Economy

Oil and natural gas: Oil retreated to $76.12 on Friday

Oil and natural gas: Oil retreated to $76.12 on Friday

On Friday, the oil price retreated to the $76.12 level, forming a new May low. 
On Friday, the price of natural gas continued to fall until the EMA200 moving average and the $2.48 level.

Oil chart analysis

On Friday, the oil price retreated to the $76.12 level, forming a new May low. After the formation of the bottom at that level, we saw the initiation of positive consolidation and price recovery to the $78.00 level. The price stabilized at the $77.75 level at the market’s closing on Friday. During this morning’s Asian trading session, we slightly recovered to the $78.00 level. 

In the EU session, we encounter resistance at that level and see a reversal and pullback to the $77.85 level. With this move, we expect to go down to test the $77.75 level from the market opening this morning. We have additional pressure in the $78.00 zone in the EMA200 moving average, which probably contributed to the current pullback. Potential lower targets are $77.50 and $77.00 levels.

 

Natural gas chart analysis

On Friday, the price of natural gas continued to fall until the EMA200 moving average and the $2.48 level. During this morning’s Asian trading session, the price managed to hold above and initiate a mild bullish consolidation. Now, we see the first stronger impulse that moves above the EMA200 and climbs to the $2.52 level. This could mean that natural gas price have stabilized and that a return to the bullish side will follow.

Potential higher targets are $2.55 and $2.60 levels. In the zone of the $2.58 level, we meet the EMA50 moving average and it will be interesting to see how the price of natural gas will behave there. We need a negative consolidation and pullback below the EMA200i weekly open price of $2.48 for a bearish option. Going below, we will have to look for a new support level.

 

The post Oil and natural gas: Oil retreated to $76.12 on Friday 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