Natural Gas Price Forecast
On April 17, Natural Gas (NG) saw its price increase to $1.89, up by 0.80%. Currently trading just above its pivot point at $1.85, NG faces resistance levels at $1.94, $1.99, and $2.04. Surpassing these marks could reinforce a bullish outlook.
Conversely, if NG dips below its pivot, support might be found at $1.78, $1.72, and $1.68, where a breakdown could trigger a steeper selling trend. The 50-day Exponential Moving Average (EMA) at $1.91 and the 200-day EMA at $1.90 suggest that prices are hovering near a critical junction.
Staying above $1.85 is pivotal to maintain the current upward trajectory.
WTI Oil Price Forecast
USOIL experienced a minor setback, trading at $84.77, down by 0.44%. Currently trading just above its pivot point of $84.68, USOIL faces immediate resistance levels at $86.63, followed by $87.63 and $88.53. Should the price advance past these markers, it could signal strengthening momentum. Conversely, if it dips below the pivot, support can be found at $83.62, $82.31, and $80.95, with a potential to intensify selling pressure if these levels are breached.
The 50-day Exponential Moving Average (EMA) is set at $85.33, suggesting slight bearish pressure as the price hovers below this level. Meanwhile, the 200-day EMA at $82.55 provides a longer-term bullish outlook, indicating that the overall trend may still favor the bulls. Traders should watch the $84.68 level closely; maintaining above this pivot could prevent a steeper decline and stabilize the price.
UKOIL trading at $89.48, marking a decrease of 0.554%. Positioned slightly below its pivotal level of $90.14, the commodity faces upcoming resistance at $90.92, with subsequent levels at $91.83 and $92.89. Should it surpass these thresholds, a bullish continuation could be indicated.
Conversely, support levels are established at $88.78, $87.64, and further down at $86.37. A drop below the pivot could intensify selling pressures. The 50-day Exponential Moving Average (EMA) stands at $89.80, nearly aligned with current pricing, while the 200-day EMA at $86.93 suggests an underlying bullish sentiment in the longer term. Maintaining above $90.14 is critical for continued upward momentum.