Connect with us

Hi, what are you looking for?

Trading Secrets

Oil and Natural Gas: Oil remains bullish above $80.00

Oil and Natural Gas: Oil remains bullish above $80.00

During the Asian trading session, the price of oil retreated from $80.66 to the $80.00 level. During the Asian trading session, the price of natural gas moved above the $2.62 level.

Oil chart analysis

During the Asian trading session, the price of oil retreated from $80.66 to the $80.00 level. Now, we see the stoppage of the price pullback and the formation of a potential bottom from which we would start a new rise above the previous high. Potential higher targets are $81.00 and $81.50 levels. July was very favorable for the price of oil in its bullish trend, along with the EMA50 moving average.

We need a negative consolidation and a pullback below the $80.00 level for a bearish option. If we fall below, the next important level is the previous support at the $79.50 level. By breaking the price below it, we would form a new low and thus confirm the bearish option. Potential lower targets are $79.00 and $78.50 levels. Additional price support at the $78.50 level is the EMA50 moving average.

Natural gas chart analysis

During the Asian trading session, the price of natural gas moved above the $2.62 level. A new bullish consolidation and movement of the price above the $2.64 level has begun. In the following, we can expect to test the previous high at the $2.66 level and perhaps make a breakthrough above. Potential higher targets are $2.68 and $2.70 levels. Additional support for the price at the current level is in the EMA50 moving average, which could have a positive effect and push the price even higher.

We need a negative consolidation and a drop below the $2.62 support level for a bearish option. We would soon go down to the $2.60 level and test the support at that level. A price break below would lead to a visit to last week’s support levels. Potential lower targets are $2.58, $2.56, and $2.54.

The post Oil and Natural Gas: Oil remains bullish above $80.00 appeared first on FinanceBrokerage.

Enter your email address below and we’ll send you our best practices.

    You can unsubscribe at any time. Redstatefoundation respects your privacy and strives to be transparent about our data collection practices. Please read our Privacy Policy and Terms of Use.

    You May Also Like

    Trading Life

    Laura Wong Hon Chan is an interest rate options trader, who is currently a director at Bank of America Merrill Lynch in New York....

    Trading Secrets

    In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what’s driving the markets higher and what to be on the lookout...

    Trading Secrets

    SPX Monitoring Purposes: Long SPX on 10/10/22 at 3612.39; sold 12/13/22 at 3669.91 = gain 1.59%. Monitoring Purposes GOLD: Long GDX on 10/9/20 at...

    Trading Secrets

    I don’t like it when parts of a puzzle don’t match. You just don’t get a clear picture. As participants in the markets, we...