trading making additional new GLOBEX highs at 3.947. A n open above Fridays session could be a very
bullish indication that the market may still want to test the 4.00 level as or
higher options suggest. That said, we
will need to keep a close eye on how prices react at our key levels this week as
well as any weather reports that may reverse or slow down this bullish up
trend.
For more information also check out our daily
commentary video at:
Levels:
Support:
3.917, 3.869, 3.026, 3.814, 3.766
Resistance:
3.972, 4.000, 4.075, 4.170, 4.215
Tune in today to hear Marty's live
analysis and pit commentary on all the NYMEX Energy Markets. www.tradersaudio.com
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