Natural Gas and Oil Analysis: Navigating Through OPEC+ Decisions and Market Trends

Arslan Ali
Published: Nov 28, 2023, 13:51 GMT+00:00

US and UK Oil prices are affected by OPEC+ decisions, technical patterns, and global economic conditions.

Energy Recap

In this article:

Key Insights

  • Oil prices rise with potential OPEC+ supply cuts and decreased Kazakh production.
  • Natural Gas shows a slight uptick, but remains bearish below $3.
  • US Oil trends bearish below the pivot point of $75.95.
  • Global economic factors and OPEC+ decisions significantly impact oil and gas prices.

Quick Fundamental Outlook

Natural Gas Price Forecast

Natural Gas (NG) Chart
Natural Gas (NG) Chart

WTI Oil Price Forecast

WTI Crude Oil (WTI) Chart
WTI Crude Oil (WTI) Chart

US Oil shows a positive movement on November 28, with a price increase of 0.77%, reaching $75.6. The pivot point is set at $75.93, a critical level for determining the day’s trading bias. Resistance levels are identified at $77.97, $79.14, and $80.23, while support lies at $73.98, $72.04, and $70.70.

The Relative Strength Index (RSI) is at 49, indicating a neutral market sentiment, hovering just below the midpoint that separates bullish from bearish momentum. The Moving Average Convergence Divergence (MACD) shows a value of 0.05 with a signal line at -0.32, suggesting a potential shift towards bullish momentum, albeit not strongly pronounced. The 50-Day Exponential Moving Average (EMA) stands at $76.13, slightly above the current price, indicating a tentative bearish trend.

Chart analysis reveals a downward channel with extended resistance at $75.95. This pattern suggests that selling pressure might increase below this level, indicating a bearish outlook if the price remains under the pivot point. In conclusion, the overall trend for US Oil appears bearish below the $75.95 mark.

Brent Oil Price Forecast

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About the Author

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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