Economy

Oil and Natural Gas: Oil remains under pressure below $70.00

Oil and Natural Gas: Oil remains under pressure below $70.00

The oil price rose to $69.77 on Thursday, a new weekly high
This week’s strong bullish consolidation pushed the price of natural gas to the $2.55 level on Thursday

Oil chart analysis

The oil price rose to $69.77 on Thursday, a new weekly high. Shortly after its formation, the price lost its previous momentum and stopped further growth. During this morning’s Asian session, the movement took place in the $69.15-$69.50 range. We are in the EMA 200 moving average zone, which could be a problem for us to continue to the bullish side. It is successful that we stay above the daily open price, giving us hope that oil could still be above the EMA 200 and the $69.50 level.

Potential higher targets are the $70.00 and $70.50 levels. For a bearish option, we need a pullback below the daily open price of $69.14. With that step, we descend to a new daily low and strengthen the bearish momentum. After that, oil should begin to retreat further. Potential lower targets are $68.50 and $68.00. A big test for the price is the weekly open level in the $68.00 zone.

 

Natural gas chart analysis

This week’s strong bullish consolidation pushed the price of natural gas to the $2.55 level on Thursday. After forming a new high, the price retreated slightly to the $2.52 support level. During this morning’s Asian trading session, we saw the re-formation of a bullish consolidation and price recovery to $2.55. We expect to see a further advance to the bullish side and form a new weekly high.

Potential higher targets are the $2.56 and $2.58 levels. For a bearish option, we need a drop below the daily open price. With the formation of a new daily low, we can expect greater pressure on the price of natural gas to seek new lower support. Potential lower targets are the $2.52 and $2.50 levels. The first major support is in the $2.48 zone in the EMA 50 moving average.

 

The post Oil and Natural Gas: Oil remains under pressure below $70.00 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