WTI Crude Oil and Natural Gas Forecast July 11, 2017: DailyForex

DailyForex

Published on 10 Jul 2017

The WTI Crude Oil market was choppy on Monday, as we tried to rally but found it too much in the way of resistance near the $45 level. I think if we can stay below this level, the market is apt to continue to fall towards the 42.50 level. That’s not to say that is going to be easy, but obviously there’s a lot of bearish pressure in this market. You can see that we have wiped out a majority of the rally that had happened previously, and longer-term it seems as if every time this market rallies, the sellers will come back in to push lower. I believe that crude oil continues to suffer and oversupplied environment, and I don’t have a scenario in which I believe that oil suddenly takes off to the upside.

WTI Crude Oil and Natural Gas Forecast July 7, 2017: DailyForex

DailyForex

Published on 6 Jul 2017

The WTI Crude Oil market initially tried to rally during the session on Thursday, as we had a stronger than anticipated withdrawal of crude oil inventory announced. However, I think that the market will eventually break down below the $45 level, and when it does it’s time to start selling again. The jobs number of course will have an influence on what happens with the oil markets as it influences on the US dollar. The stronger the US dollar, typically the more pressure that we see in this market. The $42.50 level is my next target, and if we rally from here, I think that signs of exhaustion should be selling opportunities as well. I have no interest in buying this market, and I believe that the $47.50 level above is massive resistance.

WTI Crude Oil and Natural Gas Forecast July 5, 2017: DailyForex

DailyForex

Published on 4 Jul 2017

The WTI Crude Oil market did very little during the session on Tuesday, as the Americans would have been away for Independence Day celebrations. The $47.50 level above is resistive, as it has been both support and resistance recently. Ultimately, some type of exhaustive candle should be a selling opportunity, as the market will then go looking towards the $45 level after that. The $45 level should be massively supportive, so a bounce from that would not be a surprise. Alternately, if we can break above the $48 level, I think the market could continue to go higher, perhaps reaching towards the $50 level. The market is most certainly very negative, and I think that the oversupply of crude oil will continue to be an issue in the market. The market continues to struggle longer-term, and the most recent move is probably more indicative of a relief rally.

WTI Crude Oil and Natural Gas Forecast July 3, 2017: DailyForex

DailyForex

Published on 30 Jun 2017

The WTI Crude Oil market broke above the $45 level during the day on Friday, testing the top of the shooting star from Thursday. The shooting star from Thursday is a very negative sign, and it is also on the 50-day exponential moving average. If we can break down below the bottom of the Thursday candle, the market should then go down to the $42.50 level. This is a market that continues to suffer from oversupply, so I think selling is the only thing you can do. Even if we can break above the top of the shooting star, I think that simply waiting for and exhaustive candle is how to go forward, and I am very bearish in this market. Simple patience will be needed to take advantage of the massive downtrend.

WTI Crude Oil and Natural Gas Forecast June 30, 2017: DailyForex

DailyForex

Published on 29 Jun 2017

The WTI Crude Oil market initially tried to rally during the day on Thursday, but found the area above the 50-day exponential moving average to be far too resistive. The $45 level continues to be massively resistive, and we turned around to form a shooting star. That is a very negative sign, and if we can break below the bottom of the daily range from the Thursday session, the market should then go looking down to the $42.50 handle. We are in a longer-term downtrend, so this makes quite a bit of sense, and I believe that the sellers will of course continue to take advantage of the overall pressure and of course the oversupply of crude oil around the world. If the US dollar starts to pick up value, this market should continue to go even lower.

WTI Crude Oil and Natural Gas Forecast June 21, 2017: DailyForex

DailyForex

Published on 20 Jun 2017

The WTI Crude Oil market breakdown during the day on Tuesday, as we continue to see significant amounts of various pressure. The day today features the Crude Oil Inventories announcement, and that of course will have a significant amount of influence on this market. The market will react to that announcement, and any assigns of oversupply should continue to work against the value of this market. However, we are a bit extended to the downside at this point, so I think that it is likely to be a scenario where rallies could appear. However, I think that the $45 level above should be resistive, so I’m looking for some type of exhaustive candle to start selling. A breakdown below the bottom of the candle should also show that the downward pressure is increasing, and that should show an impulsive move to the $40 level being possible. However, I do prefer selling rallies.

