WTI Crude Oil and Natural Gas Forecast - 15 March 2019


WTI Crude Oil

The WTI Crude Oil market had a choppy session on Thursday, as we have broken above the 200 day EMA. However, we could and pick up a lot of traction so it looks like we are simply grinding to the upside. Short-term pullbacks should be buying opportunities given enough time, but I would be very hesitant to try to sell this market even though I know we will probably see some bearish pressure occasionally. It looks like the buyers are going to be somewhat resilient, and perhaps try to push this market to the $60 handle over the next several days. In fact, I see support all the way down to at least the $56 level, maybe even $55 under there. Simple back and forth buying on the dips tends to be the best way to approach this market on a short-term chart.

Crude oil

Great trade opportunities are waiting - don't wait to profit from this pair!

Natural Gas

Natural gas markets rallied a bit during the trading session on Thursday, gapping at the open. However, we are still trying to get to the top of the gap, so I think we may have a little bit of short term bullishness only to see things turn around and start selling off again. I believe that the $2.90 level above is going to continue to be massive resistance, and that it extends all the way to the $3.00 level. I’m looking for signs of exhaustion to start selling and have no interest whatsoever in buying natural gas as it is far too oversupplied. To the downside, I think the market will probably go down to the $2.60 level, possibly even $2.50 given enough time. Expect volatility, but most certainly it seems as if the downside is going to be the best way to play.

Natural gas

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.