Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back As Dollar Rebounds
By:
Key Points:
- Natural gas traders switch to the new contract.
- WTI oil pulls back after an unsuccessful attempt to settle above the $80.00 level.
- Brent oil faced strong resistance in the $83.50 - $84.50 range.
Natural Gas
Natural gas settled below the $2.70 level as traders switched to the new contract.
RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum.
WTI Oil
WTI oil pulls back as traders take some profits off the table after the recent rebound. It should be noted that strong dollar put material pressure on commodity markets today. WTI needs additional positive catalysts to settle above the key resistance at $79.00 – $80.00.
In case WTI oil manages to settle above $80.00, it will get to the test of the 50 MA at $81.50.
Brent Oil
Brent oil is losing ground amid a broad pullback in the oil markets. The resistance at $83.50 – $84.50 stays strong.
From the technical point of view, Brent oil needs to settle above the $84.50 level to gain additional upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
Did you find this article useful?
Latest news and analysis
Advertisement