WTI Crude Oil And Natural Gas Forecast – Tuesday, April 17

WTI Crude Oil

The WTI Crude Oil market pulled back slightly during the trading session on Monday, losing 1.6% by the time the markets closed for the day. The uptrend line underneath should continue to be supportive, and I think that it’s not until we break down below that level that we can start selling. I think that we have simply ran out of momentum, as we reach the top of the Bollinger Band. I’m looking for supportive candles underneath, and on signs of support or a supportive daily candle, I am more than willing to start buying again. The $64 level should also be supportive, just as the $66 level will be as it was previous resistance. I think ultimately, this market will go looking towards the $70 level above, so look for value to take advantage of. A falling US dollar will exacerbate this move if we do in fact see that.

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Natural Gas

Natural gas markets rally during the day on Monday as well but gave back about half of the gains for the session to turn around and form a shooting star. The shooting star is a negative candle, and as we are getting close to the overall range that we have been in for the last several weeks, I like the idea of shorting this market and trying to get back to the $2.65 region. If we broke above the $2.80 level, you will probably go looking towards the $3.00 level, but at this point I’m looking to sell, not buying this market. There is an overabundance of natural gas around the world, most notably in North America, and I think that will continue to cause a major issue with pricing in this market. I sell exhaustion, I have no interest in buying natural gas.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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