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Natural Gas and Oil Forecast: Crude Eyes $64 as Supply Fears Battle Trade Hopes

FXEmpire · last updated
WTI Price Chart

WTI crude (USOIL) is trading around $63.24, grinding sideways just above a rising trendline and right below a key convergence zone. The pivot is at $62.79, with immediate resistance at $63.37 (200 EMA), followed by the next ceiling at $64.83. On the downside, watch $61.53 as the first key support, then $60.23.

Technically, this is a squeeze setup. The 50 EMA is at $62.80, rising gently and providing dynamic support. The 200 EMA at $63.37 is flattening out, acting as short-term pressure. Momentum is building, but it’s not yet decisive.

If we get a break and close above $63.37 with volume, bulls could aim for $64.83. But if the trendline gives way, prices could revisit $61.53. This is one of those “wait-for-confirmation” moments—no need to rush the trade. Let the chart show its hand.

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