Advertisement
Advertisement
Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Tests New Lows As Traders Focus On China’s Problems
By:
Key Points:
- Natural gas is trying to settle above the $2.10 level.
- WTI oil retreats as traders stay focused on the disappointing economic data from China.
- Brent oil pulled back towards the $78.00 level.
Natural Gas
Natural gas continues to move away from recent lows as traders bet on a rebound.
If natural gas stays above the $2.10 level, it will move towards the next resistance at $2.25 – $2.30.
WTI Oil
WTI oil tests new lows as traders stay focused on China despite rising tensions in the Middle East.
If WTI oil stays below the $75.50 level, it will head towards the support at $71.50 – $72.50.
Brent Oil
Brent oil is losing ground as traders worry about weaker demand in China. At the same time, traders do not believe that Middle East tensions will lead to any supply disruptions.
It should be noted that RSI is in the oversold territory, so the risks of a pullback are increasing.
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