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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Is Moving Lower On Profit-Taking
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Key Points:
- Natural gas pulled back below the $4.00 level.
- WTI oil declined towards the $71.00 level amid profit-taking.
- Brent oil faced strong resistance near the $75.00 level.
Natural Gas
Natural gas pulled back below the support level at $4.00 – $4.05 and is trying to gain additional downside momentum.
In case this attempt is successful, natural gas will head towards the next support level, which is located in the $3.70 – $3.75 range.
WTI Oil
WTI oil is moving lower as traders take some profits off the table after the recent rally.
The technical picture remains bullish. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in the near term.
Brent Oil
Brent oil made an attempt to settle above the psychologically important $75.00 level but lost momentum and pulled back.
From the technical point of view, Brent oil needs to stay above the 50 MA at $73.87 to have a chance to gain upside momentum in the near term.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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