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Natural Gas and Oil Forecast: OPEC+ Meeting Looms; Can WTI Hold Above $83?

FXEmpire · last updated
WTI Price Chart

WTI Crude continues to fall as it slides below the 50-EMA (87.12), and underneath the pivot support level of 87.00. Price has dropped quickly to 83.56 in relation to the recent correction that began near 93.50. The wider ascendant channel has not been broken, yet the short-term momentum is trending in the wrong direction. The 33 reading on the RSI indicates that price is nearing an oversold condition, so the selling might be becoming too strong.

Key support levels are 83.36, 81.36, and 77.96. Resistance levels lie at 87.00, 90.53 and 93.50. Unless WTI Crude climbs back above 87.00 quickly, the bears will likely have the upper hand. If price falls below 83.36, the correction should continue to 81.36. Conversely, if price trades back above 87.00, then the bulls will be attempting to take command.

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