Connect with us

Hi, what are you looking for?

Trading Secrets

Higher Targets for Oil Price: $78.75 and $79.00 Levels

Higher Targets for Oil Price: $78.75 and $79.00 Levels

During this morning’s Asian session, the oil price fell to a new weekly low at the $77.22 level. The price of natural gas retreated to the $1.73 level on Friday and formed a weekly low there.

Oil chart analysis

During this morning’s Asian session, the oil price fell to a new weekly low at the $77.22 level. After that, we get that support and start a recovery to the $78.00 level. We are back above the weekly open price, and the current consolidation could continue to push the price above that level. Already in the zone around $78.50, we encounter the EMA200 moving average, and there, we could expect greater resistance and fluctuations in the price of oil.

Potential higher targets are $78.75 and $79.00 levels. If we fail to move above $78.00, we can expect the initiation of bearish consolidations. After that, oil will be forced to test this morning’s low again. Potential lower targets are $77.00 and $76.75 levels.

Natural gas chart analysis

The price of natural gas retreated to the $1.73 level on Friday and formed a weekly low there. After that, it recovered and returned to the $1.80 level. During this morning’s Asian trading session, the price only climbed to $1.81 and is encountering resistance there. We are returning below $1.80 again and leaning to the bearish side. Falling below $1.78, we descend to a new daily low and confirm the bearish momentum.

Potential lower targets are the $1.76 and $1.74 levels. For a bullish option, you need a price move above $1.83 and the EMA200 moving average. Then, we would return above the EMA200, which could positively affect further tk and oil price recovery. Potential higher targets are $1.84 and $1.85 levels.

The post Higher Targets for Oil Price: $78.75 and $79.00 Levels 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

    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...