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Natural Gas and Oil Forecast: WTI Slips Below $83; More Sell-Off Ahead?
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Key Points:
- Oil prices dip as Gaza ceasefire talks and Tropical Storm Beryl approach Texas.
- Port closures in Texas may disrupt crude and LNG exports, impacting refinery operations.
- WTI gains 2.1% last week on lower stockpiles and potential interest rate cuts.
In this article:
On the 4-hour chart, USOIL is trading at $82.88, slightly down by 0.46%. The pivot point is at $83.18, a critical level to watch. Immediate resistance stands at $83.74, followed by $84.23 and $84.76. Support is seen at $82.40, with further support levels at $82.09 and $81.65.
Technical indicators show the 50-day EMA at $83.22 and the 200-day EMA at $81.47, suggesting a cautious outlook. The trend remains bearish below $83.18, and a break above this level could signal a bullish shift.
Brent Oil Price Forecast
UKOIL is trading at $86.37, down by 0.48%. The pivot point is $86.82, a key level to monitor. Immediate resistance is at $87.33, followed by $87.88 and $88.33. Support is found at $86.12, with further levels at $85.69 and $85.18.
Technical indicators show the 50-day EMA at $86.62 and the 200-day EMA at $85.05, suggesting a bearish outlook below $86.82. A break above this pivot point could signal a bullish trend.
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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