Natural Gas and Oil Forecast: USOIL Eyes $80 Amid Potential Bullish Reversal

Today’s technical analysis for Natural Gas (NG) on May 2, 2024, shows the commodity trading at $2.02, up by 1.30%. It hovers just above the pivot point of $2.01, indicating a potential for bullish momentum if it remains above this mark. Resistance levels are set at $2.07, $2.13, and $2.18, which need to be breached to sustain an upward trend.

On the flip side, support is found at $1.97, $1.93, and $1.89; falling below these could lead to a significant sell-off. The 50-Day Exponential Moving Average (EMA) sits at $1.97, emphasizing this key support level, while the 200-Day EMA at $2.45 suggests a longer-term resistance.

Overall, Natural Gas appears poised for further gains provided it stays above $2.01, but caution is advised as shifts below this threshold could alter the market’s direction.

WTI Oil Price Forecast

In today’s technical outlook for USOIL, the commodity is currently trading at $79.42, slightly above its pivot point of $79.02. This positioning indicates a potential upward trend if it maintains above this level. The immediate resistance levels are set at $80.26, $81.23, and $82.56. Overcoming these barriers may signal continued bullish momentum. Conversely, support levels are identified at $78.15, followed by $77.28 and $76.53. A breach of these support points could lead to a significant downward shift in price.

Technical indicators, including the 50-Day Exponential Moving Average (EMA) at $82.17 and the 200-Day EMA at $82.42, suggest that the resistance near these averages might cap upward movements. Overall, USOIL’s market stance is cautiously optimistic above the $79.02 pivot, with a clear bearish risk if it falls below this threshold.

Brent Oil Price Forecast