Natural Gas (NG) Breaks Weekly Chart Ascending Wedge Support

Natural Gas (NG) slid a massive 16% plus yesterday, breaking below upchannel support (on the daily chart) and ascending wedge support (on the weekly chart). Odds are high for a test of the psychologically key 7 whole figure level following Thursday’s highly anticipated weekly storage data, but any further downside ahead of the weekend will likely be limited to downchannel support (on the 4hr chart)…

WTI Crude (CL ) Weekly Chart Bull Flag Trying to Extend

WTI Crude (CL) is in the advanced stages of a weekly chart Bull Flag consolidation, where the Bull Flag is arguably extending. Nevertheless, with CL nearing completion on an ascending wedge (on the 4hr chart) and bumping up against upchannel resistance (on the daily chart), odds are moderately high for a retest of the psychologically key 110 whole figure level following today’s highly anticipated 1030am EST weekly inventory data…

WTI Crude (CL) Back Below Key 100 Level Ahead of Inventory

WTI Crude (CL) is vulnerable to breaking upchannel support (on the weekly chart), but could get some reprieve today as it nears a Megaphone support (on the 4hr chart). Any reclaiming of the psychologically key 100 whole figure level following today’s 1030am EST highly anticipated weekly inventory could keep the Bull Flag narrative in play, where the sideways range since early March is arguably a Bull Flag consolidation…