Connect with us

Hi, what are you looking for?

Trading Secrets

Oil falls below $75.00, while Natural Gas slips below $2.75

Oil falls below $75.00, while Natural Gas slips below $2.75

During the Asian fattening session, oil prices continued to retreat, forming a low at $74.64. The price of natural gas continues to retreat this week.

Oil chart analysis

During the Asian fattening session, oil prices continued to retreat, forming a low at $74.64. We got support in that zone and initiated a bullish consolidation that brought us back above the $75.00 level. We now need to hold above the $75.00 level in order to initiate a bullish consolidation from there and begin a continued recovery. Potential higher targets are $76.00 and $76.50 levels.

Additional resistance for oil price could be found in the EMA50 moving average. We need a negative consolidation and a rejection of the $75.00 level for a bearish option. Next, we need to see a break below the $74.50 level, and in that way we would form a new price low for this week. Potential lower targets are $74.00 and $73.50 levels.

Natural gas chart analysis

The price of natural gas continues to retreat this week. We saw a bearish gap from $2.85 to the $2.80 level at the market’s opening. During the Asian trading session, the price continued to retreat and is now at the $2.75 level. Currently, the price is under a lot of pressure, and a continuation on the bearish side is a realistic option. Potential lower targets are $2.70 and $2.65 levels.

We need a positive consolidation and a return above $2.80 for a bullish option. After that, it is necessary to hold on to that level in order to form a bottom from which to start a new bullish consolidation. Potential higher targets are $2.85, $2.90 and $2.95 levels. We will have additional resistance in the EMA50 moving average in the zone around the $2.95 level.

The post Oil falls below $75.00, while Natural Gas slips below $2.75 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...