EMD048 - Technicals: Crude Tests $60, Gas Consolidates Above $4

Today, we dissect the current market structure and key price levels. WTI crude is testing critical support at $60, forming a symmetrical triangle pattern, while natural gas consolidates above $4.00/MMBtu after a 26% monthly rally, with technical indicators suggesting potential short-term profit-taking.

Show Notes

Welcome to Energy Markets Daily, brought to you by DailyDominanceNow.com. Tuesday, November 4, 2025 — Technicals: Crude Tests $60, Gas Consolidates Above $4. Today, we dissect the current market structure and key price levels for crude oil and natural gas, providing actionable tactical setups grounded in real-time technical analysis. WTI crude oil is consolidating between $60 and $62 per barrel, trading below the 50-day Simple Moving Average and forming a symmetrical triangle pattern on the short-term chart. This pattern, characterized by lower highs and higher lows over the past two weeks, signals an impending breakout. The price is currently testing triangle support at $60.50, which aligns with the 200-day SMA. A break below this level could trigger a drop toward $59 or lower, potentially testing the critical $58 support zone. Conversely, a bounce off support and a break above resistance at $61.50 to $62 could signal a move toward $62.50 or higher. However, the technical indicators are bearish. The Relative Strength Index is heading lower with room to slide before becoming oversold, and the Stochastic oscillator is approaching oversold territory, indicating sellers currently have the upper hand. The MACD remains below the signal line, confirming bearish momentum. Investing.com's technical analysis summary shows an overall "Strong Sell" signal for WTI crude oil futures. The levels that matter: support at $60.50 and $60, resistance at $61.50 and $62. A break below $60 opens the door to $58-$59, while a break above $62 could target $65. Natural gas, in contrast, is consolidating above $4.00 per MMBtu after a powerful rally, trading at $4.24 on November 4th, up 26.23% over the past month and 58.72% year-over-year. The technical structure remains bullish, with the 100-day SMA positioned above the 200-day SMA, confirming an upward path of least resistance. However, both the Stochastic and RSI oscillators are hovering near the overbought region, suggesting potential buyer exhaustion and a short-term pullback to gather more bullish energy. Key resistance levels are identified at $4.25, $4.39, and $4.50, with major resistance at the 52-week moving average of $4.40. Support levels are clustered between $3.60 and $3.90, with Fibonacci retracement support at $3.615, $3.552, and $3.489. The levels that matter: resistance at $4.25 and $4.40, support at $3.90 and $3.60. A pullback to $3.90-$4.00 would offer a tactical long entry, while a sustained break above $4.40 could target $4.50 and beyond. The tactical setups are clear. For crude, watch for a break below $60 to initiate short positions targeting $58, or a bounce off $60.50 for a long targeting $62. For natural gas, wait for a pullback to $3.90-$4.00 to add long exposure, with stops below $3.60. Energy capital inquiries: [e-mail] — subject: Energy Capital.

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