Meanwhile, today at the time of writing, WTI crude oil marks 80.43 dollars per barrel, while natural gas changes hands at 2.920 dollars.
WTI Crude Oil Price Forecast
As described yesterday, WTI Crude Oil was facing the main short-term resistance at $80. The exceeding of this value is all the more significant if we consider that this roughly coincides with the intertwining of the three EMAs at 50, 100 and 200 days (all between 79.9 and 80.05 dollars).
Now, having surpassed the three technical indicators, WTI crude oil may be able to consolidate and defend the new support, in view of further upward pressures.
The subsequent resistances, in this regard, must be identified at 80.8 and 81.2 dollars per barrel, above the highs of the last month.
Natural gas price forecasts
Natural gas, unlike WTI crude oil, will instead have to manage to maintain a bullish trajectory to return above the $3 resistance.
In this case, however, the bearish pressure could still prove excessive. Although the return to the $3 target undoubtedly represents the main bullish objective, at least for today I would feel like limiting the prospects to a recovery to the target of 2.95/2.98, in the best case scenario. Following this possible extension, we will then be able to evaluate the possibilities of a bullish break-out and those of a sudden retracement.
