Connect with us

Hi, what are you looking for?

Trading Secrets

Oil and natural gas: Oil makes a jump above the $79.00

Oil and natural gas: Oil makes a jump above the $79.00

The oil price jumped to $79.25 at the market opening last night. The price of natural gas made a new retreat this morning to the $2.30 level.

Oil chart analysis

The oil price jumped to $79.25 at the market opening last night. We stayed above for a short time, and during the Asian session, we watched the retreat of the $78.00 level. Now, we are trying to find support to stop this pullback and start a new bullish consolidation. If we succeed in that, we will have a new opportunity to start stumbling off this morning’s high. Potential higher targets are $79.00 and $79.50 levels.

The current price pressure in the $78.00 support zone could lead to a breakout below and the formation of a new daily oil price low. Under such pressure, the price would continue its retreat, seeking support at lower levels. Potential lower targets are $77.50 and $77.00 levels. The EMA200 moving average is low at the $75.50 level.

Natural gas chart analysis

The price of natural gas made a new retreat this morning to the $2.30 level. On Friday, the closing price was at $2.40. during the Asian session, we saw a pullback from this morning’s low, where we got new support. Since then, the price has slightly recovered to $2.33, and we could expect to see a continuation if we move above the $2.35 level. With the bullish consolidation, it would be important to get back above $2.40 to gain momentum to continue on the bullish side.

Potential higher targets are $2.45 and $2.50 levels. The EMA200 moving average is in the zone around the $2.52 level. We need a pullback to $2.30 this morning’s support level for a bearish option. The new pressure could influence us to see a breakout below and the formation of a new low. Potential targets are $2.25 and $2.20 levels.

The post Oil and natural gas: Oil makes a jump above the $79.00 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...