Connect with us

Hi, what are you looking for?

Trading Secrets

Oil and natural gas: the price of oil slips below $76.50

Oil and natural gas: the price of oil slips below $76.50

Last night, the oil price dropped to a new weekly low of $76.40. The price of natural gas formed a multi-month high on Thursday at the $2.86 level.

Oil chart analysis

Last night, the oil price dropped to a new weekly low of $76.40. During this morning’s Asian trading session, we slightly recovered to the $77.00 level. With the start of the EU session, the price is under pressure again and takes a step down to $76.75. This could trigger a stronger bearish impulse and send us to a new lower low. Potential lower targets are $76.50 and $76.00 levels.

We need a positive consolidation above the $77.00 level for a bullish option. Then we need to hold there and form a new bottom. If we succeed, we will have a new opportunity to start the recovery on the bullish side. Potential higher targets are $77.50 and $78.00 levels. In the $77.50 zone, we will have additional resistance in the EMA50 moving average.

Natural gas chart analysis

The price of natural gas formed a multi-month high on Thursday at the $2.86 level. We stop at that level and make a pullback until the end of the day at the $2.60 level. During this morning’s Asian trading session, the price managed to stay there and recover slightly to the $2.65 level. In this zone, we encounter the EMA50 moving average, which, for now, represents an obstacle for us. We need a new impulse above to $2.70 to break the EMA50.

If that picture turns out to be correct, we could expect the price of natural gas to continue the previous bullish trend. Potential higher targets are $2.75 and $2.80 levels. We need a new test of the $2.60 support level for a bearish option. Returning to that zone would exert additional pressure and we would see a drop to a new low. Potential lower targets are $2.55 and $2.50 levels.

The post Oil and natural gas: the price of oil slips below $76.50 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...