Natural Gas and Oil Forecast: WTI Eyes $96.57, Can Brent Break $107 and NG Reach $3.46?

Brent Price Chart On the 2-hour chart, Brent crude is trading near $106.25 after forming a higher low on the daily chart since the October low. I see that price is above the two moving averages, currently below the channel’s upper trendline, and still following the uptrend, but is finding resistance in the $107.22 area. The first area of resistance is found at $107.22. If price moves above this level, $109.90 and $112.68 are next. Support is found at $102.30, $99.62, and $96.87. RSI is above the 50 center line, indicating a slight bullish edge. After the recent bullish move, price is finding resistance near $107.22, while RSI remains above the 50 center line. With this, I see price above the $102.30 as bullish and above the uptrend line as bullish. Above $107.22, $109.90 becomes the next target, and if this area breaks, $112.68 comes into focus. Below $102.30, I see the trend as bearish.