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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