Connect with us

Hi, what are you looking for?

The Freedom RightThe Freedom Right

Economy

Oil and Natural Gas: Oil remains above the $72.00 level

Oil and Natural Gas: Oil remains above the $72.00 level

The oil price is retreating after forming a high on Tuesday at the $76.16 level.
The price of natural gas has been in a stable, bullish consolidation since mid-December.

Oil chart analysis

The oil price is retreating after forming a high on Tuesday at the $76.16 level. We stopped there and began a pullback, dropping the price to $71.61 last night. During the previous Asian trading session, oil gained support and recovered to $72.30. We see a small bullish consolidation that could continue today’s recovery and move the price to higher levels. Potential higher targets are $72.50 and $73.00 levels.

In the zone around $73.50, oil encounters the EMA50 moving average, and there, we expect greater resistance to the bullish option. We need a negative consolidation and price pullback to the $71.50 level for a bearish option. There, the price would be under great pressure to form a new low, thereby confirming the bearish momentum. Potential lower targets are $71.00 and $70.50 levels.

Natural gas chart analysis

The price of natural gas has been in a stable, bullish consolidation since mid-December. On December 13, the price had fallen to the $2.14 level, and since then we have only been watching the growing consolidation with the formation of higher lows. Last week, the price managed to stabilize above the $2.25 level, which gave some certainty to the bullish continuation. This week’s high price was formed yesterday at the $2.53 level. We stopped there, and the price retreated during the Asian trading session to support at the $2.47 level.

There, we find new support, move above $2.49, and now expect to attack the $2.50 level again. Potential higher targets are the $2.55 and $2.60 levels. We would have to go down to the $2.45 level for a bearish option. This would make a formal daily low and confirm the bearish momentum. Potential lower targets are $2.40 and $2.35 levels.

 

The post Oil and Natural Gas: Oil remains above the $72.00 level appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    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