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Natural Gas and Oil Forecast: Will Upward Trendline Support NG and WTI Today?
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Key Points:
- Oil prices dipped last week due to a stronger dollar but marked a second weekly gain.
- U.S. crude and gasoline inventories dropped, boosting sentiment amid rising demand.
- Geopolitical tensions, including Ukraine and Israel conflicts, supported oil prices.
In this article:
Geopolitical tensions, including Ukraine’s drone strikes on Russian oil facilities and Israel’s conflict with Hamas and potential clash with Hezbollah, also supported oil prices.
Natural Gas Price Forecast
Natural Gas (NG) is trading at $2.68, down 0.78%. The key pivot point is $2.67, marked by the green line. Immediate resistance levels are $2.72, $2.76, and $2.81, indicating potential upward movement.
On the downside, immediate support is found at $2.61, with further support at $2.57 and $2.54. The 50-day Exponential Moving Average (EMA) is at $2.83, and the 200-day EMA is at $2.65. These technical indicators suggest a cautious bullish sentiment.
Maintaining above $2.67 is crucial for a bullish outlook; a break below this level could trigger a sharp selling trend.
WTI Oil Price Forecast
USOIL is currently trading at $80.62, up 0.13%. The pivot point, marked by the green line, is at $80.36. Immediate resistance levels are $81.06, $81.60, and $82.05, indicating potential upward momentum.
On the downside, immediate support is found at $79.98, with further support at $79.52 and $79.13. The 50-day Exponential Moving Average (EMA) is at $80.40, while the 200-day EMA is at $78.76.
These indicators suggest a cautious bullish sentiment. Maintaining above $80.36 is crucial for a bullish outlook; a break below this level could trigger a sharp selling trend.
Brent Oil Price Forecast
UKOIL is trading at $84.27, down 0.85%. The pivot point, indicated by the green line, is at $84.65. Immediate resistance levels are $85.18, $85.54, and $86.05, suggesting potential upward momentum.
Immediate support is found at $83.82, with further support at $83.28 and $82.73. The 50-day Exponential Moving Average (EMA) stands at $84.66, while the 200-day EMA is at $83.00.
These technical indicators suggest a cautious bearish sentiment. Trading below $84.65 supports a bearish outlook; breaking above this level could indicate a shift towards bullish bias.
For a look at all of today’s economic events, check out our economic calendar.
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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