Crude oil stocks and natural gas stocks analysis today on November 21,2022.
Crude oil has started to decline into its weekly cycle low after confirming a swing high from week 6.
Natural gas is going in the opposite direction as it is still trying to make a new high for the weekly cycle here on week 4.
Gas and oil stocks have been rallying even while the price of WTI crude oil and Brent crude oil have been in a downtrend for several months.
Oil has been in a downtrend since March 2022 and in recent weeks is has slipped into a range between $90 and $82. It has now broken below $82 so a recapture of this level would be a false breakdown and would lead to a short squeeze.
Natgas trading analysis can be invaluable since there is a heavy seasonal impact so understanding price action is essential. As we review the natgas price chart we can see the volatility in the price of natural gas and can see why technical analysis and price action are so important to determining price direction.
We also review Exxon stock (XOM) price history going back to 1968 and compare it with the SPX to understand relative performance.
Technical analysis ga and oil stocks including natural gas stocks reveals the important levels to watch for the rest of November 2022 and as we look for signs of WTI Crude Oil starting to break down below $82/barrel. With recession fears rising, it will not be long before we see a more protracted decline for oil which will bring down these energy stocks.
This is all based on crude oil stocks technical analysis with a cycles approach to better quantify the turning points.
Analysis of crude oil stocks and natural gas to understand where the crude oil stock price may be headed short, medium and long term. Gas and oils stocks are closely tied to the price of crude oil itself so we examine the oil price chart in detail from a cycles perspective.
This form of stock market technical analysis focuses on price action and trend analysis. Price action is reviewed on multiple time frames to best anticipate the current direction and identify reversals in real time.
Use a price action based cycles approach to mitigate risk and maximize returns. #crudeoil #natgas and #oilandgas
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Previous crude oil stocks technical analysis: https://youtu.be/CQgMaaWQ1Zs
Cycles 101 blog post: https://mirror.xyz/swingtrading.eth/bYCnOxFLsB4GTgCPmJKzNrH34_1XfuLepCSMcIgMv-Y
Cycles 101(from Jan. 2022): https://youtu.be/eXrGKifeDUY
Cycles 101(from Oct. 2022): https://youtu.be/wKIzZiLtuL8
By: SwingTrading with Cycles
Title: Gas and Oil Stocks Technical Analysis: Crude Oil and Natural Gas Forecast
Sourced From: www.youtube.com/watch?v=G5E3o7EijwQ
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