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Key Insights
- Natural gas remains stuck near the $2.20 level.
- WTI oil moves higher as traders prepare for the OPEC+ meeting.
- Brent oil rebounded towards the $76 level.
Natural Gas
Natural gas is trading near the support level at $2.20 as traders wait for additional catalysts.
In case natural gas manages to stay above the $2.20 level, it will move towards the resistance at $2.35. On the support side, a move below $2.20 will push natural gas towards the $2.00 level.
R1:$2.35 – R2:$2.60 – R3:$2.85
S1:$2.20 – S2:$2.00 – S3:$1.80
WTI Oil
WTI oil continues to rebound as traders prepare for OPEC+ meeting. U.S. debt deal provides additional support to oil markets.
A move above the $71.70 level will push WTI oil towards the resistance at $73.50. In case WTI oil climbs above this level, it will head towards the next resistance at $74.70.
R1:$71.70 – R2:$73.50 – R3:$74.70
S1:$70.30 – S2:$69.20 – S3:$68.00
Brent Oil
Brent oil also gained strong momentum amid a broad rally in the oil markets.
The nearest significant resistance level for Brent oil is located at $77.50. If Brent oil climbs above this level, it will head towards the next resistance at $79.75.
R1:$77.50 – R2:$78.50 – R3:$79.75
S1:$75.50 – S2:$74.60 – S3:$73.50
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
