Crude Oil Short-Term Forecast – March 20, 2018
May WTI crude oil fulfilled a highly confluent and extremely important target at $64.0 today when price rose to $63.98. The move up comes after prices broke higher out of the bullish descending flat wedge Friday and then tested and held the pattern’s upper trend line Monday. As discussed in our weekly forecast, $64.0 is … Continue reading Crude Oil Short-Term Forecast – March 20, 2018
Short-Term Natural Gas Forecast – March 14, 2018
The near-term outlook for natural gas became more negative today and prices are poised to test at least $2.70 and possibly $2.66 tomorrow. The small move up at the end of the day indicates resistance will probably be challenged first, but $2.76 and no higher than $2.79 is expected to hold. The confirmation of a … Continue reading Short-Term Natural Gas Forecast – March 14, 2018
Crude Oil Short-Term Forecast – March 13, 2018
The WTI crude oil forecast remains slightly negative given today’s decline to $60.27 after testing and holding resistance around $62.0. The move down is expected to continue, but a small double bottom around $60.27 indicates prices will probably challenge $61.4 first. Resistance is expected to hold. Today’s decline to $60.27 fulfilled important projections for recent … Continue reading Crude Oil Short-Term Forecast – March 13, 2018
Short-Term Natural Gas Forecast – March 7, 2018
Since February 12, April natural gas had risen in a choppy upward sloping range that formed a bearish flag. However, prices broke higher out of the flag today and settled above the pattern’s upper trend line. The flag’s failure to break lower is bullish for the near-term and calls for a larger upward correction before … Continue reading Short-Term Natural Gas Forecast – March 7, 2018
Crude Oil Short-Term Forecast – March 6, 2018
The long-term outlook remains slightly negative for WTI crude oil, but the near-term outlook seems to switch from positive to negative on a day-to-day basis. This generally reflects a market that is unsure of itself and could indicate a trading range is forming. For now, though, given today’s failure to settle above the equal to … Continue reading Crude Oil Short-Term Forecast – March 6, 2018
Short-Term Natural Gas Forecast – February 28, 2018
The outlook for April natural gas remains negative. Prices are still oscillating within the upward sloping bearish flag, but today’s failure to test the top of the flag’s range at $2.73 indicates the formation should attempt to break lower tomorrow. The flag’s lower trend line is nominally $2.64, but $2.63 is key because it is … Continue reading Short-Term Natural Gas Forecast – February 28, 2018
Crude Oil Short-Term Forecast – February 27, 2018
WTI crude oil’s settle below Friday’s $63.1 midpoint and the daily bearish engulfing line is negative for tomorrow’s outlook. There is immediate support at Friday’s $62.6 open, but the small wave formation down from $64.24 calls for at least $62.3 and likely $61.9. The latter is most crucial for the near-term because it is the … Continue reading Crude Oil Short-Term Forecast – February 27, 2018
Short-Term Natural Gas Forecast – February 21, 2018
March natural gas finally settled above February’s 9’s $2.64 midpoint. The move up is most likely corrective of the decline from $3.259 and will continue to be a grind. However, natural gas should now challenge at least $2.71 and possibly higher before the decline ultimately continues. The wave $2.53 – 2.662 – 2.565 met its … Continue reading Short-Term Natural Gas Forecast – February 21, 2018
Crude Oil Short-Term Forecast – February 20, 2018
April WTI crude oil’s move up from $57.9 is most likely corrective of the decline from $66.39 and may be complete. Important resistance was met at $62.65, a bearish intra-day KaseCD divergence was confirmed, and the subsequent move down is poised to extend. Trading over the next few days should indicate whether the upward correction … Continue reading Crude Oil Short-Term Forecast – February 20, 2018
Short-Term Natural Gas Forecast – February 14, 2018
The outlook for March natural gas remains negative but the formation of another daily star (in this case a hammer) and the small wave formation up from $2.538 indicate there is still a good chance for the upward correction to extend first. However, as stated over the past few days in our premium analysis and … Continue reading Short-Term Natural Gas Forecast – February 14, 2018
