WTI crude oil (USOIL) is currently trading at $76.92, down 0.66%. On the 4-hour chart, the pivot point is at $77.75. Immediate resistance levels are $78.68, $79.87, and $81.31. Immediate support levels are $76.37, $75.20, and $74.25.
The 50-day EMA stands at $79.38, while the 200-day EMA is at $80.39. The current trend is bearish, below the pivot point of $77.75.
A break above this level could shift the bias towards a bullish trend. Conversely, maintaining below this level indicates continued downward momentum.
Brent Oil Price Forecast
Brent crude oil (UKOIL) is currently trading at $81.01, down 0.50%. On the 4-hour chart, the pivot point is set at $81.65. Immediate resistance levels are at $82.56, $83.18, and $83.82. Immediate support levels are $80.49, $79.89, and $79.32.
The 50-day EMA stands at $83.11, while the 200-day EMA is at $84.07. The trend remains bearish below the pivot point of $81.65.
A break above this level could shift the bias towards a bullish trend, while staying below indicates continued downward pressure.
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.