NG Daily extension now Projects

245300, any retracement will be sold wholesale. 25780 the next level to observe, it may well trade today.

Sunday would offer pivot support in the 26370 at the moment, that is, of course, subject to change.

Looking for a 7% down day – we’re 1/2 way home.

Alrighty – lets see if this will register with Buyers.

Today we failed the 38.2%%…  Line in the Sand on the Daily @ 2479… that implies a FULL RETRACEMENT to 22465 IF the 23.6% fails.

Sure it can bounce… 27020 would be the logical Price – NG now has opened the Lows for a 2nd test.

IT MUST CLEAR 2869 for Longs to have any Buyers. 

NG Daily Extension
NG Daily Extension

China Ends 25-Year Wait as Yuan Oil Futures to Start Trading

After a wait of about a quarter of a century, the world’s biggest oil buyer is finally getting its own crude-futures contract.

In a challenge to the world’s dollar-denominated oil benchmarks Brent and West Texas Intermediate, China will list local-currency crude futures in Shanghai on March 26, according to the nation’s securities regulator. The start of trading, open to foreigners, will mark the end of years of delays and setbacks since China’s first attempt at a domestic contract in 1993.

If the futures are embraced by overseas investors and become a benchmark for global oil transactions, China’s hoping the yuan could challenge the dominance of the greenback in international trade. Still, skeptics say that won’t happen as long as the currency is controlled by the central government, and while international traders may agree to settle contracts converted into yuan, they’ll continue to price the oil in dollars.

NG Daily has broken

Buyers have been holding on for a larger retracement.

Each and every one has failed, 13 of 13 as of this morning.

2693 was my short entry, the larger targets below extend to new lows.

Hard to fathom, but ignoring the larger timeframe has been the day traders / scalpers largest issue.

It is dominate and demonstrating it’s intent after ver minor consolidations in tight ranges.

It is unfortunate NG was unable to complete a reversal, it is not immune to larger Marco forces.

CL was front run again

Orders were stacked up on the Sell side at 60.55 – 60.57.

CL has been following the Indices closely, usually making it’s larger moves at the end of the day. This time frame is typically a grind sideways.

Yesterday’s 110 tick move down put plenty of fear into the trade Long.

The Target below is now 59.77.

The 55.22 & 52.88 are the larger Daily support levels.

ES Daily Target

The ES larger daily target below is 2446.

Today may end up a repeat of last Friday, low liquidity and intense selling to extremes.

YM’s 23200s could easily come into play IF the lows are not defended prior to the open.

It will be Volatile without a doubt. And this volatility could lead us into a wild reaction back up or straight down, we simply won’t know until it trades.