Technical Analysis WTI Crude Oil and Natural Gas Forecast - 19 February 2018 WTI Crude Oil and Natural Gas Forecast - 19 February 2018 Monday, 19 February 2018 8:10 Share 0 Tweet 0 Pin it 0 +1 WTI Crude Oil The WTI Crude Oil market initially fell on Friday but turned around to form a hammer. The uptrend line that had previously held this market up seems to be resistive, and we cannot break above it on Friday. This is market memory at its best, and I think that the next couple of sessions will be very important. If we can break above the uptrend line, the market could go as high as $65, but I think that will be a bit too resistive. Alternately, if we break down below the hammer for the Friday session, that should turn things into a “hangman”, and send this market down to the $58 level. Beyond there, we could break down significantly. When you look at the stochastic oscillator, it does suggest that perhaps we are ready to cross over and drop. Either way, I don’t have any interest in buying, and I think it’s only a matter of time before we can start shorting. Natural Gas The natural gas markets have dropped a bit during the trading session on Friday, as we continue to see weakness. The $2.60 level offers support that extends down to the $2.50 level, and I think that if we can break down below there it’s likely that the market would fall apart. However, this market has broken down so rapidly and significantly that I think it is only a matter of time before we get some type of bounce. That bounce should be a nice selling opportunity, and I think it will be hard-pressed to break above the $3.00 level. Any rally at this point in time should be exhaustion just waiting to happen, and I think that the rallies will be looked at with suspicion, and I would be patiently waiting to sell at much higher levels. At this point, I don’t have much of a trade going. Currency Pairs Crude Oil Natural Gas Christopher Lewis Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.