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WTI Crude Oil and Natural Gas Forecast - 25 March 2018

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 had a bullish session on Monday, breaking over 2% to the upside. The market continues to reach towards the highs again, and if we can make a fresh, new high, I think that the market will continue the overall uptrend. I would not be surprised to see a short-term pullback though, as it gives us an opportunity to build up momentum to break out to the upside. We have gotten a little bit overextended and the short-term, but I think that we will continue to see buyers on dips as they appear. I believe that the $62 level underneath is massive support, and I think it’s only a matter of time before every time we pull back the buyers will continue to chase the trade. If we broke down below the trendline, that would obviously be a very negative sign.

Oil

Natural Gas

Natural gas markets broke down during the session on Friday, reaching down towards the $2.60 level again. There is a significant amount of support below the $2.60 level extending down to the $2.50 level, so I think that it will be difficult to break down through that region, so I would anticipate that we would eventually get a bit of a bounce, but I look at that bounce is a potential opportunity. I love selling rallies that show signs of exhaustion against areas such as the $2.80 level, if we can get there. Either way, every time we rally I start to look for the market rolling over to get involved. I have no interest in buying natural gas, we are far too oversupplied in that market currently to speculate for gains.

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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