Connect with us

Hi, what are you looking for?

Smart Success Strategy – Investing and Stock NewsSmart Success Strategy – Investing and Stock News

Economy

Oil and natural gas: Oil recovered this morning to $83.50

Oil and natural gas: Oil recovered this morning to $83.50

Yesterday we saw a bullish consolidation of oil prices from $81.00 to $83.50 levels.
Since the beginning of the week, the price of natural gas has been in a bullish trend. 

Oil chart analysis

Yesterday we saw a bullish consolidation of oil prices from $81.00 to $83.50 levels. With that, we returned above the EMA200 moving average, and this morning, we formed a new weekly high at the $83.67 level. After that, we stop there and the oil price begins to retreat. A quick bearish impulse pushes us below the $83.00 level while we get the first support at the $82.80 level. It is possible that we will see a continuation of the price decline to a better support level.

Potential lower targets are $82.50 and 82.004 levels. We are testing the weekly open price at $82.00, and it is important for us to stay above it on the positive side. We need a return above the $83.50 level for a bullish option and the EMA200 moving average. This puts us in a better position to start a bullish consolidation. Potential higher targets are $84.00 and $84.50 levels.

Natural gas chart analysis

Since the beginning of the week, the price of natural gas has been in a bullish trend. Last night, we saw a jump to a new weekly high at $1.89. During the Asian trading session, the price started a slight pullback, which continued in the EU session to the $1.87 level. If this trend continues, it is possible that we will slide lower in search of a new support level. Potential lower targets are $1.86 and $1.85 levels.

We need a positive consolidation and a return up to the $1.89 level for a bullish option. A new test of that zone could produce an impulse above and move us to a new weekly high. Potential higher targets are $1.90 and $1.91 levels.

The post Oil and natural gas: Oil recovered this morning to $83.50 appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.



    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. Despite geopolitical tensions and uncertainty, the...

    Editor's Pick

    Overview Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s...

    Editor's Pick

    Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...

    Investing

    A new survey shows that the presidential race between former President Donald Trump and President Biden is thin, but Biden faces a deficit in...

    Disclaimer: smartsuccessstrategy.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartsuccessstrategy.com