WTI Crude Oil And Natural Gas Set To Dive Soon?
2022.06.13 12:21
The movements of both the major components of the energy sector since the opening of the first trading session of this week indicate that the bearish sentiments linger amid growing doubts about the strength of bulls at the current valuations.
Rising inflationary pressure could continue to cap the upside of both the energy components as the substantial CPI numbers could increase the possibilities of an interest rate hike by the Fed at a fast pace to control the soaring inflation which is at 40-year highs.
WTI crude oil hourly chart technical analysis.
WTI crude oil has been trading in a tight range since this weekly opening and could start a breakdown at 07:30 a.m. as the hourly chart has created a bearish crossover, signaling a slide.
Natural gas futures 1-hour chart.
Natural gas also printed a similar bearish crossover in an hourly chart that could result in the sharp slide at 07:30 as the bears look to be in command due to supply disruption after the Freeport blast.
WTI crude oil and natural gas are currently at a decisive juncture from where a sharp decline could start soon.
Upward moves are attracting sellers at the current prices as both are trading below 200 DMA in the hourly chart and well below the lower end of the Ichimoku Clouds.
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