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WTI Crude Oil and Natural Gas Forecast August 8, 2017

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The WTI Crude Oil market fell during most of the session on Monday, but did bounce a bit from the $48.40 region. By forming a hammer, this suggests that the market is going to try to break back to the upside of $50, but it’s not until we clear the $50.50 level that I would be convinced that we are going to continue the move to the upside. A breakdown below the bottom of the candle for the session on Monday would be very negative, and a move below the $48 level would confirm a more bearish attitude of the market as we should go looking for the $47 level next. I still am longer-term negative of this market, but I recognize that there are a lot of moving pieces that throw momentum back and forth.for more analysis: http://www.dailyforex.com

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oil natural gas commodities energies futures
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