Synopsis
In this analysis, we delve into the recent movements of crude oil and natural gas prices in the US market. We examine key support and resistance levels, technical indicators, and moving averages to provide insights into potential trading opportunities. Traders are advised to remain cautious and attentive to entry and exit points, as well as market trends.
Crude Oil Analysis
Crude oil (WTI) has experienced a sharp drop and recovery, showcasing its resilience. After finding support and dropping around the 78.5 level, it has rebounded towards the 80 level. A previous resistance level of 80-81 now acts as a potential barrier. Traders should consider these levels when making decisions. The 80.6-81 range proves a significant resistance, with 81 being the pivotal point for a potential bullish reversal. The technical indicators suggest a retracement pattern and divergence in the short-term, possibly indicating further upward movement.
Observations:
Strong support found at 78.3-78.5 zone.
Resistance forming at 80-81 levels.
Cautious buying entry at 80 with targets of 80.4 and 80.5.
A reversal possibility if it remains above 81.
Bearish trend continuation if it breaks below 78.5.
Natural Gas Analysis
Natural gas has transitioned from support to resistance around the 2.7 level. It currently trades within a bearish channel, warranting caution for potential sell entries. A break below 2.66 could signify further bearish movement towards the 2.6 range. Resistance at 2.76 is crucial, as crossing it might indicate a bullish reversal. Short-term technical indicators suggest convergence and a potential upward retracement.
Observations:
Resistance turned to 2.7 from a prior support level.
Resistance at 2.76 is critical for a potential reversal.
Bearish channel persists.
Consider selling below 2.66 with targets around 2.64-2.6.
Cautious buying above 2.7, with resistance at 2.76.
Divergent indicators hint at possible upward retracement.
Conclusion
Traders analyzing crude oil and natural gas for the US session on August 17, 2023, should be attentive to key levels, technical indicators, and moving averages. In crude oil, watch for a potential bullish reversal above 81, while in natural gas, focus on the 2.76 resistance for potential reversals. Both markets exhibit patterns of interest, but traders must exercise caution, set stop losses, and adapt to market dynamics for successful trading outcomes.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice. Trading involves risks, and individuals should conduct their research and consult professionals before making trading decisions.
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