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Natural Gas and Oil Analysis: Navigating OPEC+ Stability and Fed’s Economic Signals
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As geopolitical tensions and economic forecasts sway the markets, Natural Gas eyes a crucial $2.0397 level, while Oil prices find solace in OPEC+ stability.
In this article:
Key Insights
Oil Prices Edge Up Amid OPEC+ Policy Hold and Fed Rate Signals
Natural Gas (NG) prices ascended by 0.88%, reaching $2.0780. The 4-hour chart establishes a pivot at $2.0397, suggesting an inflection point for future price movements. Resistance is mapped out at Fibonacci retracement levels: $2.1199 (23.6%), $2.1678 (38.2%), and $2.2073 (50%), delineating potential upward targets.
Support, conversely, is poised at $1.9941, with further floors at $1.9533 and $1.9117, indicating possible pullback zones. Technical indicators show a 50-day EMA at $2.1757 and a 200-day EMA at $2.4446, reflecting the overarching bearish pressure.
A notable triple bottom pattern around the pivot point suggests a crucial juncture; breaching below could trigger further declines towards $1.9941, whereas maintaining above might pave the way for retracement gains.
The outlook for Natural Gas remains cautiously optimistic above the $2.0397 threshold, with the market’s direction hinging on its ability to sustain above this critical support level.
WTI Oil Price Forecast
U.S. Crude Oil has marked a slight increase of 0.40% in today’s trading, bringing its price to $74.14. The 4-hour chart reveals a pivot point at $73.62, indicating a foundational level for potential price movements. Resistance levels are poised at $75.64, $76.92, and $78.10, delineating potential challenges for upward momentum.
Conversely, support stands firm at $72.53, with subsequent levels at $71.64 and $70.56, suggesting floors for any retracements. Technical analysis highlights a 50-day Exponential Moving Average (EMA) at $75.63 and a 200-day EMA at $74.52, closely mirroring current pricing and suggesting a tight trading range.
A notable double bottom pattern at the pivot point of $73.62, coupled with the formation of neutral candles above this level, hints at the possibility of a bullish correction.
Brent Oil Price Forecast
UK Oil (Brent Oil) sees a modest uptick of 0.27%, positioning at $79.00. The 4-hour chart delineates a pivot at $78.67, hinting at initial bullish momentum. Resistance is identified at $80.40, $81.50, and $82.83, indicating potential hurdles for further ascents. Support levels are established at $77.77, $76.80, and $75.93, providing a cushion against declines.
About the Author
Arslan Aliauthor
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.
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