Welcome to Extreme Investor Network, where we provide you with expert insights and analysis on the latest trends in the stock market, trading, and Wall Street. Today, we’re taking a closer look at the current price action of Natural Gas (NG) and the forecast for WTI Oil Price.
Natural Gas (NG) is currently trading at $2.25, down by 0.49%, signaling a bearish trend on the 4-hour chart. The price chart displays a clear resistance level at $2.147, with NG forming a bearish engulfing pattern. A series of doji candles follow this pattern, indicating market uncertainty but leaning towards further downside potential.
The $2.147 level is a crucial pivot point for natural gas, and as long as prices remain below this mark, we can expect downward pressure. Breaking below immediate support at $2.10, which coincides with an upward trendline, could lead to further declines towards $2.08. If this support level is breached, the next downside target would be $2.02.
On the flip side, a breakthrough above the $2.147 resistance could signal a shift in momentum, pushing prices towards the next resistance level at $2.20 and potentially beyond. The market sentiment remains bearish unless NG can successfully move above $2.147.
In our next discussion, we will delve into the WTI Oil Price Forecast, providing you with valuable insights and analysis to help you navigate the volatile energy market. Stay tuned to Extreme Investor Network for more expert commentary and trading strategies.