April 24 2023
Crude Oil and Natural Gas Market Analysis for Profitable Trading
In this article, we will be discussing the current market trends and levels for crude oil and natural gas, along with chart analysis and indicators to help you trade profitably.
Crude Oil WTI
After a sharp drop, crude oil is currently trying to trade in a retracement channel. The highs are at 78.879, and if it breaks above that level, further rises can be confirmed. Currently, it is consolidating around the 77 level.
Near-term charts show that 77 is a strong support level, and if it breaks below that, we recommend selling. However, watch out for the 76.8-76.7 zone, which could indicate a significant drop, potentially filling the gap for the 76 and 75.8 levels.
Looking at the chart, the stockistic is oversold, which increases the probability of a rise. MACD is crossed over, trading with divergence, but still in the sub-zero level. RSI has dropped a bit, and on the 2Hour charts, higher lows and higher highs have been observed.
Wait for crude oil to break past 77 and 76.8 levels to confirm a rise. As long as it stays above 77, do not sell. The stockistic has dropped a bit, and MACD is trying to converge, making it bullish. RSI is also trading at the bottom.
If we look at the 3Hour chart, crude oil has consolidated, and a bearish candle has appeared. Wait for it to break past the support levels at 77, which will bring increasing bearishness, leading to a slide till 76 and 75.8 levels.
Natural Gas
Natural gas has recovered a bit and is currently at 2.4. Looking at the chart, we see that natural gas is consolidating and trading in a retracement channel. The highs are at 3.1, and if it breaks above that, we could see a rise.
The strong support levels are at 2.38 and 2.3, and we recommend selling if it breaks below those levels. However, watch out for the 2.25-2.2 zone, which could indicate a significant drop.
The stochastic is oversold, and MACD is crossed over, trading with divergence, and is in the sub-zero level. RSI has dropped a bit, and on the 2R charts, higher lows and higher highs have been observed.
Wait for natural gas to break past the 2.5 level, which will confirm a rise. As long as it stays above 2.38, do not sell. The stochastic has dropped a bit, and MACD is trying to converge, making it bullish. RSI is also trading at the bottom.
In summary, the analysis discusses the recent movements in crude oil WTI and natural gas markets. The crude oil market is seen trying to trade in a retracement channel after a sharp drop and the support levels are identified at 77 and 76.8. The natural gas market has shown some recovery and is currently at 2.4. The analysis recommends taking positions based on the levels and the indicators such as MACD, RSI, and Stochastic. The support and target levels for both markets are identified, and the analysis suggests keeping stop losses in place.
Disclaimer-This content is for educational purposes only and is not financial advice; trading in financial markets is risky and may not be appropriate for all investors, so do your research and consult with professionals before investing.
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