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WTI Crude Oil and Natural Gas Forecast July 26, 2017

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The WTI Crude Oil market rallied during the day on Tuesday, slicing through the $47 level. By doing so, and breaking above the top of the shooting star from last week, the market looks as if it is ready to go higher. However, today is not only the Crude Oil Inventories announcement, but it is also the FOMC Interest Rate announcement. Because of this, the market is likely to see buying pressure to the upside due to the fact that we broke out, but if we were to turn around and broke below the $47 level, the market could rollover significantly. Longer-term, I still believe in the bearish picture, but obviously we are starting to see bullish pressure in the short term.for more analysis: http://www.dailyforex.com

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oil natural gas forex futures commodities
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