Connect with us

Hi, what are you looking for?

Trading Secrets

Oil and natural gas: Oil is maintained at around $91.00

Oil and natural gas: Oil is maintained at around $91.00

Today’s oil price movement is in the $90.60-$91.30 range. During the Asian trading session, the price of natural gas retreated to the $2.74 level.

Oil chart analysis

Today’s oil price movement is in the $90.60-$91.30 range. The price is under slight pressure after pulling back from the $95.00 level. We CAN say that we are now testing the EMA50 moving average in the hope of getting its support and starting a continuation of the recovery. We need a price return above the $92.00 level to see a positive step on the bullish side. Potential higher targets are $92.50 and $93.00 levels.

We need a negative consolidation and a drop in oil prices below the $90.50 level for a bearish option. After that, we could expect to see a test of the $90.00 level. A break below would indicate a continuation of the price pullback to lower levels. Potential lower targets are $89.50 and $89.00 levels.

Natural gas chart analysis

During the Asian trading session, the price of natural gas retreated to the $2.74 level. At that level, we managed to stop the pullback and start growing up to the $2.78 level. This consolidation could continue to push the price up to the $2.80 spot the market opened last night. A breakthrough above would indicate that the gas price has the strength to continue and conquer higher levels. Potential higher targets are $2.82 and $2.84 levels.

We need a negative consolidation and price pullback to this morning’s support at the $2.74 level for a bearish option. A break below would drop us to a test of the $2.72 level and the EMA50 moving average in that zone. Potential lower targets are $2.70 and $2.68 levels.

The post Oil and natural gas: Oil is maintained at around $91.00 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...