Friday, 20 Apr 2018
Business

Crude Oil WTI and Gas Natural Forecast

By: DailyForex

Crude Oil WTI

He US crude oil price He kept trying to raise more during the trading session on Friday, but, as you can see, he had problems. The level of $ 68 should remain an area of ​​resistance, but I think that if we can surpass that level, the market should go to the level of 70. I think that the short-term setbacks will be a buying opportunity, since the line of Bullish trend has kept this market intact upwards. I think that if we break below the bullish trend line, then, of course, things will change. I think the market should have a lot of support at the 66 level and, if the dollar continues to have problems, that could also send this market higher. With tensions in the Middle East, it is likely that oil will continue to find support below.

Natural gas

After a reduction by the EIA with regard to production for 2018, natural gas prices went up. We also had a bullish inventory number this week, which has provided some momentum. However, I think there is a lot of resistance above, especially near the 2.85 level and, of course, at the 3.00 level after that. I am looking for signs of exhaustion in a daily candle to start selling gas again, with the level of 2.60 as the target and an area that begins an important support up to the level of 2.50. If we break below the 2.50 level, I think the market could break down significantly. Natural gas is a market where I only sell and I have no interest in buying long-term, as it still has significant excess supply problems.

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