Connect with us

Hi, what are you looking for?

Economy

Oil and Natural Gas: New Targets and Prices for this Week

Oil and Natural Gas: New Targets and Prices for this Week

At the opening of this week’s session, the oil price was under pressure, and we saw a bearish gap between $75.56 and $75.00 On Friday, the price of natural gas was under a lot of pressure in the $2.94 zone

Oil chart analysis

At the opening of this week’s session, the oil price was under pressure, and we saw a bearish gap between $75.56 and $75.00. We did not stop there but continued to pull down to the $74.10 level. After that, we managed to initiate a recovery that did not last long, and we find resistance at the $74.85 level. An additional break in the EMA 50 moving average in that zone had the effect of oil starting a retreat back to the $74.10 level.

Currently, the price is under pressure in the EU session, and we expect to see a further retreat and fall to a new daily low. We hope for support in the EMA 200 moving average in the zone of $73.50 levels. Potential lower targets are $73.00 and $72.50 levels. For a bullish option, we need a positive consolidation of the oil price above the $75.00 level. There, we expect to find support in the EMA 50 moving average. After that, the price has a chance to close this morning’s gap.

Natural gas chart analysis

On Friday, the price of natural gas was under a lot of pressure in the $2.94 zone. After losing the previous momentum, we saw the initiation of a bearish consolidation below the EMA 200 moving average. That strengthened the bearish momentum, and by the end of the market closing, the price dropped to the $2.84 level. During this morning’s Asian trading session, natural gas remained in the support zone without the strength to move above the $2.85 level.

The current picture is unfavorable for the price, and we can expect to start a new pullback to a new low. Potential lower targets are $2.82 and $2.80 levels. For a bullish option, we need a positive consolidation above the daily open level of $2.85. After stabilizing there, we can hope for a new positive consolidation and further recovery. Potential higher targets are $2.86 and $2.88 levels.

The post Oil and Natural Gas: New Targets and Prices for this Week appeared first on FinanceBrokerage.

You May Also Like

Latest News

Hours after Hamas leader Yahya Sinwar was killed by Israeli forces, Iran remembered Sinwar as a martyr whose vision for a liberated Palestine would...

Economy

As Hurricane Milton approached landfall in western Florida on Wednesday, the Biden administration warned consumers and businesses of the heightened risk of potential fraud,...

Latest News

The House Democrats’ campaign arm filed a lawsuit against the Federal Election Commission (FEC) Thursday, alleging the agency’s failure to take action has led...

Economy

Disney parks are adding a top-tier, line-skipping upgrade with a whole new world of pricing: as much as $449 per person on top of...

Disclaimer: Earlyagenda.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 Earlyagenda.com