Connect with us

Hi, what are you looking for?

Economy

Oil and Natural gas: Oil is holding above the $73.00 level

Natural Gas News: Comparative Analysis and Outlook

Oil and Natural gas: Oil is holding above the $73.00 level

  • On Friday, the oil price rose to a one-month high of $73.88.
  • On Friday, we saw a pullback in the price of natural gas to the $2.47 level.

Oil chart analysis

On Friday, the oil price rose to a one-month high of $73.88. After that, the price starts to pull back, which has continued today. Today’s low oil price is $72.95, and we manage to stay above it for now. The price has bounced back above the $73.00 level and could trigger a bullish option. Potential higher targets are the $74.00 and $75.00 levels.

We need a negative consolidation and a new decline below the $73.00 level for a bearish option. After that, we could expect to see a drop to the $72.50 support level. A price break below would indicate a further weakening of the oil price. Potential lower targets are $72.00, $71.50 and $71.00 levels. Additional price support at the $71.00 level could be provided by the EMA50 moving average.

Oil chart analysis

Natural gas chart analysis

On Friday, we saw a pullback in the price of natural gas to the $2.47 level. From that moment, the price consolidated at that level and began to recover. During the Asian session, we returned above the $2.50 level, and the price continued its recovery. The price rises above the $2.60 level in the EU session and crosses above the EMA50 moving average.

Now we have his support, and we can start further recovery. Potential higher targets are the $2.64 and $2.66 levels. At the $2.70 level, we would be able to test the previous high prices. We need a negative consolidation and pullback below the EMA50 and the $2.58 level for a bearish option. This could negatively affect the price and send it to lower support levels. Potential lower targets are the $2.56 and $2.54 levels.

Natural gas chart analysis

The post Oil and Natural gas: Oil is holding above the $73.00 level appeared first on FinanceBrokerage.

You May Also Like

Trading Secrets

On this week’s edition of Trading Simplified, Dave continues to show his methodology in action with a new mystery chart. In his “Mind the...

Trading Secrets

Wall Street sold off dramatically on Friday after the jobs report. While the economy is stagnating, many investors are concerned that the Fed will...

Trading Secrets

In this special presentation from StockCharts TV‘s The MEM Edge, Mary Ellen highlights the unique characteristics of a new bull market, along with the...

Investing

Everyone is curious to know how the stock market will react to the debt ceiling deal announcement that happened over the weekend. Republicans and...