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FXEmpire.com –
Key Insights
- Natural gas moved away from the $2.00 level.
- WTI oil settled in the new $82.00 – $83.30 range.
- Brent oil was also flat ahead of the weekend.
Natural Gas
Natural Gas 140423 Daily Chart
Natural gas rebounded towards the $2.10 level after an unsuccessful attempt to settle below $2.00.
From a technical point of view, natural gas remains stuck between the support at $2.00 and the resistance at $2.20. The market needs additional catalysts to move out of the current trading range.
R1:$2.20 – R2:$2.35 – R3:$2.60
S1:$2.00 – S2:$1.80 – S3:$1.60
WTI Oil
WTI Oil 140423 Daily Chart
WTI oil is mostly flat ahead of the weekend. Oil prices are trying to stabilize near recent highs while traders are waiting for additional catalysts.
WTI oil has found itself in a new range between the support at $82.00 and the resistance at $83.30. If WTI oil settles inside this new range, it will have a good chance to gain additional upside momentum next week.
R1:$83.30 – R2:$84.50 – R3:$86.00
S1:$82.00 – S2:$80.00 – S3:$79.10
Brent Oil
Brent Oil 140423 Daily Chart
Brent oil is also flat in today’s trading session. Rising Treasury yields and stronger dollar did not put pressure on Brent oil, which is a bullish sign for oil markets.
Brent oil needs to get above the $87.80 level to have a chance to gain sustainable upside momentum. A move above $87.80 will push Brent oil towards the resistance at $89.00.
R1:$86.70 – R2:$87.80 – R3:$89.00
S1:$86.00 – S2:$84.00 – S3:$83.10
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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