WTI Crude Oil And Natural Gas Forecast - Friday, Dec. 28

WTI Crude Oil

The WTI Crude Oil market fell significantly during the trading session on Thursday but did find buyers at roughly $45. That’s a good sign, and I think at this point it’s likely that we will continue to see the market try to find its way higher, and of interest would be the S&P 500 correlating quite nicely with this market. Otherwise, we could make a move towards the $50 level but I would expect a lot of resistance there based upon the fact that it was significant support previously. Beyond that, it is a large, round, psychologically significant figure and of course an area where a lot of technical traders will be interested. The 50 day EMA is just above, and I think that the moving average will, of course, offer resistance as well. In the short term though, we may get a little bit of a bounce.

Crude oil

Natural Gas

Natural gas markets went back and forth during the day, showing slight positivity but I think that the 50 day EMA is starting to roll over a bit, and that could offer resistance. I think that the market is certainly broken, and of course, the warmer temperatures in the United States will continue to be a problem for natural gas buyers. I think that the $4.00 level above is massive resistance, so therefore I would be very surprised to see us break above there. I believe that the $3.25 level underneath is supportive as well but will get broken given enough time. I prefer to let this market rally a bit, and then start selling at the first signs of exhaustion as I have been doing for some time now.

Natural gas

 

Disclaimer: DailyForex will not be held liable for any loss or damage resulting from reliance on the information contained within this website including market news, analysis, trading signals ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.