WTI Crude Oil and Natural Gas Forecast June 20, 2017: DailyForex

DailyForex

Published on 19 Jun 2017

The WTI Crude Oil market initially tried to rally on Monday, but found enough resistance at the $45 level to turn things around and break down significantly. Towards the end of the day, we found ourselves just above the $44 level, so I think that it’s only a matter of time before we reach towards the $43.50 level underneath. That’s an area that should cause a bit of support, but once we breakdown below their ethical free to go down to the $40 handle. Short-term rallies continue to be selling opportunities, and I believe that there is no way to buy the crude oil market right now, because quite frankly the oversupply issue continues. I believe that a cell on the rallies type of strategy is probably the best way to go for the near future.

WTI Crude Oil and Natural Gas Forecast June 19, 2017: DailyForex

DailyForex

Published on 18 Jun 2017

The WTI Crude Oil market bounced during the session on Friday, reaching towards the $45 level above. That is a level that has a certain amount of psychological significance obviously, as it was supportive in the past and of course it’s a large, round, psychologically significant number. If we rally from here, the market will continue to find sellers above, somewhere near the $47 level. An exhaustive candle is exactly what I’m looking forward to start selling, as the market is most certainly bearish in general. I don’t see any reason to try to return to the bullish side of this trade, as it is so bearish in general. Any bounce at this point must be look at as a nice selling opportunity.

WTI Crude Oil and Natural Gas Forecast June 16, 2017: DailyForex

DailyForex

Published on 15 Jun 2017

The WTI Crude Oil market fell again during the day on Thursday, reaching towards the $44 level. I think that given enough time, the sellers will return on any rally’s, and the $45 level above should be resistance. Ultimately, the market continues to be volatile but with a pressure. I think that the $43.50 level underneath is probably where we are heading, and I believe that the oversupply issue in the oil market continues to be a major issue when it comes to this. Given enough time, I expect the market to sell off yet again as we continue to struggle. I think that the market is a long way away from turning around, so therefore I don’t really have a scenario in which a willing to buy, and I believe that the absolute “ceiling” is the $47 level.

WTI Crude Oil and NASDAQ 100 Forecast June 15, 2017: DailyForex

DailyForex

Published on 14 Jun 2017

The WTI Crude Oil market initially tried to rally during the day on Wednesday, but cratered and broke below the $45 level. Because of this, I believe that we are going to continue to go lower from here. I think that the next market move will be down to the $43 level, and that the $45 level could be resistive above. Selling short-term rallies that show signs of exhaustion might be the way to go. Ultimately, if we can break down below the bottom of the previous low, the market should continue to go much lower. The $47 level above should be the absolute ceiling in the market, but given enough time I think that the market will continue to suffer at the hands of selling pressure. Ultimately, the market will continue to look very in general, as the oversupply issue is without a doubt still front and center.

WTI Crude Oil and Natural Gas Forecast June 14, 2017: DailyForex

DailyForex

Published on 13 Jun 2017

The WTI Crude Oil markets continue to be very volatile, and I believe it’s only a matter of time before we finally break down. The fact that we rallied and then gave back all of the gains again during the session on Tuesday, just as we did on Monday, tells me that there is a large amount of trading volume out there waiting to get involved to the downside. If we can break down below the $45 level, that would be a very negative sign, and then we could send down to the $43 level after that. I believe that a break above the $47 level would be very bullish, but it doesn’t seem very likely currently. I believe that the market is one that will continue to offer selling opportunities every time it rallies, and of course there is a glut of the commodity to begin with.

Daily Market Roundup (June 13, 2017) - By DailyForex: DailyForex

DailyForex

Published on 13 Jun 2017

WTI Crude Oil and Natural Gas Forecast June 13, 2017: DailyForex

DailyForex

Published on 12 Jun 2017

The WTI Crude Oil market initially tried to rally on Monday, but turned around just below the 47 handle to form a shooting star. This is a very bearish sign, showing signs of negativity yet again. The $45 level underneath continues to be supportive, but I do think that eventually will break down below there, and looking for the $43 level underneath. Ultimately, it looks as if the short-term rallies should offer selling opportunities for those who are quick. The $47 level above is massively resistive, and it’s not until we break above there that I would consider buying this market, and even then I would be a bit cautious. Nonetheless, I believe that the WTI Crude Oil market should continue to sell off as the oversupply glut should continue into the future.

