WTI Crude Oil and Natural Gas Forecast — July 15th 2016

In this video, the Trader Guy looks at commodities Crude Oil and Natural Gas for the July 15th session.

WTI Crude Oil — I have clearly laid out a negative channel and with that, I think we do continue to drop from here. I think rallies could offer selling opportunities on signs of exhaustion. I also think that the $47 level is going to become a more important level and an exhaustion near there should be a selling opportunity. I am not willing to buy this market until we clear the $50 level or form some type of long-term bullish signal as the dollar continues to strengthen. And of course we have to worry about demand now with everything that is going on around the world.

Natural Gas — Natural Gas market has continued to just bang around the $2.70 level. This is an area that has been both supportive and resistive. A bounce from here is not a surprise. However a breakdown to the downside from here is not a surprise either, with $2.60 as support and $2.50 as the floor. Below $2.50, I am willing to start selling. In the meantime, I think the buyers are still interested in the $3 level. It is just too enticing of a target to forget. So, I would not be surprised to get a short-term bounce.

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Post tags: Natural Gas, technical analysis, WTI Crude oil

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