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WTI Crude Oil and Natural Gas Forecast October 9, 2017

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The WTI Crude Oil market broke down significantly on Friday, slicing through the $50 level. This is a very bearish turn of events, but I also recognize that the support level that starts at the $50 level probably extends down to the $49 handle, and therefore I think a breakdown below that level is probably needed to start shorting with any type of confidence. That being said, I certainly would be a buyer at this point. I would need to see the market break above the $51 level to feel comfortable doing so, especially because of the massive amounts of volatility that we have seen lately. If we break down below the $49 level, the market should then go looking for the $46 level under that. Alternately, if we break above the $51 level, the market should then go looking towards the $52.50 level as well.for more analysis: http://www.dailyforex.com

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oil nat gas natural gas energies energy trading futures commodities
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