Additionally, soft inflation data fueled hopes for deeper interest rate cuts by the Federal Reserve, creating a more positive outlook for oil and natural gas markets amidst ongoing geopolitical tensions.
WTI Crude Oil (USOIL) is currently trading at $78.90, slightly up by 0.12%. The price is holding above the pivot point at $78.46, which is a key level to watch. With immediate resistance at $80.18 and further resistance levels at $81.43 and $82.88, the upward trend seems intact.
Support is found at $77.03, with additional support at $75.80 and $74.53. The 50-day EMA is at $76.96, and the 200-day EMA at $78.08, both supporting the bullish outlook.
The formation of a bullish engulfing pattern on the 4-hour chart strengthens the likelihood of continued upward movement. A break below $78.46 could signal a bearish shift.
Brent Oil Price Forecast
Brent crude (UKOIL) is trading at $81.18, slightly down by 0.01%. The price is hovering near the pivot point at $80.80, which is crucial for determining the next move. Immediate resistance is at $82.65, with further resistance at $84.20 and $85.79.
On the downside, support levels are at $79.35, $77.62, and $76.19. The 50-day EMA is at $79.76, and the 200-day EMA is at $81.37, providing mixed signals.
Despite the slight dip, the price remains above the key support at $80.80, suggesting the potential for continued upward momentum unless it breaks below this level, which could trigger a sell-off.
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.