Crude Oil Short-Term Forecast – May 1, 2018
June WTI crude oil briefly broke lower out of the recent sideways trading range between nominally $67.1 and $69.5 when it fell to $66.85 today. The settle below April 18’s $67.58 midpoint indicates the near-term outlook is negative, though at this point prices will likely have to settle below $66.7 to confirm the downward correction … Continue reading Crude Oil Short-Term Forecast – May 1, 2018
Natural Gas Short-Term Forecast – April 25, 2018
June natural gas remains range bound between nominally $2.65 and $2.87 but has been working its way toward the upper end of the range for the past few days. A test of $2.84 is expected early tomorrow but this level will probably hold as there is evidence the move up is exhausted and poised for … Continue reading Natural Gas Short-Term Forecast – April 25, 2018
Crude Oil Short-Term Forecast – April 24, 2018 –
June WTI crude oil failed to rise above the $69.55 swing high today after stalling at $69.38. The subsequent move down formed a bearish engulfing line and challenged the $67.6 completion point of the daily evening star and hanging man bearish reversal pattern that has been set up since April 19. A weak bearish KaseCD … Continue reading Crude Oil Short-Term Forecast – April 24, 2018 –
Natural Gas Short-Term Forecast – April 18, 2018
In the bigger picture, natural gas remains range bound between nominally $2.60 and $2.84. However, last Friday’s break higher out of a bullish flag and test of resistance at $2.76 set prices up to test the upper end of the trading range this week. So far, though, prices have struggled to reach the upper end … Continue reading Natural Gas Short-Term Forecast – April 18, 2018
Crude Oil Short-Term Forecast – April 17, 2018
Late last week, May WTI crude oil fulfilled the $67.3 smaller than (0.618) target of the wave $57.6 – 66.55 – 61.81. Although prices settled above this on Friday the move up struggled to extend and an evening star setup with two stars formed. This reversal pattern’s $66.2 completion point was challenged Monday and again … Continue reading Crude Oil Short-Term Forecast – April 17, 2018
Natural Gas Short-Term Forecast – April 11, 2018
Natural gas is still oscillating within a range between nominally $2.60 and $2.80. Traders are likely waiting on external factors to push the market out of the range, so for now, erratic trading will most likely continue. Prices briefly fell below the lower trend line of the bullish pennant (not a textbook example) that formed … Continue reading Natural Gas Short-Term Forecast – April 11, 2018
Crude Oil Short-Term Forecast – April 10, 2018
May WTI crude oil’s rise from the recent $61.81 swing low extended again today and is poised to continue. Monday’s bullish piercing pattern was confirmed by settling above Friday’s $63.7 open. There are also no reversal patterns or setups that indicate the move up will end. In addition, the $65.86 swing high fulfilled the smaller … Continue reading Crude Oil Short-Term Forecast – April 10, 2018
Natural Gas Short-Term Forecast – April 4, 2018
Natural gas continues to show signs that it has settled into a trading range between nominally $2.55 and $2.85. Trading will most likely remain erratic as the market awaits factors to push it out of the range. However, it may be awhile before such factors come forth as the market will be pressed to balance … Continue reading Natural Gas Short-Term Forecast – April 4, 2018
Crude Oil Short-Term Forecast – April 3, 2018
WTI crude oil’s move up stalled near $66.4, the equal to (1.00) target of the primary wave up from $57.6 last week. The subsequent pullback initially looked corrective, forming four stars and settling the week above March 23’s open. However, the move down accelerated on Monday and is poised to challenge important support at $62.4 … Continue reading Crude Oil Short-Term Forecast – April 3, 2018
Natural Gas Short-Term Forecast – March 28, 2018
The long-term outlook for natural gas is negative but the May contract met and held support around its $2.60 swing low Monday. The subsequent move up is most likely corrective of a longer-term decline to challenge $2.55 and lower. Even so, there is some technical evidence that the move up could still extend to at … Continue reading Natural Gas Short-Term Forecast – March 28, 2018
