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WTI Crude Oil and Natural Gas Forecast - 16 January 2019

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 rallied a bit during the trading session on Tuesday, as the $50 level continues to attract a lot of interest. However, there is a significant amount of resistance in the form of the 50 day EMA, pictured in red on the chart. I believe at this point it’s likely that we will continue to see a lot of volatility in the crude oil market, but it appears to me that the $50 level should offer quite a bit of bullish pressure. The fact that the 20 day EMA is starting to turn higher suggests that we could go higher as well. The if you give a little bit of artistic license, you can start to talk about a bullish flag that has formed as well. Overall, I believe that if we can break above the 50 day EMA, the market is likely to go towards the $55 handle, and then eventually the $57.50 level.

Crude oil

Natural Gas

Natural gas markets rallied a bit during the trading session initially on Tuesday but found enough resistance at the $3.75 level to turn things around and break towards the $3.50 level. If we can break down below that level, then it’s very likely that we could go down to fill the gap underneath. The oversupply of natural gas continues to be a major issue when it comes to this market, and the recent sharp rally of course has been due to the short-term cold snap that we have seen. At this point, I think that the market is more likely to fill that gap and reach towards the $3.00 level. I think it will take a bit of momentum building to get below the $3.00 level so look at this as an opportunity to start shorting from higher levels.

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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