Oil, Natural Gas, and US Dollar Technical Analysis: Navigating Global Market Pressures
Oil's Technical Analysis Under Pressure
WTI crude oil (CL) faces downward pressure due to uncertainties from the Middle East conflict. Following a break below the 50 SMA, WTI is expected to maintain weakness. The 200 SMA has been breached, and the RSI indicates bearish momentum. Strong support exists at $67.30, although the RSI suggests potential for a rebound.
Natural Gas Market Trends
Natural gas prices remain under bearish pressure, approaching support levels of $2.24 and $2.08. The daily chart shows a declining trend after peaking in early October. A break below $2.08 could lead to further declines toward $1.87.
US Dollar's Performance Analysis
The US dollar index (DXY) has broken above 103.10. The rally towards the 200 SMA indicates potential resistance at 103.90, with the RSI nearing overbought conditions. Upcoming retail sales data could heavily influence the dollar's trajectory.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.