WTI Crude Oil and Natural Gas Forecast - 11 April 2019

WTI Crude Oil

The WTI Crude Oil market had a slightly positive session as we awaited the Federal Reserve Meeting Minutes. Overall though, we are pressing a major resistance barrier in the form of $65, an area that was massive support previously. We formed a shooting star during the trading session on Tuesday and have not broken above the top of it. If we do break above the $65 level, it’s very likely that we could continue to go higher. However, I think it’s much more likely that we pull back from here and look for value underneath. One of the most interesting areas for me is going to be $62.50. If we can find some support there I’d be more than willing to buy. In fact, were getting rather close to getting a “golden cross.”

crude oil

Natural Gas

Natural gas markets continue to do very little as we are not necessarily near a support or resistance area. The markets have been consolidating for some time now. The resistance of course is down at the $2.60 level still, extending down to the $2.50 level. The resistance above is at the $2.90 level that extends to the $3.00 level. Overall, I think we stay in this range for quite some time, so the fact that we are trading around $2.70 doesn’t really give me much faith in one direction or the other. I know that the inventory number comes out, and that can have a short-term effect but probably fleeting at best.

Until proven otherwise, we have to assume that the range that has been such a huge part of the natural gas market continues. The $2.75 level could cause a little bit of resistance on short-term charts but only for a few cents to the downside would be my guess.

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.