Economy

Oil and natural gas: Oil jumps above the $90.00 level

Oil and natural gas: Oil jumps above the $90.00 level

During the Asian trading session, the oil price formed a new high at the $91.11 level.
This week, we saw a bullish scenario of natural gas prices up to $2.78.

Oil chart analysis

During the Asian trading session, the oil price formed a new high at the $91.11 level. The last time the oil price was in that zone was in November of the previous year. We are currently encountering resistance in that zone and pulling back to the $90.50 level. It is possible that we will see a test of $90.00 and an attempt to get new support there. A break below could mean that the price is not strong enough to start a further recovery and that we will continue to fall to lower levels. Potential lower targets are $89.00 and $88.00 levels.

We need a positive consolidation and a return to the $91.00 level for a bullish option. Then, we need to see a break above to see a continuation to the bullish side. With a new impulse, oil would then form a new higher high, and the potential higher targets are $92.00 and $93.0.

Natural gas chart analysis

This week, we saw a bullish scenario of natural gas prices up to $2.78. At that price level, it encounters resistance and retreats to the $2.66 level. During the Asian session, we got support in that zone and initiated a positive consolidation and recovery to the $2.70 level. Based on today’s consolidation, we can expect to see a continuation to the bullish side.

Today, there is no important economic news that could increase the market’s volatility, which means that the price of gas could rise unhindered. Potential higher targets are the $2.72 and $2.74 levels. We need a negative consolidation and pullback below the $2.66 support level for a bearish option. After that, we could expect to see a further retreat in the price of natural gas. Potential lower targets are $2.64 and $2.62 levels.

 

The post Oil and natural gas: Oil jumps above the $90.00 level appeared first on FinanceBrokerage.

You May Also Like

Investing

Vermont Sen. Bernie Sanders, 81, defended President Biden, 80, against voter critiques that he lacks the energy and vigor to continue leading the United...

Investing

Political advisers to both President Biden and Vice President Harris were reportedly annoyed with Democrat California Gov. Gavin Newsom over a planned debate with...

Editor's Pick

By the IoT Analytics team. A new report from IoT Analytics highlights eight notable trends helping to advance and promote digital twins. Four of...

Stock

A second delivery driver has died in Texas amid record-high temperatures, just as the regulation of workplace heat safety enters a new legal limbo...

Disclaimer: thefreedomright.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 © 2020-2024 The Freedom Right. All Rights Reserved