Connect with us

Hi, what are you looking for?

Economy

Oil and natural gas: Oil retreats to the $86.00 level

oil

Oil and natural gas: Oil retreats to the $86.00 level

  • The oil price has been retreating since Wednesday after jumping to the $88.05 level.
  • The price of natural gas continues to recover after falling yesterday to the $2.44 level.

Oil chart analysis

The oil price has been retreating since Wednesday after jumping to the $88.05 level. Since then, we have been in a bearish consolidation with the formation of this morning’s low at the $86.00 level. The price started to recover in the EU session by growing to the $86.90 level. We need a continuation of this positive consolidation if we want to see a further recovery in oil prices. Potential higher targets are $87.50 and $88.00 levels.

We need a negative consolidation and a drop below this morning’s support at the $86.00 level for a bearish option. After that, we will see the formation of a new low and the confirmation of the bearish option. Potential lower targets are $85.50 and $85.00 levels. Additional support at the $85.00 level could be found in the EMA50 moving average.

Oil chart analysis

Natural gas chart analysis

The price of natural gas continues to recover after falling yesterday to the $2.44 level. During the Asian trading session, we moved around the $2.55 level, and now in the EU session, we see the continuation of the bullish consolidation. The price could soon return above the $2.60 level and thus find support in the EMA50 moving average. Potential higher targets are $2.65 and $2.70 levels.

We need negative consolidation and price pullback below the $2.50 level for a bearish option. There, we would approach the previous support zone. This could influence us to see a breakout below and the formation of a new low. Potential lower targets are $2.40 and $2.35 levels.

Natural gas chart analysis

The post Oil and natural gas: Oil retreats to the $86.00 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...