Skip to content

Important Notice: IG Markets South Africa will no longer provide Trading Accounts. This change does not affect existing International/offshore accounts. New applications will be supported by IG International, part of IG Group, via https://www.ig.com/en. Important Notice: IG Markets South Africa will no longer provide Trading Accounts. This change does not affect existing International/offshore accounts. New applications will be supported by IG International, part of IG Group, via https://www.ig.com/en.

No results found

View more search results

1 2 3 4 5 6 7 8 9 10
Related search: Market Data
Market Data Type of market
See all Market data search results >

​Oil and aluminium prices capped by resistance while natural gas prices weigh on support

​Oil and aluminium prices capped by resistance while natural gas prices weigh on support​ amid stabilising US dollar.​

Written by

Axel Rudolph

Axel Rudolph

Market Analyst

Article publication date:
Oil Source: Adobe images

​​​WTI capped by major resistance 

​The WTI crude oil price's recent advance fell just short of its major $65.25-to-$67.01 per barrel resistance area by rising to $64.83 before dropping to $61.55 on Wednesday. 

​While Wednesday's low at $61.55 underpins, the 10 April high at $63.30 might be revisited. Above it minor resistance can be spotted at the 17 April high at $64.15 ahead of Wednesday's $64.83 peak. 

A fall through Wednesday's $61.55 low would put the 16 April low at $59.90 back on the map.

WTI crude oil chart Source: TradingView

​Aluminium price probes resistance 

Front month aluminium futures managed to bounce off Monday's 229.40 low, made marginally above the 9 April 228.70 eight month low, and currently try to overcome the 11 April high at 236.70 on a daily chart closing basis. 

If successfull, the 3-to-4 April price gap to 238.00 should get filled and the 200-day simple moving average (SMA) at 240.06 be reached.  

​Minor support may be found at today's remaining 235.05-to-234.65 price gap.

Aluminium chart Source: TradingView

​Natural gas prices weigh on support 

​The natural gas front month futures price is weighing on Tuesday's 252.00 low, a low made close to the December 2024 low. Were these lows to give way, the late October high at 243.60 would be in focus.  

Natural gas chart Source: TradingView

Markets

Share CFDs

Forex

Indices

Commodities

Other markets

Trading platforms

Web platform

Trading apps

TradingView

MetaTrader 4

ProRealTime

Compare features

Demo

Learn to trade

News and trade ideas

Trading strategy

About

Charges and margins

Premium services

Refer a friend

Marketing partnerships

Corporate accounts

Contact us

New clients: 0800 195 3100 or email sales.en@ig.com

Clients: Help & Support

WhatsApp: Click here to chat to us on our official WhatsApp channel, 10am to 7pm (UTC+10), Monday to Friday

 

IG International Limited is part of the IG Group and its ultimate parent company is IG Group Holdings Plc. IG Group established in London in 1974, and is a constituent of the FTSE 250 index.

 

The risks of loss from investing in CFDs can be substantial and the value of your investments may fluctuate. 71% of retail client accounts lose money when trading CFDs, with this investment provider. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how this product works, and whether you can afford to take the high risk of losing your money.

CFD Accounts provided by IG International Limited. IG International Limited is licensed to conduct investment business and digital asset business by the Bermuda Monetary Authority.

IG provides an execution-only service. The information in this site does not contain (and should not be construed as containing) investment advice or an investment recommendation, or an offer of or solicitation for transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

The information on this site is not directed at residents of the United States and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

IG International Limited is part of the IG Group and its ultimate parent company is IG Group Holdings Plc. IG International Limited receives services from other members of the IG Group including IG Markets Limited.