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Natural Gas and Oil Forecast: Ascending Trendline Support Oil; Buy Now?

By:
Arslan Ali
Updated: Apr 23, 2024, 10:29 GMT+00:00

Key Points:

  • Natural Gas sees modest decline, down 0.27%, signaling potential shift if surpasses $2.06.
  • U.S. sanctions against Iranian oil may tighten global supply, boosting oil prices.
  • Oil prices rebound despite reduced Iran-Israel war risks, supported by structural market tightness.
Natural Gas and Oil Forecast: Ascending Trendline Support Oil; Buy Now?

In this article:

Market Overview

Natural Gas Price Forecast

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

Natural Gas (NG) saw a modest decline in today’s trading session, falling 0.27% to a price of $2.051. The commodity is currently trading just below its pivot point at $2.06, suggesting a cautious market sentiment. If NG surpasses this level, it could indicate a shift towards a bullish trend.

Resistance levels are positioned at $2.11, $2.17, and $2.25, which could cap upward movements. Conversely, support levels are established at $2.00, followed by more substantial floors at $1.91 and $1.85, where buyers might step in.

The 50-day and 200-day Exponential Moving Averages at $1.95 and $1.91 respectively, suggest a potential for price stabilization or an upward correction if declines continue. The overall technical stance indicates a bearish bias below $2.06, but a break above could alter the market outlook to more bullish.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

USOIL prices saw a modest increase today, trading at $82.31, up 0.28%. The asset hovers above its pivot point at $81.15, indicating a potential for continued bullish movement if it sustains above this level. Key resistance levels are identified at $84.39, $86.22, and $87.74, which could cap upward trends.

Conversely, support levels are established at $79.60, $78.44, and $76.22, where declines may find a floor. The 50-day and 200-day Exponential Moving Averages, at $83.41 and $82.50 respectively, support a positive bias.

Overall, the market posture is bullish above $81.15, with a break below this threshold possibly triggering a sharper sell-off.

Brent Oil Price Forecast

Brent Price Chart
Brent Price Chart

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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