Connect with us

Hi, what are you looking for?

Trading Secrets

Oil Market Update: What’s Going on at the $76.50 Level?

Oil Market Update: What’s Going on at the $76.50 Level?

On Friday, we saw a jump in the price of oil to the $77.25 level. The price of natural gas created a new bearish gap at the initial market opening last night, going down to the $1.87 level.

Oil chart analysis

On Friday, we saw a jump in the price of oil to the $77.25 level. This created a new weekly high for oil prices, and after that, we stopped there. During this morning’s Asian trading session, the price retreated and hovered around the $76.50 level.

At the beginning of the EU session, the price was under bearish pressure, and we saw a pullback with the formation of a daily low at the $76.00 level. This could increase the bearish momentum for continued oil price retreat.

Potential lower targets are $75.50 and $75.00 levels. In the zone around $75.00, we could get additional support in the EMA200 moving average. The oil price would have to move to the $77.00 level for a bullish option.

Thus, it would form a new daily low and jump above the Asian price movement. We would have another opportunity to test the price high from Friday at the $77.25 level. Potential higher targets are $77.50 and $78.00 levels.

Natural gas chart analysis

The price of natural gas created a new bearish gap at the initial market opening last night, going down to the $1.87 level. A new annual price low has been formed, and natural gas manages to stop there and begin a slight recovery to the 1.90 level.

We need a continuation of positive consolidation and a return above the $1.95 level for further recovery. There, we would be close to the weekly open price.

Moving above the gas price would significantly gain strength to start a further recovery. Potential higher targets are $2.00 and $2.05 levels. If natural gas prices do not have the strength to grow, we will see a new test of this morning’s support zone.

A breakout below takes us to a new lower low for gas prices and thus confirms the primacy of the bearish side. Potential lower targets are $1.85 and 1.80 levels.

The post Oil Market Update: What’s Going on at the $76.50 Level? 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 Secrets

    What is the marginal rate of substitution and its formula? Key Takeaways: Trade-offs and Satisfaction: MRS shows the trade-offs consumers are willing to make...

    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

    Maximizing Profits in Forex with the XMaster Formula Indicator Key Takeaways: XMaster Formula Indicator is a reliable and accurate tool for Forex traders to...