Economy

Higher Targets: Oil Price Aiming for $82.00 and $82.50

Higher Targets: Oil Price Aiming for $82.00 and $82.50

The oil price fell to $80.27 yesterday, reaching a new weekly low. 
The price of natural gas retreated to the $1.64 level yesterday. 

Oil chart analysis

The oil price fell to $80.27 yesterday, reaching a new weekly low. During the Asian session, we once again visited that support zone and are now initiating a bullish consolidation to the $80.90 level. In the zone around $81.00, we are testing the weekly open price, and we need a break above to return to the positive side. We also have EMA200 moving average support, and a jump to $81.50 would also get EMA50 support.

Thus, the price of oil would have better support for the flag on the bullish side. Potential higher targets are $82.00 and $82.50 levels. We need a negative consolidation and a breakout to the $80.00 level for a bearish option. There, we form a new weekly low and get confirmation of bearish momentum. After that, we expect the price to continue sliding, and the potential lower targets are $79.50 and $79.00 levels.

Natural gas chart analysis

The price of natural gas retreated to the $1.64 level yesterday. We tested the weekly open price in that zone. We successfully held above and initiated a bullish consolidation to the $1.70 level, where we encountered new resistance. This time, we turn to the bearish side and start a pullback. The price is currently at the $1.67 level, and we expect to see a drop below $1.66 in the future.

Potential lower targets are $1.64 and $1.62 levels. If we get support at $1.66, the price of natural gas will form a higher low there compared to the previous one, thereby increasing the chances of initiating bullish consolidation and recovery. Potential higher targets are $1.70 and $1.72 levels. Additional resistance in the zone around $1.72 is the EMA200 moving average.

The post Higher Targets: Oil Price Aiming for $82.00 and $82.50 appeared first on FinanceBrokerage.

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