In this video, the Trader Guy looks at commodities Crude Oil and Natural Gas for the July 18th session.
WTI Crude Oil — As you can see on the daily chart, the WTI Crude Oil has rolled over as we are pressing the $46 level. I think probably we are going to get to $45 if we can break below $46. This is an oversupplied market. I don't like buying. The area above $47 should be resistive. If we break above, then we could reach $48.50. But truthfully, this is a very negative market.
Natural Gas — Natural Gas markets did something very interesting during the day on Monday. We initially rallied, but found enough trouble at the 50-day Exponential Moving Average and we formed a shooting star candlestick. A breakdown below that candle sends ths market down to $2.85, $2.75, and eventually $2.50. Now, that is a very long-term call. But Natural Gas is so oversupplied, it reminds me of a market that could trade like the Gold did in the 80s. You just sell it everytime it rallies.