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NYMEX Crude Oil and Natural Gas Remain in Recovery Rally Scenarios, More Significant Bottoms are Weeks or Months Away


 

 

From a big picture perspective, both NYMEX Crude Oil and Natural Gas prices appear to have stabilized, formed minor bases, and have embarked on recover-rally efforts.

And, while in absolute terms, the recovery rallies have amounted to gains of 15%-20% off of recent lows, they otherwise barely have made a dent in the powerful, still-dominant downtrends.

To inflict some damage to the downtrends, both Crude and Natural Gas must hurdle and sustain above their declining 50-day EMAs, now at $45.09 and at $3.05, respectively.

My pattern and momentum work on Natural Gas argue in favor of upside continuation into the 3.25/35 target zone, while Crude Oil already has attempted unsuccessfully to climb above its 50-Day EMA three times during Feb-- and is running out of time and conviction to do so.

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