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WTI Crude Oil and Natural Gas Forecast September 14, 2017

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The WTI Crude Oil market initially dropped a bit at the open on Wednesday, but found plenty of support and continued the rally that we have seen over the last couple of sessions. Being preceded by 2 hammers, this should not have been a huge surprise, and I think at this point were going to go looking for the $50 level. That would be a continuation of the move after the downtrend line break, but I think there is going to be a significant amount of resistance near $50. Short-term traders will be far too tempted to test the area and not to go long, but I need to see a daily close above $51 to get bullish longer term. Even then, we probably have a ceiling somewhere closer to the $55 level.for more analysis: http://www.dailyforex.com

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