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Natural Gas and Oil Forecast: WTI Nears $79.50; Upward Channel to Drive Buying

By:
Arslan Ali
Updated: Jun 18, 2024, 06:43 GMT+00:00

Key Points:

  • Oil prices fell in Asian trade on Tuesday amid global demand growth concerns.
  • Higher crude inventories and refined storage were noted in the U.S. and Singapore.
  • China's refinery output decreased 1.8% in May due to maintenance and high costs.
Brent Price Chart

In this article:

Market Overview

Natural Gas (NG) is trading at $2.816. The pivot point, indicated by the green line, is at $2.844. Immediate resistance levels are $2.913, $2.999, and $3.089. On the downside, immediate support is found at $2.745, with subsequent support levels at $2.653 and $2.575.

The 50-day Exponential Moving Average (EMA) is at $2.881, and the 200-day EMA is at $2.604, both providing significant support.

The price movement suggests a cautious outlook with potential for upward movement if it breaks above the pivot point of $2.844. Overall, the trend remains moderately bullish, supported by the EMA levels.

WTI Oil Price Forecast

WTI Price Chart
WTI Price Chart

WTI Crude Oil (USOIL) is currently trading at $79.57. The pivot point, marked by the green line, is at $79.29, serving as a critical indicator for short-term price direction. Immediate resistance levels are seen at $80.58, $81.25, and $81.91, posing significant barriers to further upward movement.

On the downside, immediate support is identified at $77.95. If this level is breached, the next support levels are at $77.23 and $76.23, providing key levels to watch for potential declines. The 50-day Exponential Moving Average (EMA) at $77.88 and the 200-day EMA at $78.25 offer additional support and indicate a potential buying trend.

Overall, the outlook for WTI Crude Oil remains bullish above the pivot point of $79.29, reinforced by the presence of an upward channel.

Brent Oil Price Forecast

Brent Price Chart
Brent Price Chart

Brent Oil (UKOIL) is trading at $84.10 with pivot point at $84.45. Immediate resistance levels are $85.00, $85.73, and $86.29. On the downside, immediate support is found at $82.65, with subsequent support levels at $81.88 and $81.25.

The 50-day Exponential Moving Average (EMA) is at $82.14, providing significant support, while the 200-day EMA is at $82.57, reinforcing the bullish trend. The upward channel indicates a potential continuation of the uptrend, particularly if prices remain above $84.45.

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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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