In what was a keenly contested clash at the Pirelli Stadium, both teams cancelled each other out in an uneventful first-half.
After the interval though, the Saddlers created two glorious chances to grab the points with Matt Jarvis firing narrowly wide while Josh Gordon forced Bradley Collins into an outstanding stop.
“It’s a point but on balance I think we could have had all three - especially with the second-half display,” Keates said.
“We spoke at half-time and felt we had another 15 or 20 percent in us. Full credit to the lads, were on the front foot and I thought we dominated the second half.
“(Matt) Jarvis has got unlucky in a 15 minute period we were camped in their half. He has put one just wide of the post.
“And their keeper has pulled an unbelievable save off from Josh Gordon.
“There are definitely a lot more positives than negatives. We wanted a clean sheet and we got one.
“And on another day, if the keeper doesn’t get his fingertips to Josh’s header, we walk away with three points.”
On what was an interesting day in the League One relegation battle, Bristol Rovers and Oxford picked up wins against Blackpool and Sunthorpe respectively.
But Gillingham, Rochdale, Bradford and Shrewsbury all failed to win.
Those results meant Walsall have dropped to 20th in League One, two points above the drop zone.
But they are also just two points off 13th position in what has suddenly become congested division.
“It (the table) is not nice to look at,” Keates admitted.
“There is no denying the position we are in. If you look just above us there are a good eight or nine teams in it now.
“If we perform like that, in the second half especially, we will go in the right direction.”