Energy Prices Continue to Falter
Despite OPEC reductions and an energy crisis in Europe, natural gas and crude oil are starting to issue breakdown signals.
Crude oil would have to take out 9000 again to turn bullish and is projecting 75.85 short-term and lower to 72.00 and cycle lows are not due until mid-November. Natural gas under 6.00 is projected at 5.19-5.22 and do we dare think 4.25? Cycles for natural gas are lower until at least Oct 25th.
Eventually, the reality of the energy crisis, cold winters, demand for heating oil, and many other factors will take these markets wildly high this winter but for now, they are in trouble and will pull UNG, the ETF for Natural Gas stocks, and XLE for oil stocks lower.
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-Barry
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