Meanwhile, today at the time of writing, WTI crude oil marks exactly 83 dollars a barrel, while natural gas changes hands at 1,761 dollars.
WTI Crude Oil Price Forecast
The price of WTI crude oil could continue to remain below the support of 85 dollars also for this weekly close, but the recovery push is clearly perceptible. As we had also repeated in the past, the retreat observed could have worried bullish traders only in the event of large bearish break-outs. This did not happen, as expected, and now the price is already extending its recovery above $83 a barrel.
From a weekly perspective, I hypothesize an extension towards the intermediate values of 83.3 and 83.5 dollars, before the actual recovery of the resistance at 85 dollars; any further retreats should instead collide with the support at 82 dollars, which has proven to be quite solid.
What we can exclude with good probability is the hypothesis of an extension towards the $90 target that we had set during the last uptrend. Given the updated technical setup, news from the Middle East, and weak global demand, WTI Crude Oil is unlikely to be able to reach $90 without a boost from the ongoing conflict.
Natural gas price forecasts
No surprises in these latest trading sessions for the price of natural gas, which remains firmly anchored to the sideband between 1.7 and 1.85 dollars. The technical trend should not be able to change in the very short term, but natural gas is managing to move towards the target of 1.8 dollars after an initial retreat.
Only in the event of a continuation of the rises above the $1.8/1.82 level, could we hypothesize a new test of the monthly highs of $1.9.
Tags: Oil Natural Gas Price Forecast WTI Recovery Monthly Highs
