Category: Forex News

Natural Gas and Oil Forecast: Modest Gains Post OPEC+ Cuts; Buy Today?

 UKOIL experiences a slight uptick, closing at $82.17, marking a 0.23% increase amidst ongoing market adjustments. Trading just above its pivot point at $81.80, it faces immediate resistance at $83.04, with further obstacles at $84.06 and $85.14 potentially capping gains.

On the flip side, supports are established at $80.97, descending to $80.19 and $79.42, which could mitigate further dips. The positioning near the 50-day EMA of $82.49 and above the 200-day EMA of $81.44 suggests a bullish undertone, provided it remains over $81.80.

However, falling beneath this pivotal level could usher in a bearish phase, emphasizing the need for vigilance in navigating these energy market dynamics.

For a look at all of today’s economic events, check out our economic calendar.


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