Crude oil’s downward correction that started a few weeks ago may not be over just yet. Natural gas has retreated following the bullish break earlier this month. How much more downside for crude oil and natural gas?
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Momentum in the most recent rebound in crude oil isn’t looking strong enough to ensure a sustainable rally just yet. The implication is that the downward correction that started toward the end of September could still be in play. Oil has recovered from near quite strong converged support, including the 89-day moving average, slightly above the 200-day moving average, and the August low of 77.50.
Earlier last month, oil pulled back from stiff converged barriers, including the Ichimoku cloud on the weekly charts and the October high of 93.00. This resistance remains crucial – a break above this barrier is needed to confirm that the rebound from June isn’t just a dead-cat bounce.Earlier in September, crude broke out from the multi-month sideways zone triggering a double bottom , pointing to a potential rise toward 103. The 77.00-81.
Any break above 3.25 could open the door toward 4.20 . However, for the bullish view to remain intact, natural gas needs to stay above the August low of 2.40.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits.
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