Energy Futures Update

Crude Oil bounced back on the news of an early OPEC Meeting date set for the 19th of October. We said last Friday morning that a daily or weekly close above $58.50 was needed to brighten the picture short term. The buy signal was approached. A pattern of increasing bounces and the OPEC meeting should put a floor to the price. The downside looks limited and we are looking for a relief rally and opportunities to put long positions and target $61.30 and $64.00 in the near term.
For those not afraid of volatility NatGas offers an interesting Risk-Reward. Buy $5.70/5.80 Target $6.20 and $6.60. Stop below $5.60.