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WTI Crude Oil and Natural Gas Forecast - 14 May 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 fell significantly on Friday. The $70 level underneath should end up being support, as it was previous resistance. There’s also a hammer there that has formed previously. I think that ultimately, market should continue to go much higher. I think that the $67 level is essentially the short-term “floor”, followed very quickly by an uptrend line. Because of this, I think that this pullback will more than likely be a buying opportunity, as we continue to grind towards the $72.50 level. Ultimately, this is a market that has been rallying for some time, and we have gotten a bit ahead of ourselves. However, it does not a selling the should be shorting this market, least not yet. I think that the market will give us an opportunity to pick up value.

Crude oil

Natural Gas

The natural gas markets have rallied a bit during the trading session on Friday, reaching towards the $2.80 level. The market looks likely to continue to try to break to the upside, but it needs to clear the $2.82 level before can go higher. Short-term pullbacks could offer buying opportunities but if we end up breaking down below the $2.78 level, then the market could go lower, perhaps reaching towards the $2.75 level. Natural gas markets are definitely looking more bullish in the short term and could go as high as $3.00 level before breaking out to the upside. Regardless, I believe that it’s easier to short this market, and at the first signs of exhaustion I will more than likely be willing to sell off rather drastically. If we do break down, I believe that the $2.60 level will be a “floor.”

Natural gas

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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