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The U.S. potential easing on Venezuela sanctions might increase oil supply, albeit slowly. The Middle East\u2019s geopolitical<\/a> unrest remains a factor for volatile oil prices. Meanwhile, Saudi Arabia, with Russia\u2019s support, maintains a stable price by controlling crude exports.<\/p>\n For October 17th, the 4-hourly chart reveals a dynamic technical outlook for Natural Gas (NG)<\/a>. The energy commodity is priced at $3.38, reflecting a bullish ascent of almost 0.90% for the day.<\/p>\n<\/div>\n<\/div>\n Several pivotal price benchmarks include a pivot point at $3.32, immediate resistance at $3.46, and further resistances at $3.58 and $3.66.\u00a0On the flip side, immediate support lies at $3.26, with subsequent supports at $3.16 and $3.05.<\/p>\n Delving into the technical indicators, the RSI stands at 46, suggesting a somewhat bearish sentiment, as values below 50 typically do. Moreover, the 50-day Exponential Moving Average (EMA) is at $3.36, emphasizing that the price remains above the EMA, hinting at a short-term bullish trend.<\/p>\n Chart patterns suggest that the 50% Fibonacci level is staunchly backing Natural Gas at $3.32, while a bullish crossover above the 50 EMA indicates a buying sentiment. In conclusion, the trend for Natural Gas appears bullish if it stays above $3.36; otherwise, the sentiment could shift.<\/p>\n Traders should anticipate Natural Gas testing the $3.46 resistance in the imminent future.<\/p>\n On October 17, the 4-hour chart for WTI Crude Oil (WTI)<\/a> reflects a slight bearish movement, with the price hovering around $86.65, marking a decline of approximately 0.35% for the day.<\/p>\n Critical price points to monitor include a pivot at $85.92, with resistance levels at $88.22, $89.49, and $91.37. Conversely, support stands firm at $84.12 and extends to $82.19 and $80.49.<\/p>\n From a technical perspective, the Relative Strength Index (RSI) reads at 55, suggesting a moderately bullish sentiment as it lies above the 50 mark. The 50-day Exponential Moving Average (EMA) is currently valued at $86.11, with the price positioning above it indicating a short-term bullish trend.<\/p>\n Chart patterns, including a bullish crossover above the 50 EMA and an upward channel on the 4-hour chart, point towards a buying sentiment.<\/p>\n In conclusion, the trend for WTI crude oil remains bullish as long as the price stays above $85.92. Traders should watch the $88.22 resistance in the upcoming sessions.<\/p>\n On October 17, Brent oil<\/a>\u2018s 4-hour chart reveals a marginal bearish inclination with the asset priced at $89.95, reflecting a 0.25% dip for the day. Key price landmarks encompass a pivot at $84.64. On the upside, resistance is evident at $91.28, followed by $93.29 and $94.99. Conversely, support levels are spotted at $86.24, $84.97, and further down at $83.39.<\/p>\n The Relative Strength Index (RSI) stands at 56, pointing to a somewhat bullish sentiment as the value is above 50. The 50-Day Exponential Moving Average (EMA) currently registers at $88.62. Given that the current price surpasses the 50 EMA, it suggests a short-term bullish inclination. As for chart patterns, specific formations were not provided.<\/p>\n In summary, the Brent oil trend appears bullish while it remains above the $84.64 mark. In the short term, traders might observe the asset challenging the $91.28 resistance level.<\/p>\n For a look at all of today\u2019s economic events, check out our economic calendar<\/a>.<\/p>\n<\/div>\n<\/div>\nNatural Gas Prices Forecast<\/h2>\n
WTI Oil Prices Forecast<\/h2>\n
Brent Oil Prices Forecast<\/h2>\n