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On October 12, the technical outlook for Natural Gas reveals a minor dip in price, sliding by 0.15% to position at $3.5. Based on a 4-hour chart timeframe, a pivotal price level, or the pivot point, for this asset is set at $3.26. While immediate resistance is anticipated at $3.62, further resistance levels can be expected at $3.82 and $4.17.
On the downside, Natural Gas is cushioned with immediate support at $3.07, with subsequent supports at $2.71 and $2.51. The asset’s Relative Strength Index (RSI) stands at 54, suggesting a near-neutral momentum. Additionally, the 50-day Exponential Moving Average (EMA) for Natural Gas is marked at 3.3211.
In conclusion, the trend for Natural Gas currently appears neutral, with the short-term forecast suggesting potential tests around these key resistance and support levels.
WTI Oil
On October 12, the technical perspective for WTI Crude Oil (WTI) demonstrates a fascinating landscape. Utilizing a 4-hour chart timeframe, the pivot point for this commodity has been pegged at $85.32. When looking towards the upside, immediate resistance is encountered at $89.17, followed by higher resistances at $95.61 and $99.46.
Conversely, on the downside, immediate support is anchored at $78.95, with subsequent supports layered at $75.10 and $68.66.
In addition, the 50-day Exponential Moving Average (EMA) for WTI Oil stands at $85.88. Observationally, the price of WTI Oil is just above the 50 EMA, indicating a short-term bullish inclination. However, if the price breaches below $85.92, a bearish trend could be inferred, potentially spotlighting a double top pattern. Otherwise, the sentiment leans bullish.
Brent Oil
On October 12, Brent (UKOIL)’s technical landscape reveals a compelling scenario based on a 4-hour chart timeframe. The commodity’s pivot point is set at $88.13. On the upside, immediate resistance stands at $89.17, with subsequent resistances marked at $91.05 and $93.11. Conversely, the asset finds its initial support at $85.09, with deeper levels of support at $83.52 and $81.96.
The Relative Strength Index (RSI) for UK Oil is currently positioned at 49, indicating a near-neutral sentiment. Furthermore, the 50-day Exponential Moving Average (EMA) for the commodity is placed at $87.70. Presently, with the price hovering around this EMA, a short-term bullish trend is implied.
However, if prices slide below $87.70, it suggests a bearish inclination, emphasizing a downward channel-driven resistance level. The overall trend leans bearish under this mark, and in the near term, market participants might witness the asset probing specific resistance zones.
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