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Natural Gas and Oil Forecast: Hormuz Risks Persist as WTI and Brent Hold Gains

FXEmpire · last updated
Natural Gas (NG) Price Chart

Natural gas moved back up to $2.78 from the $2.62 – $2.67 support zone after a very strong rebound. Price moved above the 50-EMA at $2.74 and is now testing the 100-EMA at $2.77 and the descending trend line that has been limiting rallies of the recent move lower. The area of $2.78 – $2.80 may be a key technical decision area.

RSI is at roughly 61, and is improving, but is not overbought. Immediate resistance may come in at $2.80, and $2.86, $2.92 and $2.98 may come in as resistance above that. Potential supports may be at $2.73, $2.67, and $2.62.

In my opinion, a break above $2.80 would bring a very short term bullish view and may bring possible price targets of $2.86 – $2.92. If the trendline resistance holds, then price may fall towards $2.73 or $2.67.

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