Connect with us

Hi, what are you looking for?

Real Investment StarReal Investment Star

Economy

Oil and natural gas: oil price in retreat below $77.00

Oil and natural gas: oil price in retreat below $77.00

On Wednesday, the oil price returned to a new May low of $76.86. 
The price of natural gas has been in a stable, bullish trend for more than a month.

Oil chart analysis

On Wednesday, the oil price returned to a new May low of $76.86. On Monday and Tuesday, we saw consolidation above the $78.00 level. During this morning’s Asian session, there was a breakout below and a drop to a new low. We are holding above and recovering to the $77.50 level for now. It is possible that we will see a new test of the $78.00 level. We also have a weekly open price in that zone; we need to return above it.

By moving above, we return to the positive side, and after that, we can expect further bullish consolidation and recovery. Potential higher targets are $78.50 and $79.00 levels. The EMA200 moving average is up in the zone of the $80.00 level. For a bearish option, we need to test this morning’s low. The impulse below leads us to a new low and thus confirms the bearish continuation. Potential lower targets are $76.50 and $76.00 levels.

Natural gas chart analysis

The price of natural gas has been in a stable, bullish trend for more than a month. We formed a new weekly high at the $2.09 level on Monday. This was followed yesterday by consolidation and a pullback to support at the $2.00 level. We managed to get support there and start a bullish consolidation above the $2.09 level again. We are currently putting pressure on the weekly high and expect a jump to a new one.

Potential higher targets are $2.10 and $2.15 levels. We need a negative consolidation and pullback to the $2.00 level for a bearish option. This cuts the EMA50 moving average line and leans towards the $1.97 weekly open price. By falling below, we move to the negative side, and after that, we can expect a pullback to lower support. Potential lower targets are $1.95 and $1.90 levels.

The post Oil and natural gas: oil price in retreat below $77.00 appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    ERP or Enterprise Resource Planning solutions help businesses of all sizes manage their daily business operations. First used in the 1990s, ERP systems have...

    Investing

    Democratic Gov. Janet Mills on Wednesday vetoed a bill aimed at prohibiting foreign influence in Maine elections, but voters will get the final say...

    Latest News

    There were several reasons offered in support of the congestion pricing plan that was supposed to go into effect in New York at the...

    Latest News

    House Speaker Mike Johnson (R-La.) on Wednesday appointed Reps. Scott Perry (R-Pa.) and Ronny Jackson (R-Tex.), two Trump loyalists who denied the results of...

    Disclaimer: realinvestmentstar.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 realinvestmentstar.com