Natural Gas Short-Term Forecast – August 1, 2018
September natural gas briefly bounced after falling to $2.751, but the move up stalled at $2.788, forming a new primary wave down from $2.831 that is poised to reach at least $2.73 and possibly $2.70 tomorrow. The former is the 62 percent retracement of the move up from $2.671 and the smaller than (0.618) target … Continue reading Natural Gas Short-Term Forecast – August 1, 2018
Crude Oil Short-Term Forecast – July 31, 2018
WTI Crude Oil WTI held the 62 percent retracement of the decline from $72.98 and subsequently broke lower out of an intra-day bearish flag. The 50-day moving average at $68.22 was tested and held on a closing basis, but the break lower out of the flag and the wave down from $70.43 call for $68.0 … Continue reading Crude Oil Short-Term Forecast – July 31, 2018
Crude Oil Short-Term Forecast – June 26, 2018
WTI Crude Oil August WTI crude oil overcame yesterday’s intra-day double top and met this week’s initial $70.9 target. In addition, today’s settle above a key retracement of the decline from $72.7 indicates the move up is unfolding as a five-waves and that the $72.7 swing high will probably be tested before the end of … Continue reading Crude Oil Short-Term Forecast – June 26, 2018
Crude Oil Short-Term Forecast – June 12, 2018
WTI Crude Oil WTI’s corrective wave formation still calls for $67.0. However, today’s high of $66.7 was in line with the upper trend line connecting the $65.69 and $66.24 swing highs. It is also becoming clear that the move up forms a bearish flag. Therefore, while there is still the threat of testing $67.0 and … Continue reading Crude Oil Short-Term Forecast – June 12, 2018
Natural Gas Short-Term Forecast – May 23, 2018
The near-term outlook for June natural gas has become much more positive. Odds favor a continued rise toward the next major objective of $2.98. However, today’s long upper shadow indicates a test of support might take place first, though this should present a buying opportunity for bulls. Yesterday, prices finally overcame the $2.873 swing high … Continue reading Natural Gas Short-Term Forecast – May 23, 2018
Crude Oil Short-Term Forecast – May 22, 2018
WTI Crude Oil WTI crude oil’s trend remains bullish but is still showing signs of exhaustion. Daily and weekly momentum indicators are overbought and setup for bearish divergence, the weekly candlesticks continue to form long upper shadows, and before yesterday’s rise to a new high the daily chart formed a series of spinning tops, a … Continue reading Crude Oil Short-Term Forecast – May 22, 2018
Natural Gas Short-Term Forecast – May 16, 2018
After holding support near $2.70 last week, June natural gas rallied and overcame the $2.844 swing high. This was somewhat positive, but the move stalled just below the more important $2.873 swing high. This swing defines the top of the trading range that has contained prices since mid-February. For now, odds still slightly favor a … Continue reading Natural Gas Short-Term Forecast – May 16, 2018
Crude Oil Short-Term Forecast – May 15, 2018
The overall outlook for WTI crude oil is positive. However, a double top around $71.9, daily spinning top candlestick reversal pattern, and intra-day bearish momentum divergence indicate the pullback from $71.92 should extend to at least $70.4 tomorrow. This target is split between a projection of the wave down from $71.93 and the double top’s … Continue reading Crude Oil Short-Term Forecast – May 15, 2018
Natural Gas Short-Term Forecast – May 9, 2018
This week, June natural gas has been bound within a very tight range between nominally $2.70 and $2.77. This is a challenging call right now because there are plenty of technical factors that indicate a break in either direction could take place soon. Even so, because the corrective range formed after a move down from … Continue reading Natural Gas Short-Term Forecast – May 9, 2018
Crude Oil Short-Term Forecast – May 8, 2018
WTI Crude Oil Forecast Late last week, June WTI crude oil broke higher out of a daily bullish flag. This week’s crude oil price forecast indicated there was still a crucial target at $70.1, but this objective was overcome with relative ease Monday. Today’s corrective pullback stalled at $67.63 before settling the day at $69.06. … Continue reading Crude Oil Short-Term Forecast – May 8, 2018
