Natural Gas, WTI Oil, Brent Oil Forecasts – WTI and UK Oil Rally by 4% - FX Empire

Natural Gas, WTI Oil, Brent Oil Forecasts - WTI and UK Oil Rally by 4%

Natural Gas, WTI Oil, Brent Oil Forecasts – WTI and UK Oil Rally by 4%
Arslan Ali

Key Insights

- Natural Gas, trading at $3.48, marks a 2% growth, largely influenced by geopolitical events.
- WTI Crude Oil, priced at $84.34, sees a near 4% uptick.
- Brent Oil‘s uptrend, standing at $88.21 (a 4.5% increase), could waver below the $89.66 pivot.

Natural Gas

Natural Gas‘s technical outlook for October 09 shows that it’s priced at $3.48, marking a rise of about 2%, likely spurred by geopolitical tensions. The daily chart timeframe highlights several essential price levels. The pivot point for Natural Gas is pegged at $3.26. The immediate resistance lies at $3.62 and, if surpassed, could open doors towards the subsequent resistances at $3.81 and $4.17.

On the flip side, the immediate support is established at $3.07, with subsequent layers of cushion at $2.71 and $2.52. The Relative Strength Index (RSI) stands at 72, signalling overbought conditions which might suggest a near-term pullback or consolidation.

Additionally, with the price above the 50-Day Exponential Moving Average (50 EMA) of $3.1, a short-term bullish trend is affirmed. Yet, the overbought status hints at a potential correction. The asset might aim to fulfil a 38.2% Fibonacci retracement at $3.38 and could even decline further.

Overall, while the trend remains bullish, a struggle to breach $3.58 might indicate a downturn. Traders are advised to remain vigilant, closely monitoring these pivotal resistance and support levels.

WTI Oil

On October 09, WTI Crude Oil (WTI) is priced at $84.34, a rise of nearly 4%, possibly influenced by geopolitical tensions. The daily chart reveals key levels: resistances at $85.92 and $87.42 with supports at $82.70 and $80.67.

The pivot point is marked at $84.34. The Relative Strength Index (RSI) registers a value of 54, indicating a mild bullish sentiment.

The price is currently slightly below the 50-Day Exponential Moving Average (50 EMA) of $85.94. Traders should be observant of the MACD for potential shifts in momentum.

Brent Oil

On October 09, Brent (UKOIL) stands at $88.21, witnessing a surge of 4.5% due to geopolitical tensions. Analyzing the daily chart, the key pivot point is $89.66, bolstered by an upward channel that was previously breached.

The resistances to watch are at $95.22 and $98.93, while the supports lie at $83.54, $78.78, and $72.34. Notably, the chart suggests a bearish sentiment below $89.66, a level aligned with the 50 EMA and the upward channel’s trendline. This position indicates a potential shift from bullish momentum.

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