Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Rebounds At The Start Of The Week

By:

Vladimir Zernov

Published: Oct 21, 2024, 18:25 GMT+00:00

Key Points:

Natural gas is moving higher as traders take profits after the strong pullback.
WTI oil moved above the psychologically important $70.00 level.
Brent oil is trying to settle back above the $74.00 level.

Natural Gas

Natural Gas 211024 Daily Chart

Natural gas rebounds from recent lows as traders take some profits off the table after the strong pullback.

A move above the $2.30 level will open the way to the test of the nearest resistance at $2.40 – $2.45.

WTI Oil

WTI Oil 211024 Daily Chart

WTI oil gains ground at the start of the week as traders wait for additional catalysts and stay focused on the situation in the Middle East.

If WTI oil moves above the $71.00 level, it will head towards the nearest resistance at $72.00 – $72.50.

Brent Oil

Brent Oil 211024 Daily Chart

Brent oil received support near the $73.00 level and is trying to settle back above $74.00.

In case this attempt is successful, Brent oil will move towards the 50 MA at $75.63.

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About the Author

Vladimir Zernovauthor

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.