Natural Gas is expected to see an upside climb, while WTI crude oil sees the probability of a dip below the key 50 handle, according to Francis Hunt of The Market Sniper.
Francis explains through technical charts how it is too soon to call a bottom in oil prices. The pattern formations have failed, so the outlook remains more cloudy. There is high chance that oil dips lower to form new lows.
On Natural Gas, he explains the behaviour in prices during times of crisis events. Tune in to the video.
Francis further shares the outlook for DAX and the FTSE 100, noting that the Footsie will likely underperform ahead versus the DAX.
Francis’ outlook and trade calls for Commodities and Equity Index
WTI failed to hold the $60 line. Probability of a sub $50 move does exist.
Bullish on Natural Gas
Natural Gas looking good for a range-trade.
Trade call: Buy at 2.75, 3.4 remains the target – Technical Analysis
DAX – Plenty of fightback left
Pull back has been moderate, DAX remains in the long-run bull-trend. Might see a continuation pattern to the topside. EUR weakness might pour in more buyers.
Outlook: Upside expected
FTSE: underperforming on weighing commodities and GBP strength. Reverse currency effect seen in the index.
Outlook: Might continue to underperform versus DAX, as commodities are expected to soften.