Natural Gas and Oil Forecast: OPEC+ Cuts and China's 5% Growth Target Stir Market - FX Empire
Natural Gas and Oil Forecast: OPEC+ Cuts and China’s 5% Growth Target Stir Market | FXEmpire
Natural Gas (NG) saw a modest retreat to $1.9570, marking a 0.81% decrease. Positioned above its pivot at $1.9308, it suggests a latent bullish momentum unless it falls below this mark, potentially signaling bearish trends.
Resistance levels at $1.9871, $2.0282, and $2.0841 delineate the upcoming challenges for upward movement. Conversely, support at $1.8604, followed by $1.8016 and $1.7257, provide critical cushions against further declines.
The current setup, supported by the 50 EMA at $1.8611 and the 200 EMA at $1.9909, leans towards a bullish stance as long as prices stay above the pivot, indicating room for potential gains.
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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