WTI Crude Oil and Natural Gas Forecast - 1 March 2018

By: DailyForex.com

WTI Crude Oil

The WTI Crude Oil market has initially tried to rally during the day on Wednesday but rolled over rather significantly to break down below the $62 level. It looks as if there is a bit of support in the area though, so don’t be surprised if we get some type of bounce, but that bounce should be and I selling opportunity. Now that we have a rolled over from testing the bottom of the uptrend line from the previous trading, I think the market is eventually going lower. Given enough time, I think that the oil market will go down to the $60 level, perhaps even the $58 level. I have no interest in buying this market until we break above the $65 level and do so on a daily close. Until then, this market looks bearish to me.

oil

Natural Gas

Natural gas markets went nowhere during the trading session on Wednesday, as we continue to dance around the $2.68 level. I think that the market is overdue for a bounce, so it’s only a matter of time before we get some type of relief rally. Ultimately, this is a market that should continue to show bearish pressure, but I think that in the meantime we need to find a bit of a bounce to start selling. I certainly wouldn’t try to short here, I think we are oversold. The $3.00 level above should be a bit of a “ceiling”, so I’m waiting until we get closer to that level before I start selling. If we don’t get that moved, this could be a short-term trader’s type of market, perhaps scalping in both directions with the $2.60 level underneath offering the “bottom”, while the top of the range is probably closer to $2.75 just above. 

NatGas

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.