Economy

Oil and natural gas: Oil fell below $84.60 on Monday

Oil and natural gas: Oil fell below $84.60 on Monday

On Friday, the oil price rose to the $87.60 level. 
From Wednesday to Friday, the price of natural gas was in constant decline until it reached the $1.67 level.

Oil chart analysis

On Friday, the oil price rose to the $87.60 level. The support in that zone was short-term and followed by a quick pullback by the end of the day to the $85.40 level. During this morning’s Asian trading session, the price fell below $85.20, breaking below the EMA200 moving average. The pressure on the price of oil increases, and it falls to the $84.70 level, forming a new five-day low.

The current bearish consolidation could easily push the price even lower in search of new support. Potential lower targets are $84.60 and $84.40 levels. We need a positive consolidation and a return above the $85.40 level for a bullish option. This is where we return above the EMA200 and the weekly open price. We are moving to the bullish side, and with the support of the EMA200, we could start a further recovery. Potential higher targets are $85.60 and $85.80 levels.

Natural gas chart analysis

From Wednesday to Friday, the price of natural gas was in constant decline until it reached the $1.67 level. That’s where we manage to get support and start the recovery from there. The price rose to $1.74 levels this morning in the Asian session. This is where we encountered the EMA200 moving average. We fail to move above, and another pullback occurs, this time to the $1.70 level. We will try to get new support here and start a positive consolidation from there.

By breaking above $1.74, we cross the EMA200 and hope for its support for further recovery to the bullish side. Potential higher targets are $1.76 and $1.78 levels. We need a pullback below the $1.70 level for a bearish option. After that, we are looking at the zone around $1.68 and will try to look for new support there. Potential lower targets are the $1.67 and $1.66 levels.

The post Oil and natural gas: Oil fell below $84.60 on Monday 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