Oil & Natural Gas...

Oil - Oil is testing short-term support around the $45.50 level but it is still in the downtrend that began on May 25th.  There is support here because it was the low from May 4th through May 9th.  Longer-term, there is support around the $43 level because it was the low in September and November, and then again on May 5th when the low was $43.76.  The key to a successful trade here is to wait until the downtrend line is broken.  Too many investors try to catch the bottom, but the risk reward ratio is better if entry occurs once an uptrend has begun.

Natural Gas - Natural Gas continues to test short-term support around the $3 level.  This level was support in the middle of April as well.  If it breaks there will probably be a meaningful sell-off.  Longer-term, the $2.50 level has been important support.  It was the low last August, November, and again in February.  If it trades down to these levels again there will probably be significant support there.