ENERGY IN CHAOS
Crude oil is showing signs of bottoming on the charts and now that the US rejected the Iran deal, maybe it can start higher again. It had a technical breakout on Wednesday getting above 9310 and should get up to at least 96.90 or 99.90 short-term before a 2nd wave pullback into nearly next week can be bought. Cycle highs dominate into the middle of September.
Natural gas is close to a breakdown if 9. 00 comes out and at best we will get a secondary high into Friday and then lower prices into next week which should go to 8.60.
ETF’s connected to oil stock ETF like the XLE and XOP should out-perform until the middle of September and UNG for natural gas stocks may pullback but should eventually go higher into winter with Natural Gas needed to go to 11.50 and 12.50 and European shortages are not going to go away.
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