Oil and Natural Gas Remain Under Pressure, but Testing Key Support

Both Oil and Natural Gas have pressed to new multi-year lows this morning, and while Oil has exhibited a two-way trade so far today (unlike Nat Gas, which remains under intense pressure now that it has violated its April 2009 low at 1.90), Natural Gas remains in negative territory as we speak.

Both big-picture patterns have developed a falling-wedge "look," which usually is indicative of the conclusion of the directional trade.

Then again, both price structures are confronting their respective, lower-wedge support lines, which must contain forthcoming weakness to preserve the integrity of the patterns.

Those key prices: $34.50 in Oil, and $1.81 in Natural Gas.