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WTI Crude Oil and Natural Gas Forecast | DailyForex

The WTI Crude Oil market fell a bit during the trading session on Thursday as we got a bit of a “risk off” move to kick off the session, but we did get a bit of a reprieve, bouncing from the 50 day EMA. More importantly we continue to use the uptrend line as support, so although we have done very little during the week, one thing that we have accomplished is showing that there is significant support. That of course is crucial for the uptrend, but at the same time we can also make an argument for a major break down if we fall from here.

WTI Crude Oil and Natural Gas Forecast | DailyForex

The WTI Crude Oil market rallied a bit during the trading session on Wednesday, as we got a better than anticipated drawl down of US inventories. Beyond that, we are at a technically important level in the form of the 50 day EMA, and of course the uptrend line that sits just below. The $60 level is massive support, and I think that there are plenty of buyers underneath to pick this market up. However, if we were to break down below the $59 level, the market is very likely to unwind in break down to the $55 level.

WTI Crude Oil and Natural Gas Forecast | DailyForex

The WTI Crude Oil market fell during the trading session and a chaotic move formed. We are testing the 50 day EMA, and of course the uptrend line just below. At this point, the market continues to see a lot of support underneath, especially near the $60 level and although the market did break down towards that level on Monday, the Tuesday session wasn’t anywhere near as bearish, although it certainly didn’t seem like that. That being said, we are still very much in and uptrend, so although things were a bit difficult, you should keep in mind that we still have more people interested in buying than selling, at least at the moment. However, if we were to break down below the $59 level, the market could unwind quite drastically, probably down to the $55 level.

WTI Crude Oil and Natural Gas Forecast | DailyForex

The WTI Crude Oil market had a wild ride during the trading session on Monday, as Donald Trump tweeted that he was going to raise tariffs against the Chinese. This of course has people selling oil in the beginning, because there was a lot of fear about global growth. The market fell to the 200 day EMA, which is basically hanging around the $60 level but found a lot of buying in that area to turn things around and form a massive hammer on the daily candle stick. That being the case, we have saved the trend line, and now it looks like we could probably go towards the $65 level. A break above the recent high just above there could have the market going much higher. Ultimately, if we were to turn around and start selling off again and break down below the lows of the day we could unwind quite a bit.

WTI Crude Oil and Natural Gas Forecast | DailyForex

The WTI Crude Oil market rallied a bit during the trading session on Friday, as the jobs number came out relatively bullish. With that being the case of the idea of demand of course comes back into play. We also bounced from the 50 day EMA, and of course the trend line that I have marked on the chart. The $60 level underneath of course offers support as well, so at this point I think it’s probably well propped up.

WTI Crude Oil and Natural Gas Forecast | DailyForex

The WTI Crude Oil market got absolutely hammered during the trading session on Thursday, as we reached down towards the 50 day EMA. Beyond that, we see significant support at the $60 level, which is not only a large, round, psychologically significant figure, but also the scene of the 200 day EMA and blue. Ultimately, the market has needed to pull back for a while so this may be a buying opportunity. However, with today being the jobs number on Friday, if we slide below the $59 level, it’s likely that the market breaks apart and reaches towards the $56 level.

WTI Crude Oil and Natural Gas Forecast | DailyForex

The WTI Crude Oil market initially pulled back during the trading session on Wednesday but has seen enough buying pressure underneath to push things back and show signs of a recovery. However, there is a lot of resistance just above at the $65 level and it should be pointed out that last week’s candle was horrific looking. I think at this point the oil market is getting ready to make some type of longer-term statement, so expect it to be very difficult to break above. With that being the case it’s very likely that we go back and forth over the next several days. The uptrend line should be paid attention to, just as the 50 day EMA should as well. The $60 level would be the first sign of significant support on a break down if and when we get it. To the upside, if we were to be able to make a fresh, new high then we could go looking towards the $70 level.

WTI Crude Oil and Natural Gas Forecast | DailyForex

The WTI Crude Oil market initially rallied on Tuesday but gave back quite a bit of the gains to turn around of form a bit of the shooting star. The shooting star sits just below the $65 level, so it does look like we are in serious trouble. Beyond that, when you look at the weekly candle stick from last week, it looks terrific as well. The question now is where we go next, which of course is the only thing that matters. Looking at this chart, if we break down below the $62.50 level, then we could drop down to the 50 day EMA. The $60 level also could offer support, so if we were to break down below there, then it could be the beginning of a significant trend change. On the other hand, if we do break out to a fresh, new high, then we could make a move towards the $70 level.

WTI Crude Oil and Natural Gas Forecast | DailyForex

The WTI Crude Oil market has shown bullish pressure yet again during the trading session on Monday, recovering quite nicely late in the day. The market is looking like it’s trying to recover for a bigger move, but keep in mind that the weekly candle stick last week was very rough looking. With that in mind, it’s going to be easier to sit on the sidelines instead of trying to suss out what’s going to happen next. If we were to break down below the $62.50 level, then I believe that that point the market probably goes down to the $60 level. Otherwise, if we can make a fresh, new high, then the market could go much higher, perhaps reaching towards the $70 level. All things being equal, we are at extreme levels so I would anticipate a lot of consolidation and choppiness.

WTI Crude Oil and Natural Gas Forecast | DailyForex

The WTI Crude Oil market got absolutely hammered on Friday, slicing through the $63 level. The market has broken down rather drastically, and the candle for the weekly timeframe looks horrible. However, there are some areas underneath that could cause a bit of support, so paying attention to those will be crucial. That being said, I think if we break down below the $62.50 level we will have more downward pressure come into the marketplace. The 50 day EMA is just below, and the 200 day EMA is at the $60 handle, which also has a certain amount of psychological importance as well. With all of that in mind it makes quite a bit of sense that we would see a bit of a fight there. That being said, this is a very ugly looking I think that we will probably see rallies continue to fail in the short term.

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