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WTI Crude Oil and Natural Gas Forecast - 21 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 went back and forth during trading on Friday, as we have gotten a bit overextended. We are finding resistance at the $72 level, but we have clearly broken above significant resistance at the $70 level. I think that the $70 level will offer support, and I think that the buyers will be interested in going long at that point. If we were to break down below the $70 level though, I think that we could unwind towards the $68 level. Ultimately, tensions in the Middle East and of course the Iranian deal melding down will of course affect a significant portion of supply. Ultimately, every time we pull back it should be a nice buying opportunity in the short term, as we have seen the massive uptrend line offer support and confidence.

Crude oil

Natural Gas

Natural gas markets tried to rally during the session on Friday but found resistance at the top of the uptrend channel that has been a factor in the market for a couple of months now. If we can break above the $2.85 level, we could go to the $2.90 level, and that eventually the $3.00 level. Ultimately, if we break down from here I think that the $2.80 level will offer support, followed by the $2.78 level. A breakdown below that level would have the market looking towards the bottom of the channel. I think natural gas is getting a little bit overextended, so I would anticipate some short-term softness, but I also believe that the buyers will return if we get a little too negative. A break above the top of the uptrend in channel would be a significant boost to the momentum.

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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