On Friday Natural gas moved higher and tested $2.62 level. Now gas is at a very crucial level as closing above $2.62 will push towards $2.98 level.
Oil prices traded last week as predicted. Now on Monday we may see a sharp rise in prices due to the fire at a Saudi oil facility which could also push gas prices sharply higher.
On Monday let prices go higher, don’t take any side trades, I will try to send a small update after the opening of USA market. Energy stocks may gain further value which means ERX may move higher but still our focus will be on UGAZ as still it can move 50% higher if gas closes above $2.62 level.
Any leverage trader must not short energy for the next seven trading days; wait and watch but from Monday of next week one can start selling positions in oil.
Oil may 59.88 level to $63.88, and if news get worse, then we may see $63.38 level on the higher sides, and both these levels will be great selling levels.
Overall, in the last three years, this is what we stated: So far, short-term trading has provided great returns in the last 18 months after my selling recommendation at $97.00 mid-2014. You must remember what we mentioned two weeks ago. In 2001, we recommended buying oil at $16.78 with a target of $100 and higher. In August 2008, we recommended selling at $145 with the target of $32.00. Once again in 2014 we recommended selling oil at $100 with target of $27.71. I couldn’t ask more from nature.
Monday astro combination recommendations for oil – Oil will move higher after fire at Saudi oil facility, next one could remain very unpredictable but surely higher side selling is recommended from next week. Gas tested $2.26 level as predicted, remaining above this level could send gas toward $2.88 to $2.98 level.
Monday’s trading range (October 2019 contracts):
OIL: $61.57 to $57.98 Oct
NATURAL GAS: $2.71 to $2.62
RB GAS: $1.7533 TO $1.6712
HEATING OIL: $2.0175 TO 1.9325