Natural Gas, WTI Oil, Brent Oil Forecasts – WTI Oil Pulled Back From Session Highs

By:

Vladimir Zernov

Published: Nov 5, 2024, 18:50 GMT+00:00

Key Points:

Natural gas pulled back after the recent rebound.
WTI oil moved away from session highs amid profit-taking.
Brent oil moved back towards the $75.00 level.

Natural Gas

Natural Gas 051124 Daily Chart

Natural gas pulls back after an unsuccessful attempt to settle above the resistance at $2.75 – $2.80.

If natural gas declines below the $2.65 level, it will move towards the nearest support, which is located in the $2.50 – $2.55 range.

WTI Oil

WTI Oil 051124 Daily Chart

WTI oil moved away from session highs as traders focused on the U.S. presidential election.

A move below the 50 MA at $70.97 will push WTI oil towards the psychologically important $70.00 level.

Brent Oil

Brent Oil 051124 Daily Chart

Brent oil pulled back as traders took some profits off the table after the recent rebound.

From the technical point of view, Brent oil needs to settle above the resistance at $77.00 – $77.50 to gain additional upside momentum.

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About the Author

Vladimir Zernovauthor

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.