Natural Gas Holds Bullish Structure Above $2.87 as Oil Rebounds
Natural gas holds a bullish structure above $2.87 as WTI and Brent bounce off key support zones, analyst Arslan writes. RSI levels and EMA clusters define the next resistance and support targets for all three contracts.
Natural gas held a bullish technical structure on the 4-hour chart after breaking above a descending trendline and holding above the $2.87–$2.90 resistance-turned-support zone, according to analyst Arslan. The front-month contract traded around $2.92 on Wednesday, comfortably above the 50-period exponential moving average at $2.84 and the 100-period EMA at $2.83.
The relative strength index at 60 pointed to a bullish setup without entering extreme overbought territory, Arslan wrote in a market note. Above current levels, he identified resistance at $2.94, then $2.99 and $3.06. On the downside, support lay at $2.90–$2.87, followed by $2.81, $2.75 and $2.67.
Arslan said natural gas held a bullish structure as long as it traded above $2.87–$2.90. A break above $2.94 could challenge the $2.99–$3.06 resistance zone, while a break below $2.87 would signal a need to fill the gap at $2.81.
WTI crude rebounds off $80 support
West Texas Intermediate crude was trading near $83.28, bouncing sharply from the $80.05 support zone and reclaiming the 100-period EMA at $82.85, Arslan said. The price was testing the 50-period EMA at $83.27, making the $83.26 area a key short-term pivot.
Although a previous rising channel had broken, Arslan noted that the price action showed the support zone remained of interest to buyers, suggesting the channel structure was still respected. The RSI had returned to 51 after a bounce from oversold territory, implying neutral momentum.
Resistance levels stood at $83.26, $85.73 and $87.71. Support was at $80.05, $77.84 and $76.50.
Arslan wrote that a positive bounce from the support zone had formed, but the price action was not yet confirming a sustained reversal. As long as WTI stayed above $83.26, buyers could push the contract toward $85.73. A rejection from that area would likely send prices back to $80.05.
Brent crude tests resistance cluster near $89
Brent crude was trading near $88.37 after a bounce from the $84.89 support zone, Arslan said. The contract was testing an area of resistance where the 50-period EMA at $88.84, the 100-period EMA at $88.45 and horizontal resistance at $89.23 converged. A descending channel line also added overhead pressure.
The RSI at 50 indicated normalising momentum after an earlier oversold reading. First resistance was $88.45–$89.23, followed by $91.31 and $94.68. Support was at $84.89, $81.47 and $78.09.
Arslan said Brent was in a recovering move, but a break above $89.23 was needed to sustain upward momentum. Failure to hold above the moving-average cluster could lead to a retest of $84.89, while a successful break would shift focus to $91.31.
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