Natural gas is losing ground after an unsuccessful attempt to settle above the resistance at $2.25 – $2.30.
The technical picture remains unchanged as natural gas needs to climb above the $2.30 level to gain additional upside momentum.
WTI Oil
WTI Oil 200824 Daily Chart
WTI oil tested new lows amid reports indicating that Gaza ceasefire negotiations were progressing well.
It should be noted that WTI oil received support near the $72.50 level and moved away from session lows. A move above $74.00 will push WTI oil towards the resistance at $75.50 – $76.50.
Brent Oil
Brent Oil 200824 Daily Chart
Brent oil remains under pressure as traders fear that China’s demand for oil would not be as strong as previously expected.
A successful test of the support at $77.00 – $78.00 will push Brent oil towards the next support level at $72.50 – $73.50.
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Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.