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WTI Crude Oil and Natural Gas Forecast - 5 August 2016

By Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

WTI Crude Oil

The WTI Crude Oil market initially tried to fall during the session on Thursday, but turned right back around to form a hammer. The hammer of course is a very bullish sign but I feel that more than likely what we’ve seen is some type of short position covering ahead of the Nonfarm Payroll Numbers coming out today. I believe that the $43 level above is a massive barrier, and that the 50-day exponential moving average above pictured in red, should very well reach towards the 200-day exponential moving average pictured in black, and cross. Once we get that happening, that is a longer-term sell signal. In other words, I am simply waiting for some type of exhausted candles I can start selling.

Oil

Natural Gas

The natural gas markets went back and forth during the course of the day on Thursday, but ended up forming a bit of a shooting star. This is a slightly negative candle, so I feel that we will probably pull back just a little bit during the day. I think short-term sellers may jump into the market, but I do recognize of the $2.75 level below should be supportive. A break above the top of the shooting star would be a very bullish sign, and I do think that eventually we try to reach towards the $3 level, but it isn’t going to happen today. With the type of volatility that the employment numbers can bring, it’s likely that we will chop around. Quite frankly, I would just as well stay out of this market during the course of the day as we have seen quite a bit of noise.

Ultimately, I think this market does rise but whether or not we can get above $3 is a completely different question. I think that today is probably a really good day to stay away from what has been a very choppy market to begin with.

NatGas

 

Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

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