By Elliott Wave International
Elliott Wave International’s Steve Craig offers you his latest insight on price trends in crude oil and natural gas.
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Alexandra Lienhard: I’m Alexandra Lienhard, and today on ElliottWaveTV, I have Steve Craig joining me by phone. Steve covers the energy markets for Elliott Wave International’s Global Market Perspective.
Now, Steve, the first production cut by OPEC in 8 years has the world’s eyes back on crude. When looking at crude, what exactly do you see?
Steve Craig: Crude’s post-OPEC rally exceeded our expectations and moved crude to an area where there are really multiple Elliott wave counts in play. We still like the idea that the market is correcting , but at this juncture we really need to see how things play out to get a good handle on a potential wave count.
Alexandra: Now, anything specific standing out for you in crude right now?
Steve: What is interesting about crude is that when you take a look at particularly the weekly chart, there’s a potential for a Head and Shoulders bottom to form. It hasn’t been confirmed with the “neckline” break just yet, but it certainly bears watching.
Alexandra: And, Steve, in the October Global Market Perspective you made a point of highlighting natural gas. So switching gears a bit, what are you looking at in nat gas right now?
Steve: Natural gas is the more interesting market at this juncture. It rallied right up into a solid area of overhead resistance and is attempting to turn down. It’ll take some more confirmation on the downside, but natural gas could be at a very significant turning point.
Alexandra: Thanks for taking a couple of minutes today Steve, appreciate it.
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This article was syndicated by Elliott Wave International and was originally published under the headline EWI’s Top Energy Analyst: Crude’s Post-OPEC Rally “Bears Watching” But “Natural Gas is the More Interesting Market at this Juncture”. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.