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WTI Crude Oil and Natural Gas Forecast May 2, 2017

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The crude oil market fell during the session on Monday, as traders came back to work. We are currently dancing around the 200 day exponential moving average, and dancing just above the uptrend line. That being the case, it’s likely that the market should continue to find buyers underneath but if we can break down below the $47.50 level, I think that the market will reach to the $45 handle. Alternately, if we can bounce off of the uptrend line, we will more than likely go looking for the $50 level at that point. There are a lot of moving pieces at the moment, but I believe it’s only a matter of time before the sellers will more than likely find another reason to get involved, be a breakdown or some type of exhaustion on a shorter-term chart.for more analysis: http://www.dailyforex.com

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Oil Natural Gas Futures Commodities Forex WTI Crude Oil
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