WTI Crude Oil and Natural Gas Forecast - 23 April 2018

Christopher Lewis

WTI Crude Oil

The WTI Crude Oil market has gone back and forth during the session on Friday, settling on a neutral candle. The market looks likely to continue to go back and forth, although I think that the overall attitude of the market is still bullish. I think that there is a lot of support underneath, starting at the $66 level, and then possibly even lower than that at the uptrend line. I think that the $70 level will be a target, but it’s going to take a lot of work to get up there. I think that short-term pullback should continue to offer value the people are willing to take advantage of, especially considering that there is a lot of tension in the Middle East right now. I think that we will continue to see buyers jump in every time we drift lower.

crude oil

Natural Gas

Natural gas markets had a strong session on Friday but remains locked within a tight consolidation range. The $2.60 level at the bottom is support, while the $2.80 level at the top continues to be resistance. I think that the market is probably easier to trade from a short-term chart perspective, and I believe that every time we rally it’s a nice opportunity to start selling as there is no sign of bullish pressure coming into the market as we are oversupplied in natural gas to say the least. I think that we will eventually see sellers come into the market every time it rallies so I plan on taking advantage of that. I believe that the market should continue to be noisy, but I think short-term traders will take advantage of this volatility.

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.

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