WTI Crude Oil and Natural Gas Forecast June 12, 2017: DailyForex

DailyForex

Published on 9 Jun 2017

The WTI Crude Oil market went back and forth during the day on Friday, as we continue to test the $45 level underneath. That’s an area that has offered significant support in the past, so it’s not a surprise that we bounced. We formed a hammer on Friday, just as we formed during the Thursday session. Because of this, I believe that we could rally from here, perhaps reaching towards the $47 level above. Any rally at this point to me would be a selling opportunity, and exhaustive candle near the $47 level could be a nice opportunity to start shorting yet again. Alternately, if we can break down below the $45 level, I think at that point the market will break down to the $43 level relatively quickly. Either way, I don’t have any interest in buying this market.

WTI Crude Oil and Natural Gas Forecast June 9, 2017: DailyForex

DailyForex

Published on 8 Jun 2017

The WTI Crude Oil market had a volatile session on Thursday, going back and forth several times. We ended up forming a bit of a hammer, and this hammer sits on top of the psychologically important $45 level. Because of this, I would not be surprised at all to see some type of bounce, but that bounce will more than likely only be met with significant selling pressure. Given enough time, I believe that the markets will find the $47 level to be too much to overcome, and therefore I’m looking to sell in that general vicinity. I believe that the markets will continue to be extraordinarily volatile, but more than anything else: bearish.

WTI Crude Oil and Natural Gas Forecast June 8, 2017: DailyForex

DailyForex

Published on 7 Jun 2017

The WTI Crude Oil market fell apart during the session on Wednesday, slicing through the $47 level handily after the Crude Oil Inventories announcement, which was in addition of 3 million barrels as opposed to the anticipated decline of that same number, which worked against the idea that OPEC could control the market. After all, if there isn’t much in the way of demand, supply will continue to be a serious issue, and a glut of oil is now working against the value of the commodity. I think the $45 level underneath continues to be a target, and short-term rallies that show signs of exhaustion between here and the $47 level should be selling opportunities. Not only do I think we touch the $45 level, but I think it’s probably going to be a situation where we drop as low as $44 after that.

WTI Crude Oil and Natural Gas Forecast June 7, 2017: DailyForex

DailyForex

Published on 6 Jun 2017

The WTI Crude Oil market initially fell during the day on Tuesday, but found the $47 level to be supportive enough to turn the market back around. The market continues to be very volatile and choppy, and having said that it’s likely that we will probably continue to try to go higher, but the $50 level above for me is massively resistant. We get the Crude Oil Inventories announcement coming out today, and that should cause quite a bit of volatility in this market. Ultimately, I think longer-term we have more bearish pressure than bullish, but we may need to bounce a little bit to build up the momentum to break down. Obviously, the announcement will have a massive effect on this market, and if it disappoints, that could send this market much lower in very short order.

WTI Crude Oil and Natural Gas Forecast June 6, 2017: DailyForex

DailyForex

Published on 5 Jun 2017

The WTI Crude Oil market had a very volatile session on Monday, as we initially broke above the $48 level, but turned around to show signs of exhaustion as we then broke below the $47 handle. Ultimately, when it up forming a relatively neutral candle in it looks as if there is a significant amount of support near the $47 handle still. As I look at the start, I believe that the longer-term bearish pressure will continue but I need to see a breakdown below the bottom of the range for the session on Friday to have me selling. At that point, I believe that the market continues to show massive downward pressure, perhaps sending the market down to the $45 level next. Either way, I anticipate that buying is going to be very difficult to do to say the least. Selling rallies on short-term charts will probably continue to be one of the easiest trades in this market, as there is simply a massive amount of various pressure on an oil market that cannot find its footing.

Daily Market Roundup (May 22, 2017): DailyForex

DailyForex

Published on 21 May 2017

WTI Crude Oil and Natural Gas Forecast May 22, 2017: DailyForex

DailyForex

Published on 20 May 2017

The WTI Crude Oil market had a very strong Friday, as we broke above the 200-day moving average finally. Not only that, we broke above the $50 handle, and it looks as if the crude oil markets are ready to continue going higher. My regular readers here at Daily Forex know that longer-term I think that oil markets are going to struggle, but it’s obvious that we are going to continue to go higher. The market is reacting to reports that not only will OPEC extend production cuts, but they may expand them, which is a very bullish move for supply, however having said that I also recognize that the higher this market goes, the more Canadians, Americans, and Mexicans start drilling. Because of this, it’s likely that the rally is short-lived, but I do certainly think that the buyers are in control currently.