Natural Gas and Oil Forecast: USOIL Eyes $80 Resistance Amid Rally

Natural Gas (NG) is currently priced at $2.09, reflecting a minor decline of 0.43%. The market’s technical posture is defined by a pivot point at $2.06. Should NG maintain above this level, it could encounter resistance at $2.15, $2.19, and $2.23. A breach of the pivot point, however, may lead to testing support at $2.00, $1.96, and $1.92.

The 50-day and 200-day Exponential Moving Averages (EMAs) at $2.05 and $2.00, respectively, underscore the pivot’s significance. The current sentiment is bullish above $2.06, but a downturn below this threshold could intensify selling pressure.

WTI Oil Price Forecast

USOIL‘s modest uptick to $79.18 reflects a market teetering on the brink of a directional shift. The pivot point at $78.93 is pivotal; a foothold above could propel prices towards resistance levels at $79.90, $80.92, and $82.03.

Conversely, slipping below could see support levels at $78.15, $77.28, and $76.53 come into play. The 50-day EMA at $86.55 and the 200-day EMA at $82.38 loom overhead, suggesting the path of least resistance may be lower.

The current stance is bearish, below $79.90, but breaching this could invigorate bulls, potentially reshaping the trend.

Brent Oil Price Forecast