Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
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!
HomeEconomyOil and natural gas: the price of oil falls below $72.50

Oil and natural gas: the price of oil falls below $72.50

Oil and natural gas: the price of oil falls below $72.50

Yesterday, the oil price retreated to a new weekly low of $72.48.
The price of natural gas was under pressure yesterday after jumping to the $2.63 level. 

Oil chart analysis

Yesterday, the oil price retreated to a new weekly low of $72.48. After that, the price managed to stop further decline and achieved a slight recovery to the level of $73.40. We need a stronger impulse that would push us to $74.00 and thus release the bearish pressure. In the $74.00 zone, we meet the EMA50 and expect its support for further recovery to the bullish side.

Potential higher targets are $75.00 and $76.00 levels. The EMA200 moving average is around the $76.60 level. We need a negative consolidation and pullback to the $72.50 support zone for a bearish option. If the pressure on that zone continues, we could easily see an impulse below to a new daily low. Potential lower targets are $72.00 and $71.50 levels.

 

Natural gas chart analysis

The price of natural gas was under pressure yesterday after jumping to the $2.63 level. After that we see a bearish consolidation up to the $2.40 level. There, we managed to stop the fall and start the morning recovery to the $2.48 level. In this zone, we encounter resistance in the EMA200 moving average and turn again to the bearish side. We must pay special attention to the daily open price at the $2.43 level.

Potential lower targets are $2.40 and $2.35 levels. For a bullish option, we need the initiation of a positive consolidation and a rise above the $2.50 level and the EMA200 moving average. Then, we would have to hold there to form a bottom for a continuation to the bullish side. Potential higher targets are $2.55 and $2.60 levels.

 

The post Oil and natural gas: the price of oil falls below $72.50 appeared first on FinanceBrokerage.

No comments

Sorry, the comment form is closed at this time.

Generated by Feedzy