The mixed economic signals and a stronger dollar are weighing on oil prices, while natural gas remains sensitive to similar economic indicators and supply concerns.
The 2-hour chart shows USOIL trading at $80.68, reflecting a slight decline of 0.08%. Key price levels to watch include a pivot point at $80.86. Immediate resistance is at $81.56, followed by $82.24 and $82.90.
On the downside, immediate support is at $80.18, with further support at $79.69 and $79.12. The 50-day EMA is at $81.49, while the 200-day EMA is at $81.67, both indicating bearish sentiment as prices remain below these levels.
A break above $80.86 could shift the bias to bullish, whereas staying below suggests continued bearish pressure.
Brent Oil Price Forecast
Brent crude oil (UKOIL) is trading at $84.61, reflecting a slight increase of 0.09%. On the 2-hour chart, the pivot point is at $84.85. Immediate resistance levels are $85.78, $86.31, and $86.86. Immediate support levels are $84.19, $83.43, and $82.74.
The 50-day EMA stands at $84.80, and the 200-day EMA is at $84.96, indicating a bearish sentiment as the price remains below these averages.
The outlook is bearish below $84.85, but a break above this level could shift the bias towards a more bullish stance.
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.