OPEC Agreement Fits Into Bullish Technical Set-Up
Mike Paulenoff | Dec 02, 2016 03:50PM ET
Both oil and natural gas have well-demarcated, multi-month accumulation (base) formations, with natural gas (lower chart) having already exploded up through its key resistance zone at 3.10 - 3.36, which projects to 4.20 and 4.80 medium-term targets.
Meanwhile, the oil reaction to the OPEC (and NOPEC) out-put cut agreement merely has thrust price to challenge its multi-month resistance zone at $51 - $52, which, if hurdled and sustained, will project considerably higher, medium-term targets at $60 and at $67 -$69.
From a pattern perspective, natural gas is in a more advanced stage of development than oil at this time.
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