Oil vs. Natural Gas Divergence Expands

Nearby Crude Oil has pressed beneath $76.00 for the first time since Oct, 2011, and is threatening to fully test the Oct 4, 2011, low at $74.95.

That said, however, let's notice that today's new mutli-year low has not been confirmed by my daily RSI momentum gauge (at least not yet), which could be the first indication that the decline from the June high at $107.73 is at, or is nearing, exhaustion ahead of a meaningful, tradable recovery rally.

As for Natural Gas, it is up again this morning, challenging its modestly down-sloping 200-day EMA, now at 4.095, which might not be hurdled on the initial attempt, but, nonetheless, is in jeopardy according to my medium-term pattern and momentum analysis.