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Natural Gas and Oil Forecast: Prices Plunge as OPEC+ Cuts, More Selling Ahead
By:
Key Points:
- Oil prices hit a four-month low as OPEC+ signals reduced production cuts.
- Weak U.S. manufacturing data and mixed China PMI readings heighten demand fears.
- Declining oil prices impact energy markets, including natural gas and investor dynamics.
In this article:
Natural Gas Price Forecast
Natural Gas (NG) is currently priced at $2.76, showing a decline of 0.40%. On the 4-hour chart, the pivot point is set at $2.71, marking a critical level for traders. Immediate resistance is observed at $2.80, with subsequent resistance levels at $2.86 and $2.92.
On the downside, immediate support lies at $2.64, followed by $2.57 and $2.50. The 50-day Exponential Moving Average (EMA) is positioned at $2.36. The overall outlook remains bullish above $2.71, but a break below this pivot could trigger a sharp selling trend.
WTI Oil Price Forecast
USOIL is trading at $77.12, down 0.89%. On the 4-hour chart, the pivot point is at $77.49. Immediate resistance is at $78.58, followed by $79.36 and $80.59. Immediate support is noted at $76.16, with further support at $75.11 and $74.31.
The 50-day Exponential Moving Average (EMA) is $78.43. whereas the 200-day EMA stands at $79.58, indicating overbought conditions. The outlook is bearish below $77.50. A break above this level could shift the bias to bullish, while staying below it may intensify the downward trend.
Brent Oil Price Forecast
UKOIL is trading at $77.74, down 0.65%. On the 4-hour chart, the pivot point is at $78.13. Immediate resistance levels are at $79.54, $80.64, and $81.51. Immediate support is found at $76.58, followed by $75.52 and $74.15.
The 50-day Exponential Moving Average (EMA) is $81.69 and the 200-day EMA holds around $83.62, and both of these are signaling a solid selling trend.
The outlook remains bearish below $78.13. A break above this level could shift the bias to bullish, while remaining below it may strengthen the downward trend.
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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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