Natural Gas and Oil Forecast: Bullish Trends as Oil Hits $85.80 - FX Empire

Natural Gas and Oil Forecast: Bullish Trends as Oil Hits $85.80 | FXEmpire

OPEC maintained its forecast for strong global oil demand growth, while the International Energy Agency’s report is awaited.

The USOIL prices are trading at $82.75, up 0.41% in the latest session. The pivot point stands at $82.37, serving as a critical marker for future movements. Immediate resistance is at $82.98, followed by $83.63 and $84.52, which could act as further resistance levels if the price continues to rise. On the downside, immediate support is found at $81.72, with additional support levels at $80.78 and $80.15.

The technical indicators highlight a bullish trend, with the 50-day Exponential Moving Average (EMA) at $82.29 and the 200-day EMA at $81.62. The current price above these averages suggests ongoing upward momentum. However, a break below the pivot point at $82.37 could shift the trend, potentially leading to a sharp sell-off.

UKOIL is trading at $85.79, up 0.43% in the latest session. The four-hour chart identifies key price levels: the pivot point is $85.23, acting as a crucial support level. Immediate resistance is noted at $86.29, with subsequent resistance at $86.88 and $87.65. On the downside, immediate support is found at $84.14, followed by $83.51 and $82.72.

Technical indicators show a bullish trend, with the 50-day Exponential Moving Average (EMA) at $85.59 and the 200-day EMA at $85.10. The price staying above these levels confirms upward momentum. However, a break below the pivot point at $85.23 could trigger significant selling pressure. For now, the bullish trend remains intact above this pivot level.

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.