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WTI Crude Oil and Natural Gas Forecast - 25 February 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 found significant resistance above at the $57.50 level, as we continue to see massive supply at this area that had kicked off the last leg lower. At this point, it’s likely that we get a short-term pullback but I also see a significant amount of support below at the $55 level. Ultimately, I think that buying pullbacks make sense as it gives you an opportunity to pick up value. The crude oil market should continue to offer opportunities for traders that are looking at shorter-term charts, as it looks like we are building up the pressure for a move to the upside. The 50 day EMA underneath is starting to turn up to a positive angle, but I’d be surprised if we get all the way back down to that level.

Natural Gas

Natural gas markets initially fell during the trading session on Friday but then turned around to show signs of strength again. Ultimately, this market looks very likely to continue to go higher, but only for the short term as there is a massive gap above that could cause significant pressure. We are at extraordinarily low levels, so I think at this point it makes sense that we could get a bit of a relief rally, but that relief rally should be an opportunity to sell as it gives us more real estate to take advantage of on a move lower. The 200 day EMA above at the $3.15 level will of course offer selling pressure as well. We might get a short-term spike due to cold temperatures in the United States, but that will be temporary at best as we roll into the spring season.

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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