Economy

Oil and Natural Gas: Oil retreats from the $80.00 level

Oil and Natural Gas: Oil retreats from the $80.00 level

After establishing a weekly low at $76.86 on Wednesday, the oil price has been in a bullish consolidation. 
During this morning’s Asian trading session, the price of natural gas rose to the $2.19 level. 

Oil chart analysis

After establishing a weekly low at $76.86 on Wednesday, the oil price has been in a bullish consolidation. This trend was bolstered yesterday when we observed the price receiving support from the EMA50 moving average, a key technical indicator.

In today’s trading session, the price has continued to rise, surpassing the EMA200 moving average and $79.75. In the previous hour, we reached $ 79.93, forming a new weekly high. The potential higher targets to keep an eye on are the $80.00 and $80.50 levels.

To consider a bearish option, we would need to see a new negative consolidation and a pullback below the EMA200 and $79.50 level. This would signal a shift in the market sentiment and potentially lead to a new daily low, confirming the bearish presence.

In such a scenario, oil prices would likely be compelled to pull back and test lower support levels. The potential lower targets to monitor are the $79.00 and $78.50 levels.

Natural gas chart analysis

During this morning’s Asian trading session, the price of natural gas rose to the $2.19 level. There, we formed a new weekly high, and now we are looking at a slight pullback to the $2.16 level.

We expect to see a crucial test of the daily open price at the $2.15 level, which serves as a key support level and can significantly influence the market sentiment. If we were to move below, the price of natural gas would move to the negative side and would be under pressure to continue its retreat.

Potential lower targets are $2.10 and $2.05 levels. It’s important to note that we get additional support in the EMA50 moving average at the $2.10 level, which can help traders set realistic expectations.

For a bullish option, we need a new positive consolidation and a visit to this morning’s high at $2.19. With that step, we are approaching the $2.20 level, and with a new impulse, we will climb to a new high. Potential higher targets are $2.25 and $2.30 levels.

The post Oil and Natural Gas: Oil retreats from the $80.00 level 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