Navigating the turbulent seas of the energy market: Israel-Hamas conflict impacts and oil's unexpected twist.
For October 11, Natural Gas is experiencing a downward trajectory, trading at $3.237, marking a decrease of 4.29% within the past 24 hours on a 4-hour chart timeframe. Key price levels to watch include a pivot point at $2.87. The immediate resistance stands at $3.11, followed by $3.27 and $3.51.
On the flip side, the immediate support is at $2.72, with subsequent levels at $2.47 and $2.32. Investors and traders will be keenly observing these markers in the coming trading sessions.
On October 11, WTI Crude Oil (WTI) reflected a bearish trend on a 4-hour chart timeframe, with its price settling at $83.53, showing a decline of $2.44. The pivot point for this trading asset stands at $89.75. The resistance levels to monitor in the near term are at $95.94, followed by $101.30 and further up at $107.50.
On the downside, immediate support is located at $84.47, with subsequent supports at $81.75 and $78.85. The current trend for WTI Oil appears to be bearish, particularly if it continues trading below $84.50.
Looking ahead, traders and investors are closely watching the aforementioned key levels, and many anticipate the asset to challenge these resistances and supports in the forthcoming trading sessions.
On October 11, Brent (UKOIL) showcased a declining trend on a 4-hour chart timeframe, settling at $85.72, which is a decrease of $1.93 or 2.20%. This trading asset’s pivot point is positioned at $87.13. On the higher side, the immediate resistance to watch is $90.67, followed by subsequent resistances at $96.85 and $100.48.
Conversely, support levels are marked at $80.73, then $77.10, and further down at $70.88. Analyzing these technical metrics, Brent Oil’s trend appears bearish, especially if it remains below the pivotal $87.00 mark.
Moving forward, market participants will be eyeing these critical price levels, and many anticipate Brent Oil to interact with these resistances and supports in the upcoming trading sessions.
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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.