Highlights
Crude Oil prices fell to a 4 -month trough as OPEC+ suggested weaker output restrictions.
Disappointing American production statistics and conflicting Chinese PMI numbers raise consumption concerns.
Falling crude oil prices have an influence on the market for energy, particularly NG, as well as market conduct.
Disappointing American production statistics and conflicting Chinese PMI numbers raise consumption concerns.
Falling crude oil prices have an influence on the market for energy, particularly NG, as well as market conduct.
The market Snapshot
The price of crude fell to a 4 -month bottom as OPEC+ signaled that it could ease production curbs. While dismal economic indicators raised consumption fears. OPEC+ intends to reduce 2.2 M barrels / day from Sept of 2024 to Oct 2025. Implying a negative market picture should need falls short of estimates.
Poor American industrial statistics and conflicting PMI numbers via China raised consumption concerns.
US WTI Crude Technical Analysis
WTI is now priced around $77.78, off 0.89 percent. On the four-hour graph, the pivotal mark stands $77.49. The immediate hurdle is at $78.57 mark, then follows $79.36 then $80.58. Instant help is listed on $76.15, with extra help available on $75.11 & $74.3o mark.
The 50 – EMA at $78.42, while the 200 D- EMA stands $79.57, suggesting overvalued circumstances. The prognosis is negative under $77.50. A move over that mark might alter the tendency to positive. While remaining underneath it might extend the downward trend.
Brent Crude Oil Technical Analysis
Brent Oil currently trades at $77.66, off 0.65 percent. On the four-hour graph, the shifting value represents $78.13 mark. Nearby degrees of resistance are $79.55, $80.66 & $81.52. Next security stands at $76.57, then comes $75.53 then $74.16 mark.
The 50 D-EMA stands $81.68, while the 200-week EMA is at $83.63 mark, each of which indicate a strong falling tendency.
The prognosis stays negative beneath $78.13 mark. A successful rally over this point might tip the scales in favor of the bulls. Whereas staying under it might worsen the bearish trajectory.
Natural Gas (NG) Technical Analysis
The NG is now selling at $2.57, down 0.40 percent. On the four-hour graph, the pivotal mark is around $2.71 mark. Signifying an important point for investors. First barrier is seen around $2.80, with additional areas around $2.85 and $2.93 mark.
On the negative side, the nearest support is $2.65 mark, then comes $2.56 and $2.51. The 50 D-EMA is now around $2.36. The general view is optimistic over $2.71 mark, yet a breach beneath this pivotal might spark a rapid sell wave.
Technical Indicators & Signals
WTI- Daily
| Name | Value | Action |
| RSI(14) | 27.529 | Sell |
| STOCH(9,6) | 45.180 | Neutral |
| STOCHRSI(14) | 0.000 | Oversold* Caution |
| MACD(12,26) | -1.700 | Sell |
| ADX(14) | 30.932 | Sell |
| Williams %R | -100.000 | Oversold |
| Name | Value | Action |
| CCI(14) | -243.2449 | Oversold |
| ATR(14) | 1.7971 | Less Volatility |
| Highs/Lows(14) | -4.2271 | Sell |
| Ultimate Oscillator | 31.899 | Sell* Caution (Oversold) |
| ROC | -8.153 | Sell |
| Bull/Bear Power(13) | -6.8900 | Sell* |
Trend: Bearish
Natural Gas
| Name | Value | Action |
| RSI(14) | 57.438 | Buy |
| STOCH(9,6) | 37.667 | Sell |
| STOCHRSI(14) | 53.910 | Neutral |
| MACD(12,26) | 0.022 | Buy |
| ADX(14) | 24.205 | Sell |
| Williams %R | -42.000 | Buy |
| CCI(14) | 48.0965 | Neutral |
| ATR(14) | 0.0155 | Less Volatility |
| Highs/Lows(14) | 0.0000 | Neutral |
| Ultimate Oscillator | 38.641 | Sell |
| ROC | -0.145 | Sell |
| Bull to Bear Ratio | 0.0350 | Buy |
